0001109957 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:GeneralStockRisksMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:MediumCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:ValueStyleInvestingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:OptionsOrCoveredCallWritingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:MarketDisruptionsRiskSovereignDebtCrisesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:GovernmentInterventionRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member cullen:InvestmentInOtherInvestmentCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:GeneralStockRisksMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:MediumCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:ValueStyleInvestingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:EuropeanSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:GeographicFocusRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:OptionsOrCoveredCallWritingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:FinancialsSectorRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:MarketDisruptionsRiskSovereignDebtCrisesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:GovernmentInterventionRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member cullen:HighPortfolioTurnoverRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:GeneralStockRisksMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:SmallCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:ValueStyleInvestingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:OptionsOrCoveredCallWritingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:FinancialsSectorRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:LargeShareholderRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:MarketDisruptionsRiskSovereignDebtCrisesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member cullen:GovernmentInterventionRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:GeneralStockRisksMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:MarketDisruptionsRiskSovereignDebtCrisesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:SmallCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:MediumCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:ValueStyleInvestingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:FinancialsSectorRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:LargeShareholderRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member cullen:GovernmentInterventionRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:GeneralStockRisksMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:RiskOfInvestingInEmergingMarketCountriesMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:GeographicFocusRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:AsiapacificCountriesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:FinancialsSectorRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:TechnologySecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:SmallCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:MediumCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:ValueStyleInvestingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:OptionsOrCoveredCallWritingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:HighPortfolioTurnoverRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:MarketDisruptionsRiskSovereignDebtCrisesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member cullen:GovernmentInterventionRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:GeneralStockRisksMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:OptionsOrCoveredCallWritingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:MediumCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:ValueStyleInvestingRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:MarketDisruptionsRiskSovereignDebtCrisesRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:GovernmentInterventionRiskMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member cullen:HighPortfolioTurnoverRiskMember 2026-10-28 2026-10-28 0001109957 cullen:C000018478Member 2026-10-28 2026-10-28 0001109957 cullen:C000018479Member 2026-10-28 2026-10-28 0001109957 cullen:C000018480Member 2026-10-28 2026-10-28 0001109957 cullen:C000018481Member 2026-10-28 2026-10-28 0001109957 cullen:C000018482Member 2026-10-28 2026-10-28 0001109957 cullen:C000018483Member 2026-10-28 2026-10-28 0001109957 cullen:C000079419Member 2026-10-28 2026-10-28 0001109957 cullen:C000079421Member 2026-10-28 2026-10-28 0001109957 cullen:C000079420Member 2026-10-28 2026-10-28 0001109957 cullen:C000117701Member 2026-10-28 2026-10-28 0001109957 cullen:C000117699Member 2026-10-28 2026-10-28 0001109957 cullen:C000117700Member 2026-10-28 2026-10-28 0001109957 cullen:C000117698Member 2026-10-28 2026-10-28 0001109957 cullen:C000117696Member 2026-10-28 2026-10-28 0001109957 cullen:C000117697Member 2026-10-28 2026-10-28 0001109957 cullen:C000163396Member 2026-10-28 2026-10-28 0001109957 cullen:C000163394Member 2026-10-28 2026-10-28 0001109957 cullen:C000163395Member 2026-10-28 2026-10-28 0001109957 cullen:C000263314Member 2026-10-28 2026-10-28 0001109957 cullen:S000006835Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001109957 cullen:S000006836Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001109957 cullen:S000026472Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001109957 cullen:S000038163Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001109957 cullen:S000038162Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001109957 cullen:S000051935Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001109957 cullen:C000018478Member 2016-01-01 2016-12-31 0001109957 cullen:C000018478Member 2017-01-01 2017-12-31 0001109957 cullen:C000018478Member 2018-01-01 2018-12-31 0001109957 cullen:C000018478Member 2019-01-01 2019-12-31 0001109957 cullen:C000018478Member 2020-01-01 2020-12-31 0001109957 cullen:C000018478Member 2021-01-01 2021-12-31 0001109957 cullen:C000018478Member 2022-01-01 2022-12-31 0001109957 cullen:C000018478Member 2023-01-01 2023-12-31 0001109957 cullen:C000018478Member 2024-01-01 2024-12-31 0001109957 cullen:C000018478Member 2025-01-01 2025-12-31 0001109957 cullen:C000018481Member 2016-01-01 2016-12-31 0001109957 cullen:C000018481Member 2017-01-01 2017-12-31 0001109957 cullen:C000018481Member 2018-01-01 2018-12-31 0001109957 cullen:C000018481Member 2019-01-01 2019-12-31 0001109957 cullen:C000018481Member 2020-01-01 2020-12-31 0001109957 cullen:C000018481Member 2021-01-01 2021-12-31 0001109957 cullen:C000018481Member 2022-01-01 2022-12-31 0001109957 cullen:C000018481Member 2023-01-01 2023-12-31 0001109957 cullen:C000018481Member 2024-01-01 2024-12-31 0001109957 cullen:C000018481Member 2025-01-01 2025-12-31 0001109957 cullen:C000079419Member 2016-01-01 2016-12-31 0001109957 cullen:C000079419Member 2017-01-01 2017-12-31 0001109957 cullen:C000079419Member 2018-01-01 2018-12-31 0001109957 cullen:C000079419Member 2019-01-01 2019-12-31 0001109957 cullen:C000079419Member 2020-01-01 2020-12-31 0001109957 cullen:C000079419Member 2021-01-01 2021-12-31 0001109957 cullen:C000079419Member 2022-01-01 2022-12-31 0001109957 cullen:C000079419Member 2023-01-01 2023-12-31 0001109957 cullen:C000079419Member 2024-01-01 2024-12-31 0001109957 cullen:C000079419Member 2025-01-01 2025-12-31 0001109957 cullen:C000117701Member 2016-01-01 2016-12-31 0001109957 cullen:C000117701Member 2017-01-01 2017-12-31 0001109957 cullen:C000117701Member 2018-01-01 2018-12-31 0001109957 cullen:C000117701Member 2019-01-01 2019-12-31 0001109957 cullen:C000117701Member 2020-01-01 2020-12-31 0001109957 cullen:C000117701Member 2021-01-01 2021-12-31 0001109957 cullen:C000117701Member 2022-01-01 2022-12-31 0001109957 cullen:C000117701Member 2023-01-01 2023-12-31 0001109957 cullen:C000117701Member 2024-01-01 2024-12-31 0001109957 cullen:C000117701Member 2025-01-01 2025-12-31 0001109957 cullen:C000117698Member 2016-01-01 2016-12-31 0001109957 cullen:C000117698Member 2017-01-01 2017-12-31 0001109957 cullen:C000117698Member 2018-01-01 2018-12-31 0001109957 cullen:C000117698Member 2019-01-01 2019-12-31 0001109957 cullen:C000117698Member 2020-01-01 2020-12-31 0001109957 cullen:C000117698Member 2021-01-01 2021-12-31 0001109957 cullen:C000117698Member 2022-01-01 2022-12-31 0001109957 cullen:C000117698Member 2023-01-01 2023-12-31 0001109957 cullen:C000117698Member 2024-01-01 2024-12-31 0001109957 cullen:C000117698Member 2025-01-01 2025-12-31 0001109957 cullen:C000163396Member 2016-01-01 2016-12-31 0001109957 cullen:C000163396Member 2017-01-01 2017-12-31 0001109957 cullen:C000163396Member 2018-01-01 2018-12-31 0001109957 cullen:C000163396Member 2019-01-01 2019-12-31 0001109957 cullen:C000163396Member 2020-01-01 2020-12-31 0001109957 cullen:C000163396Member 2021-01-01 2021-12-31 0001109957 cullen:C000163396Member 2022-01-01 2022-12-31 0001109957 cullen:C000163396Member 2023-01-01 2023-12-31 0001109957 cullen:C000163396Member 2024-01-01 2024-12-31 0001109957 cullen:C000163396Member 2025-01-01 2025-12-31 0001109957 cullen:C000018478Member 2021-01-01 2025-12-31 0001109957 cullen:C000018478Member 2016-01-01 2025-12-31 0001109957 cullen:C000018478Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001109957 cullen:C000018478Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001109957 cullen:C000018478Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001109957 cullen:C000018478Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001109957 cullen:C000018478Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001109957 cullen:C000018478Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001109957 cullen:C000018480Member 2025-01-01 2025-12-31 0001109957 cullen:C000018480Member 2021-01-01 2025-12-31 0001109957 cullen:C000018480Member 2016-01-01 2025-12-31 0001109957 cullen:C000018479Member 2025-01-01 2025-12-31 0001109957 cullen:C000018479Member 2021-01-01 2025-12-31 0001109957 cullen:C000018479Member 2016-01-01 2025-12-31 0001109957 cullen:SAndP500IndexMember 2025-01-01 2025-12-31 0001109957 cullen:SAndP500IndexMember 2021-01-01 2025-12-31 0001109957 cullen:SAndP500IndexMember 2016-01-01 2025-12-31 0001109957 cullen:C000018481Member 2021-01-01 2025-12-31 0001109957 cullen:C000018481Member 2016-01-01 2025-12-31 0001109957 cullen:C000018481Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001109957 cullen:C000018481Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001109957 cullen:C000018481Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001109957 cullen:C000018481Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001109957 cullen:C000018481Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001109957 cullen:C000018481Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001109957 cullen:C000018483Member 2025-01-01 2025-12-31 0001109957 cullen:C000018483Member 2021-01-01 2025-12-31 0001109957 cullen:C000018483Member 2016-01-01 2025-12-31 0001109957 cullen:C000018482Member 2025-01-01 2025-12-31 0001109957 cullen:C000018482Member 2021-01-01 2025-12-31 0001109957 cullen:C000018482Member 2016-01-01 2025-12-31 0001109957 cullen:MSCIEAFEIndexMember 2025-01-01 2025-12-31 0001109957 cullen:MSCIEAFEIndexMember 2021-01-01 2025-12-31 0001109957 cullen:MSCIEAFEIndexMember 2016-01-01 2025-12-31 0001109957 cullen:C000079419Member 2021-01-01 2025-12-31 0001109957 cullen:C000079419Member 2016-01-01 2025-12-31 0001109957 cullen:C000079419Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001109957 cullen:C000079419Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001109957 cullen:C000079419Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001109957 cullen:C000079419Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001109957 cullen:C000079419Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001109957 cullen:C000079419Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001109957 cullen:C000079420Member 2025-01-01 2025-12-31 0001109957 cullen:C000079420Member 2021-01-01 2025-12-31 0001109957 cullen:C000079420Member 2016-01-01 2025-12-31 0001109957 cullen:C000079421Member 2025-01-01 2025-12-31 0001109957 cullen:C000079421Member 2021-01-01 2025-12-31 0001109957 cullen:C000079421Member 2016-01-01 2025-12-31 0001109957 cullen:Russell2000ValueIndexMember 2025-01-01 2025-12-31 0001109957 cullen:Russell2000ValueIndexMember 2021-01-01 2025-12-31 0001109957 cullen:Russell2000ValueIndexMember 2016-01-01 2025-12-31 0001109957 cullen:Russell1000IndexMember 2025-01-01 2025-12-31 0001109957 cullen:Russell1000IndexMember 2021-01-01 2025-12-31 0001109957 cullen:Russell1000IndexMember 2016-01-01 2025-12-31 0001109957 cullen:C000117701Member 2021-01-01 2025-12-31 0001109957 cullen:C000117701Member 2016-01-01 2025-12-31 0001109957 cullen:C000117701Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001109957 cullen:C000117701Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001109957 cullen:C000117701Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001109957 cullen:C000117701Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001109957 cullen:C000117701Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001109957 cullen:C000117701Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001109957 cullen:C000117700Member 2025-01-01 2025-12-31 0001109957 cullen:C000117700Member 2021-01-01 2025-12-31 0001109957 cullen:C000117700Member 2016-01-01 2025-12-31 0001109957 cullen:C000117699Member 2025-01-01 2025-12-31 0001109957 cullen:C000117699Member 2021-01-01 2025-12-31 0001109957 cullen:C000117699Member 2016-01-01 2025-12-31 0001109957 cullen:SAndP500TotalReturnIndexMember 2025-01-01 2025-12-31 0001109957 cullen:SAndP500TotalReturnIndexMember 2021-01-01 2025-12-31 0001109957 cullen:SAndP500TotalReturnIndexMember 2016-01-01 2025-12-31 0001109957 cullen:C000117698Member 2021-01-01 2025-12-31 0001109957 cullen:C000117698Member 2016-01-01 2025-12-31 0001109957 cullen:C000117698Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001109957 cullen:C000117698Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001109957 cullen:C000117698Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001109957 cullen:C000117698Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001109957 cullen:C000117698Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001109957 cullen:C000117698Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001109957 cullen:C000117697Member 2025-01-01 2025-12-31 0001109957 cullen:C000117697Member 2021-01-01 2025-12-31 0001109957 cullen:C000117697Member 2016-01-01 2025-12-31 0001109957 cullen:C000117696Member 2025-01-01 2025-12-31 0001109957 cullen:C000117696Member 2021-01-01 2025-12-31 0001109957 cullen:C000117696Member 2016-01-01 2025-12-31 0001109957 cullen:MSCIEmergingMarketsStockIndexMember 2025-01-01 2025-12-31 0001109957 cullen:MSCIEmergingMarketsStockIndexMember 2021-01-01 2025-12-31 0001109957 cullen:MSCIEmergingMarketsStockIndexMember 2016-01-01 2025-12-31 0001109957 cullen:C000163396Member 2021-01-01 2025-12-31 0001109957 cullen:C000163396Member 2016-01-01 2025-12-31 0001109957 cullen:C000163396Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001109957 cullen:C000163396Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001109957 cullen:C000163396Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001109957 cullen:C000163396Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001109957 cullen:C000163396Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001109957 cullen:C000163396Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001109957 cullen:C000163395Member 2025-01-01 2025-12-31 0001109957 cullen:C000163395Member 2021-01-01 2025-12-31 0001109957 cullen:C000163395Member 2016-01-01 2025-12-31 0001109957 cullen:C000163394Member 2025-01-01 2025-12-31 0001109957 cullen:C000163394Member 2021-01-01 2025-12-31 0001109957 cullen:C000163394Member 2016-01-01 2025-12-31 0001109957 cullen:CBOESAndP500BuyWriteIndexMember 2025-01-01 2025-12-31 0001109957 cullen:CBOESAndP500BuyWriteIndexMember 2021-01-01 2025-12-31 0001109957 cullen:CBOESAndP500BuyWriteIndexMember 2016-01-01 2025-12-31 iso4217:USD pure false 485BPOS 0001109957 2022-12-31 2020-03-31 2022-12-31 2020-03-31 2020-12-31 2020-03-31 2020-06-30 2020-03-31 2020-12-31 2020-03-31 2020-06-30 2020-03-31 2026-10-28 N-1A Cullen Funds Trust 2026-10-28 Cullen High Dividend Equity Fund Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z4Tr1Y649yjl" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The investment objective of the Cullen High Dividend Equity Fund (the “High Dividend Fund” or the “Fund”) is to seek long-term capital appreciation and current income. Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z25MCB7TTXpe" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the High Dividend Fund. Shareholder Fees (fees paid directly from your investment): <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zBMSyc2o5SUc"></div> <table id="xdx_A54_dU_z3sJ8oBYAYcg" style="table-layout: fixed; width: 647.99pt; margin-top: 8pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 431.99pt"> </td> <td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000018478Member_zl9BYJwctEzk" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_49D_20261028__20261028__oef--ClassAxis__custom--C000018479Member_zAuirxhSQPW9" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000018480Member_zxYennrItwB5" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_iN_dpin_zeZN8YaMYFEi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Redemption Fee (as a percentage of amount redeemed)a </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> </tr> </table> -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_ztNS8pinLXF3"></div> <table id="xdx_A5F_dU_zOAd2jM8ahXf" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 432pt"> </td> <td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000018478Member_zvN7bMUPZz6" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_49D_20261028__20261028__oef--ClassAxis__custom--C000018479Member_z78GLYzsuvU4" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000018480Member_zAiaS7TpIHE5" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zpCb6yEmQkq3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zxymIcp4Np47" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zLhp8cfcdZmf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Other Expensesb </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.16% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.16% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.16% </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zNQfLif0QMqc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees & Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zEttB2qvZ23j" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expensesc </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.41% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.16% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.16% </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zLyDWyFCDO6g" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Less Expense Reduction/Reimbursementd </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.41% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.41% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.41% </td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zciwA4YBad67" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.75% </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.75% </td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0016 0.0016 0.0016 0.0000 0.0000 0.0000 0.0141 0.0216 0.0116 -0.0041 -0.0041 -0.0041 0.0100 0.0175 0.0075 <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">a</td><td style="width: 5pt"></td><td style="text-align: justify">You will be charged a 2% redemption fee if you redeem or exchange shares of the High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The High Dividend Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">b</td><td style="width: 5pt"></td><td style="text-align: justify">Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the High Dividend Fund’s statement of operations for its most recently completed fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">c</td><td style="width: 5pt"></td><td style="text-align: justify">The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the High Dividend Fund and does not include Acquired Fund Fees and Expenses.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">d</td><td style="width: 5pt"></td><td style="text-align: justify">Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares, and 0.75% for Class I shares, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the High Dividend Fund or the Adviser prior to the Termination Date.</td> </tr></table> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the High Dividend Fund and does not include Acquired Fund Fees and Expenses. October 31, 2027 October 31, 2027 October 31, 2027 Expense Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zt3vLlXe9VDb" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This example is intended to help you compare the cost of investing in the High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the High Dividend Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the High Dividend Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvIg0Y2QEPl5"></div> <table id="xdx_A53_dU_z959ZWydQ0ff" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_z5G4Ji5jPuAe" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zo5g8o5r8hK6" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years* </td> <td id="xdx_48B_eoef--ExpenseExampleYear05_z7taua1opZv4" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Years* </td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z1vX7cMIj14d" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Years* </td> </tr> <tr id="xdx_418_20261028__20261028__oef--ClassAxis__custom--C000018478Member_z4qf21aVhO1h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $102 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $406 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $732 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,655 </td> </tr> <tr id="xdx_41F_20261028__20261028__oef--ClassAxis__custom--C000018479Member_z8d6jstoy66j" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $178 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $637 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,122 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,461 </td> </tr> <tr id="xdx_419_20261028__20261028__oef--ClassAxis__custom--C000018480Member_zYJNaThqNnml" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $77 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $328 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $599 </td> <td style="border-width: 0pt; padding: 1.5pt 17.5pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,372 </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.</td> </tr></table> 102 406 732 1655 178 637 1122 2461 77 328 599 1372 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_z2pJ5A6DFZ63" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when High Dividend Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the High Dividend Fund’s performance. During the most recent fiscal year, the High Dividend Fund’s portfolio turnover rate was 17% of the average value of its portfolio. 0.17 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zvWjqv16mPu5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). As a point of comparison, a high dividend common stock that the High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&P 500® Index. The High Dividend Fund invests roughly similar amounts of its assets in each stock in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price. As part of its strategy, the High Dividend Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund’s best interest. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the High Dividend Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. The High Dividend Fund may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts (“ADRs”), which are depositary receipts for foreign securities denominated in U.S. dollars and traded in U.S. securities markets or available through a U.S. broker or dealer. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts. The High Dividend Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks. The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. The High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). Like all investments, investing in the High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralStockRisksMember_zXPM7d7LY2Q4" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">General Stock Risks. The High Dividend Fund’s major risks are those of investing in the stock market, which can mean that the High Dividend Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the High Dividend Fund’s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the High Dividend Fund invests. Stock markets worldwide experience volatility as a result of market participants reacting to economic data and market indicators that contradict previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the High Dividend Fund’s shares. As a result, you could lose money investing in the High Dividend Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumCapitalizationCompaniesRiskMember_zUssBauDMkf7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Medium-Capitalization Companies Risk. The High Dividend Fund may invest in the stocks of medium-capitalization companies. Medium-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the High Dividend Fund’s portfolio. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zRkEcGvBInH1" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large-Capitalization Companies Risk. The Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_zpoqrGBrWZk6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Value Style Investing Risk. Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the High Dividend Fund’s “value” investment style may sometimes be lower than that of equity funds following other styles of investment. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z1p3KcIrauw8" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Securities Risk. Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include: •future political and economic developments, •the imposition of foreign withholding taxes on dividend and interest income payable on the securities, •possible trade disputes, including the imposition of sanctions and tariffs, •the possible establishment of exchange controls, •the possible seizure or nationalization of foreign investments, and •the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. You may lose money by investing in the High Dividend Fund if any of the following occur: •foreign stock markets decline in value, •the High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a turbulent market due to lower liquidity, •the value of a foreign currency declines relative to the U.S. dollar, or •political, social or economic instability in a foreign country causes the value of the High Dividend Fund’s investments to decline. All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsOrCoveredCallWritingRiskMember_gRBRTB-ERTZ_zeKaeQfDsER5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Options or Covered Call Writing Risk. The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund’s writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f-4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskSovereignDebtCrisesRiskMember_z6b0Jq3fxQf6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Market Disruptions Risk; Sovereign Debt Crises Risk. The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events may disrupt global supply chains, adversely affect commodity prices and economic activity, and negatively affect issuers, industries, countries or regions, including those not directly involved in the event, which could have a significant impact on the Fund and its investments. The extent and duration of such events and their effects on the Fund and its investments cannot be predicted. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentInterventionRiskMember_zAoiP5H6Pthh" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Government Intervention Risk. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_zTmnPLdufFFk" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Investment in Other Investment Companies Risk. As with other investments, investments in other investment companies, including exchange-traded funds ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (to the extent not offset by waivers). Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zBXXeuqaFlA5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The following performance information indicates some of the risks of investing in the shares of the High Dividend Fund by showing the variability of the Retail Class’s returns (the class with the longest period of annual returns). The bar chart shows the total return of the High Dividend Fund by showing the changes in the High Dividend Fund’s performance from year to year (on a calendar year basis). The table shows the High Dividend Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the High Dividend Fund. Remember, the High Dividend Fund’s past performance, before and after taxes, is not necessarily an indication of how the High Dividend Fund will perform in the future. Updated performance information, including its current net asset value, is available at www.cullenfunds.com or by calling 1-877-485-8586. The following performance information indicates some of the risks of investing in the shares of the High Dividend Fund by showing the variability of the Retail Class’s returns (the class with the longest period of annual returns). Remember, the High Dividend Fund’s past performance, before and after taxes, is not necessarily an indication of how the High Dividend Fund will perform in the future. www.cullenfunds.com 1-877-485-8586 Year-by-Year Total Return as of December 31, 2025 <div id="xdx_A8F_eoef--BarChartTableTextBlock_zsyNIOiIisy7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zy44dGyskhQk" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000018478Member_zjZEAqPfZTua"> </th></tr> <tr id="xdx_41C_20160101__20161231_zFP5FFdLowVh" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>10.33%</th></tr> <tr id="xdx_41F_20170101__20171231_zuyV4JUMSZNk" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>16.78%</th></tr> <tr id="xdx_410_20180101__20181231_zBg9q72OVrjg" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-4.89%</th></tr> <tr id="xdx_419_20190101__20191231_zc2riZZnFWV2" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2019</td> <td style="text-align: center; width: 50%; vertical-align: top">19.66%</td></tr> <tr id="xdx_41F_20200101__20201231_zaF5WW6swG84" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2020</td> <td style="text-align: center; vertical-align: top">-4.31%</td></tr> <tr id="xdx_413_20210101__20211231_zPctTbxvmX02" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2021</td> <td style="text-align: center; vertical-align: top">26.34%</td></tr> <tr id="xdx_413_20220101__20221231_zhrT0Wo7lb2a" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2022</td> <td style="text-align: center; vertical-align: top">-3.73%</td></tr> <tr id="xdx_411_20230101__20231231_zLVDJLCN3idk" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">2.67%</td></tr> <tr id="xdx_412_20240101__20241231_zBCKODhAfZQi" style="vertical-align: bottom; text-align: center"> <th>2024</th> <th>9.15%</th></tr> <tr id="xdx_41B_20250101__20251231_zTHqyonAsWml" style="vertical-align: bottom; text-align: center"> <th>2025</th> <th>18.04%</th></tr> </table><img alt="" src="cullen-pro_102826img002.gif" style="vertical-align: top; margin-left: 0pt; width: 458.4pt; margin-top: 0pt; height: 260.4pt"/> 0.1033 0.1678 -0.0489 0.1966 -0.0431 0.2634 -0.0373 0.0267 0.0915 0.1804 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zxMbI8hbSIUf" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The High Dividend Fund’s 2026 year-to-date total return through September 30, 2026 was 9.97%.<table style="table-layout: fixed; width: 647.99pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 489.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.19pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.19pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Best and Worst Quarter Returns (for the period reflected in the bar chart above) </td> <td colspan="2" style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.98% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q4/2022 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 2pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -26.42% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q1/2020 </td> </tr> </table> year-to-date total return 2026-09-30 0.0997 Highest Return 0.1498 Lowest Return -0.2642 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zkorPPY3ifk5"></div> <table id="xdx_A5B_dU_zSvI7bu1livf" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 410.4pt"> High Dividend Fund, Retail Class </td> <td id="xdx_495_20250101__20251231_zKL7RRT8GWq4" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 1 Year </td> <td id="xdx_494_20210101__20251231_z4X6UgKCMKU" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 5 Year </td> <td id="xdx_496_20160101__20251231_zXxWoiqloRzb" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 10 Year </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018478Member_zDV7GSut712e" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 18.04% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.98% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.48% </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018478Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_znh3YLyGXNP1" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions1 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.24% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.71% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 5.73% </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018478Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zZy6Fg95Bbga" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions and sale of Fund shares </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 13.31% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.21% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.18% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> High Dividend Fund, Class I </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018480Member_zzKRiixFSK13" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 18.34% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 10.27% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.76% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> High Dividend Fund, Class C </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018479Member_zpXXY9fP3045" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.14% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.17% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.68% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> </td> <td style="border-top: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> </td> <td style="border-top: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> </td> <td style="border-top: #000000 0.5pt solid; padding: 0pt; text-align: center; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zW8OI9FxSzad" style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> S&P 500® Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.88% </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.42% </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; text-align: center; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.82% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</td> </tr></table> 0.1804 0.0998 0.0848 0.1424 0.0671 0.0573 0.1331 0.0721 0.0618 0.1834 0.1027 0.0876 0.1714 0.0917 0.0768 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zN6JmEPDFqSl" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The S&P 500® Index is an unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization. Cullen International High Dividend Fund Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zUZrHzNw5YXd" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Cullen International High Dividend Fund (the “International High Dividend Fund” or the “Fund”) seeks long-term capital appreciation and current income. Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_ztXOKdHQoheg" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the International High Dividend Fund. Shareholder Fees (fees paid directly from your investment): <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zUYnwSMGLak9"></div> <table id="xdx_A51_dU_zWiz3L6usRG2" style="table-layout: fixed; width: 648pt; margin-top: 8pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 432pt"> </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000018481Member_zq5oarLCDU87" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000018482Member_z8zxOFde3Y1" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000018483Member_ztLGnqkOvE3a" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_iN_dpin_zKIoqnGruVcj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Redemption Fee (as a percentage of amount redeemed)a </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> </tr> </table> -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zd5Aik4Ppz4h"></div> <table id="xdx_A54_dU_z17W6qdgdUSj" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 432pt"> </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000018481Member_zyVbYQv083Ha" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000018482Member_zQnAnscecYpd" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000018483Member_zXShUggBYQ0a" style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zP1mvH5oQgY4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_ze6VaZztwjA4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z5LeXbluCq12" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Other Expensesb </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.18% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.18% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.18% </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zhEFSXgdoU5k" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees & Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zIBj3K3v31Ui" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expensesc </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.43% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.18% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.18% </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z67F1DfzX34j" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Less Expense Reduction/Reimbursementd </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.18% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.18% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.18% </td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zsap1RKVFZJk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.25% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 23pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0018 0.0018 0.0018 0.0000 0.0000 0.0000 0.0143 0.0218 0.0118 -0.0018 -0.0018 -0.0018 0.0125 0.0200 0.0100 <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">a</td><td style="width: 5pt"></td><td style="text-align: justify">You will be charged a 2% redemption fee if you redeem or exchange shares of the International High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the International High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The International High Dividend Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">b</td><td style="width: 5pt"></td><td style="text-align: justify">Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the International High Dividend Fund’s statement of operations for its most recently completed fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">c</td><td style="width: 5pt"></td><td style="text-align: justify">The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the International High Dividend Fund and does not include Acquired Fund Fees and Expenses.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">d</td><td style="width: 5pt"></td><td style="text-align: justify">Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the International High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the International High Dividend Fund or the Adviser prior to the Termination Date.</td> </tr></table> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the International High Dividend Fund and does not include Acquired Fund Fees and Expenses. October 31, 2027 October 31, 2027 October 31, 2027 Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_ztyYXONMc4y6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This example is intended to help you compare the cost of investing in the International High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the International High Dividend Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the International High Dividend Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5Si92BZMtHf"></div> <table id="xdx_A52_dU_zDfCrN0wbzq3" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 0pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_zlaa1Z30csm8" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zXM2TVyyeVVc" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years* </td> <td id="xdx_480_eoef--ExpenseExampleYear05_zAoP2kcIBv6a" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Years* </td> <td id="xdx_483_eoef--ExpenseExampleYear10_zAnKG9z2z8dc" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Years* </td> </tr> <tr id="xdx_412_20261028__20261028__oef--ClassAxis__custom--C000018481Member_z50y3QMZOMlc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $127 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $435 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $765 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,698 </td> </tr> <tr id="xdx_410_20261028__20261028__oef--ClassAxis__custom--C000018482Member_zZl0X4wxQSi7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $203 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $665 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,153 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,499 </td> </tr> <tr id="xdx_41E_20261028__20261028__oef--ClassAxis__custom--C000018483Member_zUidtmGvVeSd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $102 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $357 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $632 </td> <td style="border-width: 0pt; padding: 1.5pt 24pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,416 </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.</td> </tr></table> 127 435 765 1698 203 665 1153 2499 102 357 632 1416 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zK8qcqISRD7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The International High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when International High Dividend Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International High Dividend Fund’s performance. During the most recent fiscal year, the International High Dividend Fund’s portfolio turnover rate was 121% of the average value of its portfolio. 1.21 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zcIMeBZqulj8" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The International High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in high dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment) headquartered outside the United States in common stocks traded on exchanges not located in the United States and in American Depositary Receipts (“ADRs”). As a point of comparison, a high dividend paying common stock that the International High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI EAFE Stock Index. ADRs are depositary receipts for foreign securities denominated in U.S. dollars and traded on U.S. securities markets or available through a U.S. broker or dealer. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts. The International High Dividend Fund intends to diversify its investments across different countries, and the percentage of the International High Dividend Fund’s assets invested in particular countries or regions will change from time to time based on the Adviser’s judgment. The International High Dividend Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets. The International High Dividend Fund may consider investments in companies in any of the world’s developed stock markets, such as the United Kingdom and stock markets in the European Union. The International High Dividend Fund also may consider investments in developed and emerging stock markets in Asia, such as Hong Kong, China, Singapore, Korea, Taiwan, Malaysia and Thailand. Other developed and emerging stock markets such as Australia, New Zealand, South Africa, Canada and Mexico also may be considered. The International High Dividend Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”), convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks. The International High Dividend Fund invests roughly similar amounts of its assets in each position in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price. As part of its strategy, the International High Dividend Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund’s best interest. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the International High Dividend Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. The International High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in high dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment) headquartered outside the United States in common stocks traded on exchanges not located in the United States and in American Depositary Receipts (“ADRs”). Like all investments, investing in the International High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralStockRisksMember_gRBRTB-VKF_zJZDz4MB27jd" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">General Stock Risks. The International High Dividend Fund’s major risks are those of investing in the stock market, which can mean that the International High Dividend Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the International High Dividend Fund’s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the International High Dividend Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the International High Dividend Fund’s shares. As a result, you could lose money investing in the International High Dividend Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zd2Ws9t8o3fh" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Securities Risk. Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include: •future political and economic developments, •possible trade disputes, including the imposition of sanctions and tariffs, •the imposition of foreign withholding taxes on dividend and interest income payable on the securities, •the possible establishment of exchange controls, •the possible seizure or nationalization of foreign investments, and •the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. You may lose money by investing in the International High Dividend Fund if any of the following occur: •foreign stock markets decline in value, •the International High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, •the value of a foreign currency declines relative to the U.S. dollar, or •political, social or economic instability in a foreign country causes the value of the International High Dividend Fund’s investments to decline. All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_z33IULQ2e5ke" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large-Capitalization Companies Risk. The Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumCapitalizationCompaniesRiskMember_zVVUXhJpISK2" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Medium-Capitalization Companies Risk. The International High Dividend Fund may invest in the stocks of medium-capitalization companies. Medium- capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the International High Dividend Fund’s portfolio. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_z0o7hQBifm8i" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Value Style Investing Risk. Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the International High Dividend Fund’s “value” investment style may sometimes be lower than that of equity funds following other styles of investment. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EuropeanSecuritiesRiskMember_gRBRTB-GNIC_zOsB5cGhFTU5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">European Securities Risk. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. Russia launched a large-scale invasion of Ukraine in February 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_znQWyovptjKg" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Geographic Focus Risk. From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or region or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z8T5BkRZfQ9h" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Currency Risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, which will reduce the value of investments denominated in those currencies held by the International High Dividend Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsOrCoveredCallWritingRiskMember_zTfY0dnwHuYj" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Options or Covered Call Writing Risk. The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the International High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund’s writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zEFw0ctIEdNi" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Financials Sector Risk. To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskSovereignDebtCrisesRiskMember_zeLmrtjiqqN8" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Market Disruptions Risk; Sovereign Debt Crises Risk. The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentInterventionRiskMember_zEdkHN7hSrNl" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Government Intervention Risk. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zcUlq4xzZWg6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">High Portfolio Turnover Risk. The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher-than-normal portfolio turnover may adversely affect Fund performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains when shares are held in a taxable account. Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zBfCGmyoSeid" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The following performance information indicates some of the risks of investing in the shares of the International High Dividend Fund by showing the variability of the Retail Class’s returns (the class with the longest period of annual returns). The bar chart shows the total return of the International High Dividend Fund by showing the changes in the Fund’s performance from year to year (on a calendar year basis). The table shows the International High Dividend Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the International High Dividend Fund. Remember, the International High Dividend Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586. The following performance information indicates some of the risks of investing in the shares of the International High Dividend Fund by showing the variability of the Retail Class’s returns (the class with the longest period of annual returns). Remember, the International High Dividend Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.cullenfunds.com 1-877-485-8586 Year-by-Year Total Return as of December 31, 2025 <div id="xdx_A87_eoef--BarChartTableTextBlock_zIWtV1Tcvo34"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_ziWby9y0cp4k" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000018481Member_zRtVgnAsBK0c"> </th></tr> <tr id="xdx_41C_20160101__20161231_zvr46qSDgvw5" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>0.79%</th></tr> <tr id="xdx_41F_20170101__20171231_zGdi6aZdtRcc" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>17.72%</th></tr> <tr id="xdx_410_20180101__20181231_zagMYXJp4Gdg" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-15.87%</th></tr> <tr id="xdx_419_20190101__20191231_z2ecQGODPPk6" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2019</td> <td style="text-align: center; width: 50%; vertical-align: top">21.04%</td></tr> <tr id="xdx_41F_20200101__20201231_zYCHiXOBcbR3" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2020</td> <td style="text-align: center; vertical-align: top">2.83%</td></tr> <tr id="xdx_413_20210101__20211231_zH0QNeNVD3Lc" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2021</td> <td style="text-align: center; vertical-align: top">10.93%</td></tr> <tr id="xdx_413_20220101__20221231_zEb9HaAVfcph" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2022</td> <td style="text-align: center; vertical-align: top">-10.63%</td></tr> <tr id="xdx_411_20230101__20231231_zcI9wp4657E2" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">17.43%</td></tr> <tr id="xdx_412_20240101__20241231_zxn5xdpxUH75" style="vertical-align: bottom; text-align: center"> <th>2024</th> <th>3.90%</th></tr> <tr id="xdx_41A_20250101__20251231_zXfMDp3mTcbj" style="vertical-align: bottom; text-align: center"> <th>2025</th> <th>29.77%</th></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 454.2pt; height: 272.37pt; text-align: left"> <img alt="" src="cullen-pro_102826img003.gif" style="vertical-align: top; margin-left: 0pt; width: 453.59pt; margin-top: 0pt; height: 271.2pt"/> </div> 0.0079 0.1772 -0.1587 0.2104 0.0283 0.1093 -0.1063 0.1743 0.0390 0.2977 <p id="xdx_A84_eoef--BarChartClosingTextBlock_z0xHA5EOujlc" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The International High Dividend Fund’s 2026 year-to-date total return through September 30, 2026 was 10.91%.<div style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 489.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Best and Worst Quarter Returns (for the period reflected in the bar chart above) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 16.40% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q4/2022 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 2pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -21.69% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q1/2020 </td> </tr> </table> </div> year-to-date total return 2026-09-30 0.1091 Highest Return 0.1640 Lowest Return -0.2169 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_gRBPTTB-ZOVTOK_zj6fbIVWunH8"></div> <table id="xdx_A51_dU_zNVrWBW4kag5" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 410.4pt"> </td> <td id="xdx_49E_20250101__20251231_z3L5g4W37Dda" style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td id="xdx_497_20210101__20251231_z2OtOoPomC4i" style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td id="xdx_498_20160101__20251231_zefVzpamrtI6" style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> International High Dividend Fund, Retail Class </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Year </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Year </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018481Member_zJNe2tBu4qw8" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 29.77% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.44% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.91% </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018481Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzTwQaLXuJ4a" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions1 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 29.09% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.43% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.03% </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018481Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsJVmqnxrObl" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions and sale of Fund shares </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 18.65% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.21% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 5.30% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> International High Dividend Fund, Class I </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018483Member_zVYlJDyBVS3k" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 30.10% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.73% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.19% </td> </tr> </table> <table style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 410.4pt"> </td> <td id="xdx_49A_20250101__20251231_zB6Jm3uHS9ed" style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td id="xdx_49A_20210101__20251231_z2JPfSxRnGAd" style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td id="xdx_49E_20160101__20251231_zREDtoDnkhq9" style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> International High Dividend Fund, Class C </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Year </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Year </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000018482Member_z5GMp4tFyfjc" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 28.71% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.62% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.11% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEAFEIndexMember_zvx8blM0IWva" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 31.22% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.92% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.18% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</td> </tr></table> 0.2977 0.0944 0.0691 0.2909 0.0843 0.0603 0.1865 0.0721 0.0530 0.3010 0.0973 0.0719 0.2871 0.0862 0.0611 (reflects no deduction for fees, expenses or taxes) 0.3122 0.0892 0.0818 After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Cullen Small Cap Value Fund Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zCqpGHXUcCz5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Cullen Small Cap Value Fund (the “Small Cap Value Fund” or the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zQN93Lzzk42a" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Value Fund. Shareholder Fees (fees paid directly from your investment): <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zqO3Q9soA2o2"></div> <table id="xdx_A51_dU_z9SVnaUPyJsl" style="table-layout: fixed; width: 647.99pt; margin-top: 8pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 431.99pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000079419Member_z4wzxaIIfNV7" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000079421Member_zUetC7gy7usc" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_49C_20261028__20261028__oef--ClassAxis__custom--C000079420Member_zsS44kLbJ2S5" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zBCOmOb9qBf2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Redemption Fee (as a percentage of amount redeemed)a </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> </tr> </table> -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zGRkrUbAaepd"></div> <table id="xdx_A51_dU_zBoEurIGhnLi" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 432pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_493_20261028__20261028__oef--ClassAxis__custom--C000079419Member_zgiuBcrC6u75" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000079421Member_zWrQfNHyiexh" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000079420Member_zGBtuMBQaYMf" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zmwivwmDaJCa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqR0Yb0CezGh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zBUemATbRXkl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Other Expensesb </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 3.78% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 3.78% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 3.78% </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zBPyKhAqkY57" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees & Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zqrR5u7sIlV2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expensesc </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 5.03% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 5.78% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 4.78% </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zrVbchBBaNe3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Less Expense Reduction/Reimbursementd </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -3.78% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -3.78% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -3.78% </td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zBhxGMtEfMC7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.25% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0378 0.0378 0.0378 0.0000 0.0000 0.0000 0.0503 0.0578 0.0478 -0.0378 -0.0378 -0.0378 0.0125 0.0200 0.0100 <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">a</td><td style="width: 5pt"></td><td style="text-align: justify">You will be charged a 2% redemption fee if you redeem or exchange shares of the Small Cap Value Fund within seven (7) days of purchase. The redemption fee is payable to the Small Cap Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Small Cap Value Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">b</td><td style="width: 5pt"></td><td style="text-align: justify">Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Small Cap Value Fund’s statement of operations for its most recently completed fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">c</td><td style="width: 5pt"></td><td style="text-align: justify">The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Small Cap Value Fund and does not include Acquired Fund Fees and Expenses.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">d</td><td style="width: 5pt"></td><td style="text-align: justify">Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Small Cap Value Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Small Cap Value Fund or the Adviser prior to the Termination Date.</td> </tr></table> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Small Cap Value Fund and does not include Acquired Fund Fees and Expenses. October 31, 2027 October 31, 2027 October 31, 2027 Expense Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zjGeg2Wvu0J9" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This example is intended to help you compare the cost of investing in the Small Cap Value Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Small Cap Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Small Cap Value Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z04Jm6VQjFG9"></div> <table id="xdx_A55_dU_zfWdAbH5zRqd" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zeYfGee7uki1" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_481_eoef--ExpenseExampleYear03_zNgo52oDB9na" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years* </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zyRanmiPQQbj" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Years* </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zA9fm8tjVA1j" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Years* </td> </tr> <tr id="xdx_41F_20261028__20261028__oef--ClassAxis__custom--C000079419Member_zcbqntfk1KWg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $127 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,171 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,214 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $4,818 </td> </tr> <tr id="xdx_411_20261028__20261028__oef--ClassAxis__custom--C000079421Member_zlNmh4hfLGY3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $203 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,384 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,547 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $5,377 </td> </tr> <tr id="xdx_414_20261028__20261028__oef--ClassAxis__custom--C000079420Member_z4k0GUgoVfEb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $102 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,098 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,099 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $4,621 </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.</td> </tr></table> 127 1171 2214 4818 203 1384 2547 5377 102 1098 2099 4621 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zTMSPZEQLyA1" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Small Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when Small Cap Value Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Cap Value Fund’s performance. During the most recent fiscal year, the Small Cap Value Fund’s portfolio turnover rate was 41% of the average value of its portfolio. 0.41 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zV3oNp1ZXIag" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Small Cap Value Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in small-capitalization value companies. The Adviser defines small-capitalization as those companies with market capitalizations below $5 billion at the time of original purchase The Adviser defines value companies as companies that the Adviser believes are undervalued compared to their perceived worth in the marketplace. The Adviser considers a number of factors when determining whether a company is undervalued, including whether (i) the issuer is included in an index which is representative of value companies; (ii) the issuer is classified as a value company by an independent third party and/or (iii) the issuer exhibits the characteristics of a value company, considering metrics such as such as price-to-book ratio, price-to-earnings ratio, and dividend yield relative to the applicable equity market. Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures. Additionally, the Small Cap Fund generally selects stocks of companies that have the following characteristics:•a below average price/earnings ratio as compared with the average price/earnings ratio of the equity securities in the Russell 2000 Value Stock Index; •above average projected earnings growth as compared to the average projected earnings growth of the equity securities in the Russell 2000 Value Stock Index. The Small Cap Value Fund generally invests substantially all of its assets in common stocks and other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, depositary receipts, warrants, rights, equity interests in real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), and preferred stocks. The Small Cap Value Fund invests roughly similar amounts of its assets in each security in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their price or earnings growth potential. The Small Cap Value Fund may invest up to 30% of its assets in securities of companies headquartered outside the United States. These investments will be made in securities traded on exchanges outside the United States and/or American Depositary Receipts (“ADRs”), which are depositary receipts for foreign securities denominated in U.S. dollars and traded on U.S. securities markets or available through a U.S. broker or dealer. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts. The Small Cap Value Fund intends to diversify its investments in securities of companies headquartered outside the United States across different countries, and the percentage of the Small Cap Value Fund’s assets invested in particular countries or regions will change from time to time based on the Adviser’s judgment, subject to other restrictions described herein. The Small Cap Value Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets. The Fund may consider investments in companies in any of the world’s developed or emerging stock markets. As part of its strategy, the Small Cap Value Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund’s best interest. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Small Cap Value Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. The Small Cap Value Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. The Small Cap Value Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in small-capitalization value companies. Like all investments, investing in the Small Cap Value Fund involves risks, including the risk that you may lose part or all of the money you invest. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralStockRisksMember_zBOz2K142M05" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">General Stock Risks. The Small Cap Value Fund’s major risks are those of investing in the stock market, which can mean the Small Cap Value Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the Small Cap Value Fund’s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Small Cap Value Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the Small Cap Value Fund’s shares. As a result, you could lose money investing in the Small Cap Value Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompaniesRiskMember_z5kFG6rekCFl" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Small-Capitalization Companies Risk. The Small Cap Value Fund invests in the stocks of small-capitalization companies. Small-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile, and they face greater risk of business reversals, which could increase the volatility of the Small Cap Value Fund’s portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (i.e., harder to sell) than that of larger capitalization stocks. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_zOfD1wxI3BOa" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Value Style Investing Risk. Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Small Cap Value Fund’s “value” investment style may sometimes be lower than that of other types of equity funds. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zAZXKDW7JAB3" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Securities Risk. Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include: •future political and economic developments, •possible trade disputes, including the imposition of sanctions and tariffs, •the imposition of foreign withholding taxes on dividend and interest income payable on the securities, •the possible establishment of exchange controls, •the possible seizure or nationalization of foreign investments, and •the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. You may lose money by investing in the Small Cap Value Fund if any of the following occur: •foreign stock markets decline in value, •the Small Cap Value Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, •the value of a foreign currency declines relative to the U.S. dollar, or •political, social or economic instability in a foreign country causes the value of the Small Cap Value Fund’s investments to decline. All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsOrCoveredCallWritingRiskMember_gRBRTB-VVTQ_zYF0kajnbRp1" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Options or Covered Call Writing Risk. The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the Small Cap Value Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund’s writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zXBsAXeCYUla" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Financials Sector Risk. To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zNwgZoJ7wNfe" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large Shareholder Risk. Certain large shareholders, the Adviser or an affiliate of the Adviser, or another entity, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskSovereignDebtCrisesRiskMember_zMmMKxmaLcHb" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Market Disruptions Risk; Sovereign Debt Crises Risk. The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentInterventionRiskMember_zB4vlbtrlCf7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Government Intervention Risk. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zmdt7IljE7Bf" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The following performance information shows the variability of the Retail Class’s returns (the class with the longest period of annual returns) and demonstrates some of the risks of investing in the shares of the Small Cap Value Fund. The bar chart shows the total return of the Small Cap Value Fund and shows the changes in the Small Cap Value Fund’s performance from year to year (on a calendar year basis). The table shows the Small Cap Value Fund’s average annual total return over time compared to one or more broad measures of market performance. The Russell 1000 Index serves as the Fund’s regulatory broad-based securities market index. Both the bar chart and table assume that all dividends and distributions are reinvested in the Small Cap Value Fund. The Small Cap Value Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586. The following performance information shows the variability of the Retail Class’s returns (the class with the longest period of annual returns) and demonstrates some of the risks of investing in the shares of the Small Cap Value Fund. The Small Cap Value Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.cullenfunds.com 1-877-485-8586 Year-by-Year Total Return as of December 31, 2025 <div id="xdx_A89_eoef--BarChartTableTextBlock_zZEVvhygvC8a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zfl0dbD9Eora" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000079419Member_zmBBA11DAJj8"> </th></tr> <tr id="xdx_41C_20160101__20161231_zg9T6A6n6Dr2" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>18.90%</th></tr> <tr id="xdx_41F_20170101__20171231_z7HDmOD0rnQa" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>1.52%</th></tr> <tr id="xdx_410_20180101__20181231_zj9Z3ZBYtq" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-9.84%</th></tr> <tr id="xdx_419_20190101__20191231_z6IqOBl21H42" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2019</td> <td style="text-align: center; width: 50%; vertical-align: top">22.47%</td></tr> <tr id="xdx_41F_20200101__20201231_zq79KTZBmoA4" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2020</td> <td style="text-align: center; vertical-align: top">11.71%</td></tr> <tr id="xdx_413_20210101__20211231_zka3EOVfWTob" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2021</td> <td style="text-align: center; vertical-align: top">21.60%</td></tr> <tr id="xdx_413_20220101__20221231_zDfzrqOEqyA5" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2022</td> <td style="text-align: center; vertical-align: top">0.19%</td></tr> <tr id="xdx_411_20230101__20231231_zcZ1YBHYwQ5" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">5.43%</td></tr> <tr id="xdx_412_20240101__20241231_zN1dgnHAX3A" style="vertical-align: bottom; text-align: center"> <th>2024</th> <th>4.51%</th></tr> <tr id="xdx_410_20250101__20251231_zFzxYfUS0Yf8" style="vertical-align: bottom; text-align: center"> <th>2025</th> <th>-1.38%</th></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 464.14pt; height: 261.15pt; text-align: left"> <img alt="" src="cullen-pro_102826img004.gif" style="vertical-align: top; margin-left: 0pt; width: 463.2pt; margin-top: 0pt; height: 260.4pt"/> </div> 0.1890 0.0152 -0.0984 0.2247 0.1171 0.2160 0.0019 0.0543 0.0451 -0.0138 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zjPizie36Nva" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Small Cap Value Fund’s 2026 year-to-date total return through September 30, 2026 was 1.09%.<div style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 489.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Best and Worst Quarter Returns (for the period reflected in the bar chart above) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 40.91% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q4/2020 </td> </tr> <tr style="min-height: 12.93pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 2pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -36.31% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q1/2020 </td> </tr> </table> </div> year-to-date total return 2026-09-30 0.0109 Highest Return 0.4091 Lowest Return -0.3631 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zMJwRYeUFRVg"></div> <table id="xdx_A58_dU_zn1yva2JrVx4" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 410.4pt"> Small Cap Value Fund, Retail Class </td> <td id="xdx_49F_20250101__20251231_zB8426DXed9f" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 1 Year </td> <td id="xdx_49E_20210101__20251231_zep5XWJ8svJ7" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 5 Year </td> <td id="xdx_49B_20160101__20251231_zE7R9T9Peih5" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 10 Year </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000079419Member_z785JwAFwtzg" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -1.38% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 5.77% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.02% </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000079419Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zW3C8TgeGDc2" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions1 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -1.56% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 3.71% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.77% </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000079419Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjm2IkKoZOE9" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions and sale of Fund shares </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -0.67% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 3.75% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.55% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Small Cap Value Fund, Class I </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000079420Member_zpQUhs5ok1l7" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -1.21% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.02% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.29% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Small Cap Value Fund, Class C </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000079421Member_zYoPLt8oCSq6" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -2.12% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.97% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.22% </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2000ValueIndexMember_zvW79iaAJ5Sh" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 12.59% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.88% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.27% </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexMember_zcChK0W6RM6" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Russell 1000 Index2 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.37% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 13.59% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.59% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">2</td><td style="width: 5pt"></td><td style="text-align: justify">Per new regulatory requirements, the Fund’s regulatory broad-based securities market index is the Russell 1000® Index, which represents the overall U.S. equity market.</td> </tr></table> -0.0138 0.0577 0.0702 -0.0156 0.0371 0.0477 -0.0067 0.0375 0.0455 -0.0121 0.0602 0.0729 -0.0212 0.0497 0.0622 (reflects no deduction for fees, expenses or taxes) 0.1259 0.0888 0.0927 0.1737 0.1359 0.1459 After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zSguFfBsnONl" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Russell 1000 Index is an index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. Cullen Value Fund Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zAlBQBzGaz78" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Cullen Value Fund (the “Value Fund” or the “Fund”) seeks long-term capital appreciation and current income. Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zENA490gQVai" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Value Fund. Shareholder Fees (fees paid directly from your investment): <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zcbSOrZwJ5qc"></div> <table id="xdx_A56_dU_zglbybQmbz0a" style="table-layout: fixed; width: 647.99pt; margin-top: 8pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 431.99pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000117701Member_zEfE4vOy79Gk" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000117699Member_zmzy9KOJQOB2" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000117700Member_zjz8qIs7jXs8" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_iN_dpin_zSpKcg2agrD9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Redemption Fee (as a percentage of amount redeemed)a </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> </tr> </table> -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zlRt481ZNUO"></div> <table id="xdx_A5D_dU_zJVtBh3AMKpd" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 432pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_49D_20261028__20261028__oef--ClassAxis__custom--C000117701Member_zYliPQDHDVGj" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000117699Member_zFzItMdxdcPe" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000117700Member_zUthEReWWvea" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zfGkoviIJfnd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zk5vKQlIsDL7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z5HCIIe1msM4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Other Expensesb </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.29% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.29% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.29% </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zP9XQk6RBe55" style="min-height: 14.44pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees & Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zJ9Q1wlOorN5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expensesc </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.54% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 3.29% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.29% </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zigQVfKxLpfa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Less Expense Reduction/Reimbursementd </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -1.54% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -1.54% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -1.54% </td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zv8CuVODrDBc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.75% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.75% </td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0129 0.0129 0.0129 0.0000 0.0000 0.0000 0.0254 0.0329 0.0229 -0.0154 -0.0154 -0.0154 0.0100 0.0175 0.0075 <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zhNUB1Uptxuh" style="width: 15pt; text-align: right">a</td><td style="width: 5pt"></td><td style="text-align: justify">You will be charged a 2% redemption fee if you redeem or exchange shares of the Value Fund within seven (7) days of purchase. The redemption fee is payable to the Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Value Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zlZWbr7FG3T8" style="width: 15pt; text-align: right">b</td><td style="width: 5pt"></td><td style="text-align: justify">Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Value Fund’s statement of operations for its most recently completed fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">c</td><td style="width: 5pt"></td><td style="text-align: justify">The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Value Fund and does not include Acquired Fund Fees and Expenses.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">d</td><td style="width: 5pt"></td><td style="text-align: justify">Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Value Fund, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Value Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Value Fund or the Adviser prior to the Termination Date.</td> </tr></table> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Value Fund and does not include Acquired Fund Fees and Expenses. October 31, 2027 October 31, 2027 October 31, 2027 Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zUe1oybcEgL1" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Value Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxyUtfuL8Hf2"></div> <table id="xdx_A5E_dU_zM9iQekISf94" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zDxeuk4qNn73" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_487_eoef--ExpenseExampleYear03_zZmBJLMSblJ" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years* </td> <td id="xdx_482_eoef--ExpenseExampleYear05_z2vBxySboKI6" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Years* </td> <td id="xdx_480_eoef--ExpenseExampleYear10_zA77wuPd7Ey4" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Years* </td> </tr> <tr id="xdx_41D_20261028__20261028__oef--ClassAxis__custom--C000117701Member_zWMdEkNd07wh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $102 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $643 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,212 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,760 </td> </tr> <tr id="xdx_411_20261028__20261028__oef--ClassAxis__custom--C000117699Member_zeUghmGhjfwj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $178 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $869 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,584 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $3,481 </td> </tr> <tr id="xdx_41B_20261028__20261028__oef--ClassAxis__custom--C000117700Member_zAo0SfH2bdy" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $77 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $567 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,085 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,506 </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.</td> </tr></table> 102 643 1212 2760 178 869 1584 3481 77 567 1085 2506 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_ztgTC1hC1AL5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when Value Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Value Fund’s performance. During the most recent fiscal year, the Value Fund’s portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zApyZl1NinJh" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Value Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in common stocks of value companies across all market capitalizations. The Adviser defines value companies as companies that the Adviser believes are undervalued compared to their perceived worth in the marketplace. The Adviser considers a number of factors when determining whether a company is undervalued, including whether (i) the issuer is included in an index which is representative of value companies; (ii) the issuer is classified as a value company by an independent third party and/or (iii) the issuer exhibits the characteristics of a value company, considering metrics such as such as price-to-book ratio, price-to-earnings ratio, and dividend yield relative to the applicable equity market. Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures.The Value Fund invests roughly the same amount in each stock in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price. The Value Fund may invest up to 30% of its assets in foreign securities, including up to 10% of its assets in securities of emerging market issuers. These investments are generally made in American Depositary Receipts (“ADRs”), which are depositary receipts for foreign securities denominated in U.S. dollars and traded on U.S. securities markets or available through a U.S. broker or dealer. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts. The Value Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks. As part of its strategy, the Value Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund’s best interest. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Value Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. The Value Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. The Value Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in common stocks of value companies across all market capitalizations. Like all investments, investing in the Value Fund involves risks, including the risk that you may lose part or all of the money you invest. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralStockRisksMember_zTFIBIUTEmT1" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">General Stock Risks. The Value Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance through its investments in the stock market. Periods of poor performance and declines in value of the Value Fund’s underlying equity investments can be caused, and also be further prolonged, by other factors confronting the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Value Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. Market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the Value Fund’s shares. As a result, you could lose money investing in the Value Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskSovereignDebtCrisesRiskMember_zbdH0vzBdXY4" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Market Disruptions Risk; Sovereign Debt Crises Risk. The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, high and growing debt levels by many consumers, and business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompaniesRiskMember_zdZI1dosSIo6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Small-Capitalization Companies Risk. The Value Fund invests in the stocks of small-capitalization companies. Small-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile, and they face greater risk of business reversals, which could increase the volatility of the Value Fund’s portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (i.e., harder to sell) than that of larger capitalization stocks. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumCapitalizationCompaniesRiskMember_zh61l8od2Tag" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Medium-Capitalization Companies Risk. The Value Fund may invest in the stocks of medium-capitalization companies. Medium-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the Value Fund’s portfolio. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zSQoX3WoAE4i" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large-Capitalization Companies Risk. The Value Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_zp5IUEHzKfS2" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Value Style Investing Risk. Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Value Fund’s “value” investment style may sometimes be lower than that of equity funds following other styles of investment. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zrqKBUF4yz78" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Securities Risk. Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include: •future political and economic developments, •possible trade disputes, including the imposition of sanctions and tariffs, •the imposition of foreign withholding taxes on dividend and interest income payable on the securities, •the possible establishment of exchange controls, •the possible seizure or nationalization of foreign investments, and •the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. You may lose money by investing in the Value Fund if any of the following occur: •foreign stock markets decline in value, •the Value Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, •the value of a foreign currency declines relative to the U.S. dollar, or •political, social or economic instability in a foreign country causes the value of the Value Fund’s investments to decline. All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zBctQ5YEnFze" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Financials Sector Risk. To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z6wgEz3prCv8" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large Shareholder Risk. Certain large shareholders, the Adviser or an affiliate of the Adviser, or another entity, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentInterventionRiskMember_zrRTn5T1yNd6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Government Intervention Risk. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zwtMTBNtMtR4" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The following bar chart shows the total return of the Value Fund from year to year (on a calendar year-to-date basis), and the table shows the Value Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Value Fund and, by comparing the Fund’s performance to one or more broad measures of market performance, give some indication of the risks of an investment in the Fund. The Value Fund’s past performance, before and after taxes, is not necessarily an indication of how the Value Fund will perform in the future. Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586. The following bar chart shows the total return of the Value Fund from year to year (on a calendar year-to-date basis), and the table shows the Value Fund’s average annual total return over time compared to one or more broad measures of market performance. The Value Fund’s past performance, before and after taxes, is not necessarily an indication of how the Value Fund will perform in the future. www.cullenfunds.com 1-877-485-8586 Year-by-Year Total Return as of December 31, 2025 <div id="xdx_A8F_eoef--BarChartTableTextBlock_zlT5S4vnfqh5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zbsfK2ALbYV3" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000117701Member_zkgb3vFtQEKe"> </th></tr> <tr id="xdx_41C_20160101__20161231_zsuILXe9vz" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>13.89%</th></tr> <tr id="xdx_41F_20170101__20171231_zxeNdHnyr9y5" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>17.61%</th></tr> <tr id="xdx_410_20180101__20181231_zihHTvn6BnZ8" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-5.17%</th></tr> <tr id="xdx_419_20190101__20191231_zXnGwjiCqyLe" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2019</td> <td style="text-align: center; width: 50%; vertical-align: top">24.10%</td></tr> <tr id="xdx_41F_20200101__20201231_zzzFRB8YHj6d" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2020</td> <td style="text-align: center; vertical-align: top">1.90%</td></tr> <tr id="xdx_413_20210101__20211231_zmx40jkd5gi9" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2021</td> <td style="text-align: center; vertical-align: top">20.13%</td></tr> <tr id="xdx_413_20220101__20221231_zLAVUaCmyggc" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2022</td> <td style="text-align: center; vertical-align: top">-5.71%</td></tr> <tr id="xdx_411_20230101__20231231_zUurArJcx25g" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">5.17%</td></tr> <tr id="xdx_412_20240101__20241231_zVXv94Ex3Naf" style="vertical-align: bottom; text-align: center"> <th>2024</th> <th>9.35%</th></tr> <tr id="xdx_41B_20250101__20251231_zIDNaYM1uHy2" style="vertical-align: bottom; text-align: center"> <th>2025</th> <th>20.38%</th></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 458.34pt; height: 261.15pt; text-align: left"> <img alt="" src="cullen-pro_102826img005.gif" style="vertical-align: top; margin-left: 0pt; width: 458.4pt; margin-top: 0pt; height: 260.4pt"/> </div> 0.1389 0.1761 -0.0517 0.2410 0.0190 0.2013 -0.0571 0.0517 0.0935 0.2038 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zjvwDXQyReM1" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Value Fund’s 2026 year-to-date total return through September 30, 2026 was 14.76%.<table style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 489.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Best and Worst Quarter Returns (for the period reflected in the bar chart above) </td> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 15.79% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q2/2020 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 2pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -24.96% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q1/2020 </td> </tr> </table> year-to-date total return 2026-09-30 0.1476 Highest Return 0.1579 Lowest Return -0.2496 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_za59FUJ0bJR3"></div> <table id="xdx_A5F_dU_zI8BQd6zyu35" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 410.4pt"> Value Fund, Retail Class </td> <td id="xdx_496_20250101__20251231_z0vQt1z2C74h" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 1 Year </td> <td id="xdx_49F_20210101__20251231_zE34rHBqB5Q2" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 5 Year </td> <td id="xdx_49D_20160101__20251231_zDZk3RHMuGCd" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 10 Year </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117701Member_zoLIAUCDjby1" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 20.38% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.41% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.68% </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117701Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXVDErgcAGbd" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions1 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 19.38% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.31% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.37% </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117701Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zPLMcxZkVq6l" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions and sale of Fund shares </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 12.73% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.78% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.04% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Value Fund, Class I </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117700Member_zmskTXucPHAd" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 20.65% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.69% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.96% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Value Fund, Class C </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117699Member_zkOM7IHf7Te" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 19.51% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.59% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.87% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zlrwirqAsBdl" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 17pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.88% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.42% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 18pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.82% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zQqpiM5DsgO" style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</td> </tr></table> 0.2038 0.0941 0.0968 0.1938 0.0731 0.0737 0.1273 0.0678 0.0704 0.2065 0.0969 0.0996 0.1951 0.0859 0.0887 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Cullen Emerging Markets High Dividend Fund Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zNI0Jnzpjqr4" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Cullen Emerging Markets High Dividend Fund (the “Emerging Markets High Dividend Fund” or the “Fund”) seeks current income and long-term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z2bVRuyI5Ca5" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Emerging Markets High Dividend Fund. Shareholder Fees (fees paid directly from your investment): <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zthNmODeb9W9"></div> <table id="xdx_A5F_dU_z4EoMtqia5O4" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000117698Member_znv2unoyV043" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_497_20261028__20261028__oef--ClassAxis__custom--C000117696Member_zU1f5gqGCZ7b" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_492_20261028__20261028__oef--ClassAxis__custom--C000117697Member_z2gzC85H2w5" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class R6 </td> </tr> <tr id="xdx_407_eoef--RedemptionFeeOverRedemption_iN_dpin_zrN00da4btSl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Redemption Fee (as a percentage of amount redeemed)a </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> </table> -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z0hX5iQZVox1"></div> <table id="xdx_A5C_dU_zs7OXNfewIB3" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_491_20261028__20261028__oef--ClassAxis__custom--C000117698Member_zqYWx8Gsk8p9" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000117696Member_zwKxDyfUF4mk" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000117697Member_zfWmfUcwYnS3" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td id="xdx_49A_20261028__20261028__oef--ClassAxis__custom--C000263314Member_z22mXR1xeeGe" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class R6 </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zE02pepgQKH2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvV0svMQ8uq5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zSrKVoOMSbSd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Other Expensesb </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.13% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.13% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.13% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.12% </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zDDFNf5cYQhj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees & Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_znZAWDtWzsYb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expensesc </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.38% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.13% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.13% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.12% </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zr2UABiwaeL6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Less Expense Reduction/Reimbursementd </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.13% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.13% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.13% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.22% </td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zofOAEFUEFZ6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.25% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.90% </td> </tr> </table> 0.0100 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0000 0.0013 0.0013 0.0013 0.0012 0.0000 0.0000 0.0000 0.0000 0.0138 0.0213 0.0113 0.0112 -0.0013 -0.0013 -0.0013 -0.0022 0.0125 0.0200 0.0100 0.0090 <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">a</td><td style="width: 5pt"></td><td style="text-align: justify">With the exception of Class R6 shares, you will be charged a 2% redemption fee if you redeem or exchange shares of the Emerging Markets High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the Emerging Markets High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Emerging Markets High Dividend Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">b</td><td style="width: 5pt"></td><td style="text-align: justify">Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Emerging Markets High Dividend Fund’s statement of operations for its most recently completed fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0B_zMZqoDNxjs74" style="width: 15pt; text-align: right">c</td><td style="width: 5pt"></td><td style="text-align: justify">The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Emerging Markets High Dividend Fund and does not include Acquired Fund Fees and Expenses.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">d</td><td style="width: 5pt"></td><td style="text-align: justify">Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares, 1.00% for Class I shares and 0.90% for Class R6 shares through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Emerging Markets High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Emerging Markets High Dividend Fund or the Adviser prior to the Termination Date.</td> </tr></table> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Emerging Markets High Dividend Fund and does not include Acquired Fund Fees and Expenses. October 31, 2027 October 31, 2027 October 31, 2027 October 31, 2027 Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zn6uNvU7nf78" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This example is intended to help you compare the cost of investing in the Emerging Markets High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Emerging Markets High Dividend Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Emerging Markets High Dividend Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zj6pcOt3UUI9"></div> <table id="xdx_A59_dU_zJgyE4GbRah3" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_zPUQM6Zqdtl8" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_480_eoef--ExpenseExampleYear03_zpe7cE6m4Jp" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years* </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zYEDasR02yE" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Years* </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zX1aNsFYMMEi" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Years* </td> </tr> <tr id="xdx_415_20261028__20261028__oef--ClassAxis__custom--C000117698Member_zTnEBvbbCu2i" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $127 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $424 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $743 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,646 </td> </tr> <tr id="xdx_416_20261028__20261028__oef--ClassAxis__custom--C000117696Member_zEiPpkJQVEy7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $203 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $654 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,132 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,452 </td> </tr> <tr id="xdx_41A_20261028__20261028__oef--ClassAxis__custom--C000117697Member_zbhr2QEAnkZc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $102 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $346 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $610 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,363 </td> </tr> <tr id="xdx_41C_20261028__20261028__oef--ClassAxis__custom--C000263314Member_zy1Rhpn2BcO5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class R6 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $92 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $334 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $596 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,343 </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.</td> </tr></table> 127 424 743 1646 203 654 1132 2452 102 346 610 1363 92 334 596 1343 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zt33nxnBICyg" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Emerging Markets High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when Emerging Markets High Dividend Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Emerging Markets High Dividend Fund’s performance. During the most recent fiscal year, the Emerging Markets High Dividend Fund’s portfolio turnover rate was 98% of the average value of its portfolio. 0.98 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_gRBSNTB-UGHAW_z1aqXp4XPT05" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Emerging Markets High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in high dividend paying securities of companies across all capitalizations that are organized in, maintain at least 50% of their assets in, or derive at least 50% of their revenues from, emerging market countries. As a point of comparison, a high dividend paying common stock that the Emerging Markets High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI Emerging Markets Index. An emerging market country is any country that has been determined by an international organization, such as the World Bank, to have a relatively low to middle income economy. In selecting stocks, the Emerging Markets High Dividend Fund’s portfolio managers select companies that have growth potential, focusing on companies across all capitalizations. The Fund’s holdings may include issues denominated in currencies of emerging countries, investment companies (like country funds) which invest in emerging countries, American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar instruments (ADRs, EDRs and GDRs are hereinafter collectively referred to as “depositary receipts”), and similar types of investments representing emerging markets securities. Depositary receipts may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts. The Emerging Markets High Dividend Fund intends to diversify its investments across different countries, and the percentage of the Emerging Markets High Dividend Fund’s assets invested in particular countries or regions will change from time to time based on the Adviser’s judgment. However, the Fund will not have more than 30% of its total assets invested as at the time of purchase in securities of any one country. The Emerging Markets High Dividend Fund generally invests substantially all of its assets in common stocks and depositary receipts but can invest in other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks. The Emerging Markets High Dividend Fund invests roughly the same amount of its assets in each position in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price. As part of its strategy, the Emerging Markets High Dividend Fund, in order to generate additional income, may selectively write covered call options when it is deemed to be in the Fund’s best interest. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Emerging Markets High Dividend Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. The Emerging Markets High Dividend Fund will not engage in derivatives except to the extent that either (1) the writing of covered call options, and or (2) participatory notes, is deemed to involve derivatives. The Emerging Markets High Dividend Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in high dividend paying securities of companies across all capitalizations that are organized in, maintain at least 50% of their assets in, or derive at least 50% of their revenues from, emerging market countries. Like all investments, investing in the Emerging Markets High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralStockRisksMember_zqq0kBnCZnZc" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">General Stock Risks. The Emerging Markets High Dividend Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance through its investment in the stock market. Periods of poor performance and declines in value of the Emerging Markets High Dividend Fund’s underlying equity investments can be caused, and also be further prolonged by other factors confronting the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Emerging Markets High Dividend Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse, thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. Market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value of the Emerging Markets High Dividend Fund’s shares. As a result, you could lose money investing in the Emerging Markets High Dividend Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z6Mnfpzjztf2" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Securities Risk. Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include: •future political and economic developments, •possible trade disputes, including the imposition of sanctions and tariffs, •the imposition of foreign withholding taxes on dividend and interest income payable on the securities, •the possible establishment of exchange controls, •the possible seizure or nationalization of foreign investments, and •the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. You may lose money by investing in the Emerging Markets High Dividend Fund if any of the following occur: •foreign stock markets decline in value, •the Emerging Markets High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, •the value of a foreign currency declines relative to the U.S. dollar, or •political, social or economic instability in a foreign country causes the value of the Emerging Markets High Dividend Fund’s investments to decline. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInEmergingMarketCountriesMember_zhOnVcMun011" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Risk of Investing in Emerging Market Countries. All of the risks of investing in foreign securities are heightened by investing in emerging markets. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse, less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price and may be particularly sensitive to certain economic changes. There may be less government supervision and regulation of foreign securities and currency markets, trading systems and brokers in certain foreign markets as compared to the United States, which may decrease the rights and protections of investors in the Emerging Markets High Dividend Fund. Information about securities may not be as readily available as in the United States because foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers which may increase the Emerging Markets High Dividend Fund’s regulatory and compliance burden. Brokerage commissions, withholding taxes, custodial fees, and other fees generally are higher in foreign markets. The policies and procedures followed by foreign stock exchanges, currency markets, trading systems and brokers may differ from those applicable in the United States, with possibly negative consequences to the Emerging Markets High Dividend Fund. Differences in the legal system between foreign governments and the United States may make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its foreign investments. In the past, governments within the emerging markets have become overly reliant on the international capital markets and other forms of foreign credit to finance public spending programs that cause large deficits. Often, interest payments on such government debt, representing a large percentage of total GDP, has become too burdensome for governments within emerging markets to meet. Some governments within emerging markets have been forced to seek a restructuring of their loan and/or bond obligations and have declared a temporary suspension of interest payments or have defaulted. These events have affected adversely the values of securities issued by governments within emerging markets and companies in emerging markets countries and have impacted negatively both the present cost of borrowing and their ability to borrow in the future. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zZeEe8x9Pdsc" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Geographic Focus Risk. From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or region or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AsiapacificCountriesRiskMember_zbZTJw4dETul" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Asia-Pacific Countries Risk. To the extent the Fund invests in Asia-Pacific countries, it will be subject to risks associated with investments in that region in addition to the risks generally associated with foreign and emerging market investments. Securities markets in certain developing Asia-Pacific countries may have a high concentration of market capitalization and trading volume in a small number of issuers and industries, a high concentration of investors and financial intermediaries, and fewer and less well-capitalized brokers than in the United States. Certain countries in the region also may experience greater economic, political and social instability, substantial government involvement in the economy and private sector, and inadequate or overburdened infrastructure and financial systems. Economies in the region may be heavily dependent on international trade or exports of particular commodities and therefore may be adversely affected by trade restrictions, changes in international economic conditions or commodity prices. These and other regional developments may increase the volatility of, or adversely affect the value and liquidity of, the Fund’s investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zrcyuJmJuCw2" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Financials Sector Risk. To the extent the Fund focuses on the financials sector, the Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySecuritiesRiskMember_z8Y92EcUanG7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Technology Securities Risk. Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain technology-related companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompaniesRiskMember_zbqIMkz7lKN2" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Small-Capitalization Companies Risk. The Emerging Markets High Dividend Fund invests in the stocks of small-capitalization companies. Small- capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile, and they face greater risk of business reversals, which could increase the volatility of the Emerging Markets High Dividend Fund’s portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (i.e., harder to sell) than that of larger capitalization stocks. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumCapitalizationCompaniesRiskMember_zDVUEUCGWUP7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Medium-Capitalization Companies Risk. The Emerging Markets High Dividend Fund may invest in the stocks of medium-capitalization companies. Medium-capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the Emerging Markets High Dividend Fund’s portfolio. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zPhVBf67kbAj" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large-Capitalization Companies Risk. The Emerging Markets High Dividend Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_zeCd3mW4Cdrc" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Value Style Investing Risk. Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Emerging Markets High Dividend Fund’s “value” investment style may sometimes be lower than that of equity funds following other styles of investment. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z6DVtmGnVer9" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Currency Risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, which will reduce the value of investments denominated in those currencies held by the Emerging Markets High Dividend Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsOrCoveredCallWritingRiskMember_z1jDKudmXQv8" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Options or Covered Call Writing Risk. The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the Emerging Markets High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund’s writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zsEgwyCduHP7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">High Portfolio Turnover Risk. The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains when shares are held in a taxable account. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskSovereignDebtCrisesRiskMember_zT399oZdjffd" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Market Disruptions Risk; Sovereign Debt Crises Risk. The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentInterventionRiskMember_zByk4Man6Hfi" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Government Intervention Risk. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zHqBQNrcQnBc" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The following bar chart shows the total return of the Emerging Markets High Dividend Fund from year to year (on a calendar year-to-date basis), and the table shows the Emerging Markets High Dividend Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Emerging Markets High Dividend Fund and, by comparing the Fund’s performance to one or more broad measures of market performance, give some indication of the risks of an investment in the Fund. The Emerging Markets High Dividend Fund’s past performance, before and after taxes, is not necessarily an indication of how the Emerging Markets High Dividend Fund will perform in the future. Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586. The following bar chart shows the total return of the Emerging Markets High Dividend Fund from year to year (on a calendar year-to-date basis), and the table shows the Emerging Markets High Dividend Fund’s average annual total return over time compared to one or more broad measures of market performance. The Emerging Markets High Dividend Fund’s past performance, before and after taxes, is not necessarily an indication of how the Emerging Markets High Dividend Fund will perform in the future. www.cullenfunds.com 1-877-485-8586 Year-by-Year Total Return as of December 31, 2025 <div id="xdx_A80_eoef--BarChartTableTextBlock_z5f2cKkpm2L1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z2DV2lVxSqdf" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000117698Member_z9ZEmW3tfCJ5"> </th></tr> <tr id="xdx_41C_20160101__20161231_zAqGWSSG8Ugd" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>6.01%</th></tr> <tr id="xdx_41F_20170101__20171231_zkB38dHnkwbl" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>29.44%</th></tr> <tr id="xdx_410_20180101__20181231_zE8ctp4DdIb9" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-16.42%</th></tr> <tr id="xdx_419_20190101__20191231_zNwPf5IdfIGg" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2019</td> <td style="text-align: center; width: 50%; vertical-align: top">19.49%</td></tr> <tr id="xdx_41F_20200101__20201231_zrn8JQIxpMff" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2020</td> <td style="text-align: center; vertical-align: top">8.37%</td></tr> <tr id="xdx_413_20210101__20211231_zYOYiGrtM51d" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2021</td> <td style="text-align: center; vertical-align: top">6.51%</td></tr> <tr id="xdx_413_20220101__20221231_zE30b9ve1sW1" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2022</td> <td style="text-align: center; vertical-align: top">-13.23%</td></tr> <tr id="xdx_411_20230101__20231231_zkVjUT7K8sal" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">26.11%</td></tr> <tr id="xdx_412_20240101__20241231_zox3KzV1HJze" style="vertical-align: bottom; text-align: center"> <th>2024</th> <th>9.22%</th></tr> <tr id="xdx_41C_20250101__20251231_z2I4qrjGe2r2" style="vertical-align: bottom; text-align: center"> <th>2025</th> <th>31.23%</th></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 454.66pt; height: 279.69pt; text-align: left"> <img alt="" src="cullen-pro_102826img006.gif" style="vertical-align: top; margin-left: 0pt; width: 454.8pt; margin-top: 0pt; height: 279.59pt"/> </div> 0.0601 0.2944 -0.1642 0.1949 0.0837 0.0651 -0.1323 0.2611 0.0922 0.3123 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zvVSxoExfih7" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Emerging Markets High Dividend Fund’s 2026 year-to-date total return through September 30, 2026 was 22.71%.<div style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 7pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 489.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Best and Worst Quarter Returns (for the period reflected in the bar chart above) </td> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 21.08% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q4/2020 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 2pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -26.19% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q1/2020 </td> </tr> </table> </div> year-to-date total return 2026-09-30 0.2271 Highest Return 0.2108 Lowest Return -0.2619 Average Annual Total Returns as of December 31, 20251 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zZ0PDhAjC9Ad"></div> <table id="xdx_A5A_dU_z1AkHi8PiNe8" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 410.4pt"> Emerging Markets High Dividend Fund, Retail Class </td> <td id="xdx_498_20250101__20251231_zEju9ac4f432" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 1 Year1 </td> <td id="xdx_49D_20210101__20251231_zHeqqpvxAfY2" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 5 Year1 </td> <td id="xdx_49B_20160101__20251231_ze7LuFW30J4e" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 10 Year1 </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117698Member_zfmbMCJxUeTc" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 31.23% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 10.81% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.51% </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117698Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbLM69ky6dci" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions2 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 30.88% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.74% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.45% </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117698Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCgxkdYeQc97" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions and sale of Fund shares </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 18.98% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.17% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.32% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Emerging Markets High Dividend Fund, Class I </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117697Member_zo8npfjpc5m7" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 31.59% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 11.09% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.78% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Emerging Markets High Dividend Fund, Class C </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000117696Member_zuK6VEoMG6zj" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 30.26% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.99% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.70% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsStockIndexMember_z9rkehDLeFMl" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> MSCI Emerging Markets Stock Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 33.57% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.20% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.25pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.42% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Return information for Class R6 shares will be shown in future prospectuses offering the Fund’s Class R6 shares after the shares have a full calendar year of return information to report.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zr6GUioXcww8" style="width: 15pt; text-align: right">2</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are shown for Retail Class shares only. After-tax returns for Class C, Class I and Class R6 shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</td> </tr></table> <div style="page-break-before: always"> </div> <div class="qes_textframe" style="border-width: 0pt; padding: 0pt; top: 874.8pt; left: 43.2pt; width: 648pt; position: absolute; height: 32.4pt"> <div style="display: table-cell; vertical-align: bottom; width: 648pt; height: 32.4pt"> 33 </div> </div> 0.3123 0.1081 0.0951 0.3088 0.0974 0.0845 0.1898 0.0817 0.0732 0.3159 0.1109 0.0978 0.3026 0.0999 0.0870 (reflects no deduction for fees, expenses or taxes) 0.3357 0.0420 0.0842 After-tax returns are shown for Retail Class shares only. After-tax returns for Class C, Class I and Class R6 shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Cullen Enhanced Equity Income Fund Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zDJMrzDf5Uzc" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Cullen Enhanced Equity Income Fund (the “Enhanced Equity Income Fund” or the “Fund”) seeks long-term capital appreciation and current income. Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_z3vdH0Z0QMJ3" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Enhanced Equity Income Fund. Shareholder Fees (fees paid directly from your investment): <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zAM50giujPoh"></div> <table id="xdx_A58_dU_zGYdOTvxnBU4" style="table-layout: fixed; width: 647.99pt; margin-top: 4pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 431.99pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000163396Member_zdm8BWhJp7y4" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000163394Member_zk1976KRz1Vj" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000163395Member_zEsEhzaJo8Y9" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_iN_dpin_zkF5mUsjXmzb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Redemption Fee (as a percentage of amount redeemed)a </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.00% </td> </tr> </table> -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zbuBdgK36be4"></div> <table id="xdx_A5B_dU_zZ6VAycusZic" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 432pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000163396Member_z5xW7U6FMNp" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000163394Member_zg5oBTlIQS46" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000163395Member_zFQzpejvdXo8" style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Class I </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zYWw8fzl81pb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgptgwJCXg3b" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zF7VHcdup9nl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Other Expensesb </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.30% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.30% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.30% </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zp9JRiJW8ff3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees & Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zPUIr34RQsvk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expensesc </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.55% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 2.30% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.30% </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZN6SCzaE6e6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Less Expense Reduction/Reimbursementd </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.55% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.55% </td> <td style="border-width: 0pt; padding: 1.5pt 2pt 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> -0.55% </td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zAdD9ca06MDe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 1.75% </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e5e5e5; vertical-align: bottom; border-collapse: collapse"> 0.75% </td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0030 0.0030 0.0030 0.0000 0.0000 0.0000 0.0155 0.0230 0.0130 -0.0055 -0.0055 -0.0055 0.0100 0.0175 0.0075 <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">a</td><td style="width: 5pt"></td><td style="text-align: justify">You will be charged a 2% redemption fee if you redeem or exchange shares of the Enhanced Equity Income Fund within seven (7) days of purchase. The redemption fee is payable to the Enhanced Equity Income Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Enhanced Equity Income Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F08_zdpV6eHTZmg" style="width: 15pt; text-align: right">b</td><td style="width: 5pt"></td><td style="text-align: justify">Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Enhanced Equity Income Fund’s statement of operations for its most recently completed fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zp1hgTvQ1Up9" style="width: 15pt; text-align: right">c</td><td style="width: 5pt"></td><td style="text-align: justify">The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Enhanced Equity Income Fund and does not include Acquired Fund Fees and Expenses.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F02_z7g9gsdKYk1a" style="width: 15pt; text-align: right">d</td><td style="width: 5pt"></td><td style="text-align: justify">Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees & Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Enhanced Equity Income Fund, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Enhanced Equity Income Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Fund Operating Expenses may not be terminated by either the Enhanced Equity Income Fund or the Adviser prior to the Termination Date.</td> </tr></table> The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Enhanced Equity Income Fund and does not include Acquired Fund Fees and Expenses. October 31, 2027 October 31, 2027 October 31, 2027 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zsN5zI0jM4Ih" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">This example is intended to help you compare the cost of investing in the Enhanced Equity Income Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Enhanced Equity Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year, and that the Enhanced Equity Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zS10plFVfJOi"></div> <table id="xdx_A51_dU_z4PfgtFKXHIc" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 360pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_488_eoef--ExpenseExampleYear01_zc6nIAsHc2Wl" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zD2WTurO8LY1" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years* </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zO2Kr2KS9Gzb" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 5 Years* </td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zZrMuoVpxGa3" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 10 Years* </td> </tr> <tr id="xdx_415_20261028__20261028__oef--ClassAxis__custom--C000163396Member_zhSlCR1cHwQ4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Retail Class </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $102 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $436 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $793 </td> <td style="border-width: 0pt; padding: 1.5pt 25pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,799 </td> </tr> <tr id="xdx_416_20261028__20261028__oef--ClassAxis__custom--C000163394Member_zO9VtKyfTOA3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $178 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $666 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,180 </td> <td style="border-width: 0pt; padding: 1.5pt 25pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,593 </td> </tr> <tr id="xdx_419_20261028__20261028__oef--ClassAxis__custom--C000163395Member_zXUyyLI83Tpf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $77 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $358 </td> <td style="border-width: 0pt; padding: 1.5pt 26pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $660 </td> <td style="border-width: 0pt; padding: 1.5pt 25pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,520 </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Expense Example amounts assume that the expense waiver and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year.</td> </tr></table> 102 436 793 1799 178 666 1180 2593 77 358 660 1520 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zblA616Ty7pk" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Enhanced Equity Income Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate will result in higher transaction costs and may result in higher taxes when the Enhanced Equity Income Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Enhanced Equity Income Fund’s performance. Further, by writing covered call options, the Fund’s portfolio securities are susceptible to being called by the holder of the option, thereby creating a likelihood of additional portfolio turnover. During the most recent fiscal period, the Enhanced Equity Income Fund’s portfolio turnover rate was 127% of the average value of its portfolio. 1.27 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zNfS2HwM1dc8" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Enhanced Equity Income Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). As a point of comparison, a high dividend common stock that the Enhanced Equity Income Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&P 500® Index. The Enhanced Equity Income Fund invests roughly similar amounts of its assets in each stock in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. In addition to seeking high dividend yield, the Adviser employs a “value” style investing approach, which means that it selects stocks for the portfolio by screening for securities with low price-to-earnings ratios but that possess above-average earnings and dividend growth potential. For securities that meet such screening criteria, the Adviser will conduct fundamental research on the underlying company. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price. As part of its strategy, the Enhanced Equity Income Fund, in order to generate additional portfolio income, will selectively write covered call options, on a target range of between 25-40% of the underlying equity securities owned by the Enhanced Equity Income Fund. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Enhanced Equity Income Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. The Enhanced Equity Income Fund may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts (“ADRs”), which trade on U.S. exchanges. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts. The Enhanced Equity Income Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks. The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. The Enhanced Equity Income Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). Like all investments, investing in the Enhanced Equity Income Fund involves risks, including the risk that you may lose part or all of the money you invest. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralStockRisksMember_gRBRTB-F_ztY9umW5HWyf" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">General Stock Risks. The Enhanced Equity Income Fund’s major risks are those of investing in the stock market, which can mean that the Enhanced Equity Income Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the Enhanced Equity Income Fund’s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditure, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the valuation and/or earnings power of the companies in which the Enhanced Equity Income Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse thereby creating additional and often significant downward price pressure than might be experienced in less volatile periods. In the future, market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long- term volatility in the value of the Enhanced Equity Income Fund’s shares. As a result, you could lose money investing in the Enhanced Equity Income Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsOrCoveredCallWritingRiskMember_zHLKgG2LBZSe" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Options or Covered Call Writing Risk. The Fund will write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the Enhanced Equity Income Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. The Fund’s writing of covered call options is also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), governs the use of certain derivatives by registered investment companies. The Fund has implemented policies and procedures to comply with Rule 18f-4. Rule 18f-4 imposes limits on the amount of certain derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives (including for purposes of Rule 18f- 4, covered call options) is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The U.S. government may consider adopting and implementing other new, additional regulations governing derivatives markets, which new regulations may impact options or covered call writing, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, impose reporting and other obligations on the Fund in connection with its investments in derivatives, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives. The Adviser cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use derivative products, including options or covered calls, and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumCapitalizationCompaniesRiskMember_zqYSFkBT37Jl" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Medium-Capitalization Companies Risk. The Enhanced Equity Income Fund may invest in the stocks of medium-capitalization companies. Medium- capitalization companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which could increase the volatility of the Enhanced Equity Income Fund’s portfolio. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_z8lkhMH7WGYd" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Large-Capitalization Companies Risk. The Enhanced Equity Income Fund may invest in the stocks of large-capitalization companies. Securities issued by large-capitalization companies tend to be less volatile than securities issued by smaller companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_z2st7twyrceb" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Value Style Investing Risk. Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the performance resulting from the Enhanced Equity Income Fund’s “value” investment style may sometimes be lower than that of equity funds following other styles of investment. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_gRBRTB-YCQZC_zuLAJ7wSgV1k" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Foreign Securities Risk. Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences in financial reporting standards, and less-strict regulation of securities markets. More specific risks include: •future political and economic developments, •possible trade disputes, including the imposition of sanctions and tariffs, •the imposition of foreign withholding taxes on dividend and interest income payable on the securities, •the possible establishment of exchange controls, •the possible seizure or nationalization of foreign investments, and •the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. You may lose money by investing in the Enhanced Equity Income Fund if any of the following occur: •foreign stock markets decline in value, •the Enhanced Equity Income Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, •the value of a foreign currency declines relative to the U.S. dollar, or •political, social or economic instability in a foreign country causes the value of the Enhanced Equity Income Fund’s investments to decline. All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskSovereignDebtCrisesRiskMember_zzRfS4wGsbxa" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Market Disruptions Risk; Sovereign Debt Crises Risk. The global financial markets have in recent years undergone pervasive and fundamental disruptions. This global market turmoil has led to increased market volatility. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including political uncertainty, and high and growing debt levels by many consumers, business institutions and governments in the United States, certain countries in Europe and elsewhere around the world. The securities of the United States, as well as several countries across Europe and Asia, have in recent years been, or are at risk of being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentInterventionRiskMember_zCyWUM7gsr6e" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Government Intervention Risk. The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zIoQ1nxv3b1a" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">High Portfolio Turnover Risk. The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains when shares are held in a taxable account. Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zWqWsWsSbyv6" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The following bar chart shows the total return of the Enhanced Equity Income Fund from year to year (on a calendar year-to-date basis), and the table shows the Enhanced Equity Income Fund’s average annual total return over time compared with one or more broad measures of market performance. The S&P 500 Index serves as the Fund’s regulatory broad-based securities market index. The CBOE S&P 500 BuyWrite Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Enhanced Equity Income Fund and, by comparing the Fund’s performance to one or more broad measures of market performance, give some indication of the risks of an investment in the Fund. The Enhanced Equity Income Fund’s past performance, before and after taxes, is not necessarily an indication of how the Enhanced Equity Income Fund will perform in the future.Updated performance information is available at www.cullenfunds.com or by calling 1-877-485-8586. The following bar chart shows the total return of the Enhanced Equity Income Fund from year to year (on a calendar year-to-date basis), and the table shows the Enhanced Equity Income Fund’s average annual total return over time compared with one or more broad measures of market performance. The Enhanced Equity Income Fund’s past performance, before and after taxes, is not necessarily an indication of how the Enhanced Equity Income Fund will perform in the future. www.cullenfunds.com 1-877-485-8586 Year-by-Year Total Return as of December 31, 2025 <div id="xdx_A83_eoef--BarChartTableTextBlock_zicJ2LJ3rf24"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z4k33MKLwGR7" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000163396Member_zLqJKGOJR0ki"> </th></tr> <tr id="xdx_41C_20160101__20161231_zerenqKBRZbc" style="vertical-align: bottom; text-align: center"> <th>2016</th> <th>11.30%</th></tr> <tr id="xdx_41F_20170101__20171231_zXYImoQeN3xl" style="vertical-align: bottom; text-align: center"> <th>2017</th> <th>10.37%</th></tr> <tr id="xdx_410_20180101__20181231_zhC4Rjz5a198" style="vertical-align: bottom; text-align: center"> <th>2018</th> <th>-5.33%</th></tr> <tr id="xdx_419_20190101__20191231_zvAWxAwW5m9h" style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2019</td> <td style="text-align: center; width: 50%; vertical-align: top">17.84%</td></tr> <tr id="xdx_41F_20200101__20201231_zDdfOpsi20xi" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2020</td> <td style="text-align: center; vertical-align: top">1.24%</td></tr> <tr id="xdx_413_20210101__20211231_zdviJqjBWX98" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2021</td> <td style="text-align: center; vertical-align: top">21.37%</td></tr> <tr id="xdx_413_20220101__20221231_zA3LlxZ1qJ39" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2022</td> <td style="text-align: center; vertical-align: top">0.50%</td></tr> <tr id="xdx_411_20230101__20231231_zQWzSl7MiQZi" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2023</td> <td style="text-align: center; vertical-align: top">0.79%</td></tr> <tr id="xdx_412_20240101__20241231_zukmM4DfRe23" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2024</td> <td style="text-align: center; vertical-align: top">6.57%</td></tr> <tr id="xdx_411_20250101__20251231_zfPymzGCFBHk" style="vertical-align: top; text-align: left"> <td style="text-align: center; vertical-align: top">2025</td> <td style="text-align: center; vertical-align: top">7.45%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 460.83pt; height: 261.15pt; text-align: left"> <img alt="" src="cullen-pro_102826img007.gif" style="vertical-align: top; margin-left: 0pt; width: 460.79pt; margin-top: 0pt; height: 260.4pt"/> </div> 0.1130 0.1037 -0.0533 0.1784 0.0124 0.2137 0.0050 0.0079 0.0657 0.0745 <p id="xdx_A85_eoef--BarChartClosingTextBlock_z8Xv7X2Pnzfa" style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">The Enhanced Equity Income Fund’s 2026 year-to-date total return through September 30, 2026 was 7.61%.<div style="font: 10pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 489.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Best and Worst Quarter Returns (for the period reflected in the bar chart above) </td> <td colspan="2" style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 15.95% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q2/2020 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -24.37% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Q1/2020 </td> </tr> </table> </div> year-to-date total return 2026-09-30 0.0761 Highest Return 0.1595 Lowest Return -0.2437 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zlXpg8ZE8sn1"></div> <table id="xdx_A59_dU_zz3yrWaTJw64" style="table-layout: fixed; width: 648pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 410.4pt"> Enhanced Equity Income Fund, Retail Class </td> <td id="xdx_490_20250101__20251231_zFEG6X4ax2Vg" style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 1 Year </td> <td id="xdx_497_20210101__20251231_zTwau4omD14e" style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 5 Years </td> <td id="xdx_492_20160101__20251231_zpZootDq7MA9" style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; width: 79.2pt"> 10 Years1 </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000163396Member_zyyw66PY7cV8" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.45% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.08% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.92% </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000163396Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhTJpReX2VJd" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions1 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.52% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.89% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.56% </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000163396Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zt3NWQArqW66" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns after taxes on distributions and sale of Fund shares </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.71% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.64% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 4.43% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Enhanced Equity Income Fund, Class I </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000163395Member_zBMXEVutTZSi" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.77% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.37% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.20% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Enhanced Equity Income Fund, Class C </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000163394Member_zUrJUXUKN4cg" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.67% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.30% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.13% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt 25pt 0pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z2Y8qcf8FkKd" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> S&P 500 Index® 2 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.88% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.42% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 14.82% </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--CBOESAndP500BuyWriteIndexMember_zotYprSVUZ63" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 8.91% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.33% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 25pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.31% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax- deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Times New Roman, Times, serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">2</td><td style="width: 5pt"></td><td style="text-align: justify">Per new regulatory requirements, the Fund’s regulatory broad-based securities market index is the S&P 500, which represents 500 of the largest companies listed on stock exchange in the United States.</td> </tr></table> 0.0745 0.0708 0.0692 0.0652 0.0489 0.0456 0.0471 0.0464 0.0443 0.0777 0.0737 0.0720 0.0667 0.0630 0.0613 0.1788 0.1442 0.1482 (reflects no deduction for fees, expenses or taxes) 0.0891 0.0933 0.0731 After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax- deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). You will be charged a 2% redemption fee if you redeem or exchange shares of the High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The High Dividend Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the High Dividend Fund’s statement of operations for its most recently completed fiscal year. The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the High Dividend Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares, and 0.75% for Class I shares, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the High Dividend Fund or the Adviser prior to the Termination Date. The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year. After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). You will be charged a 2% redemption fee if you redeem or exchange shares of the International High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the International High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The International High Dividend Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the International High Dividend Fund’s statement of operations for its most recently completed fiscal year. The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the International High Dividend Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the International High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the International High Dividend Fund or the Adviser prior to the Termination Date. The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year. After-tax returns are shown for only Retail Class shares. After-tax returns for Class I and Class C shares will differ.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). You will be charged a 2% redemption fee if you redeem or exchange shares of the Small Cap Value Fund within seven (7) days of purchase. The redemption fee is payable to the Small Cap Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Small Cap Value Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Small Cap Value Fund’s statement of operations for its most recently completed fiscal year. The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Small Cap Value Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Small Cap Value Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Small Cap Value Fund or the Adviser prior to the Termination Date. The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year. After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Per new regulatory requirements, the Fund’s regulatory broad-based securities market index is the Russell 1000® Index, which represents the overall U.S. equity market. You will be charged a 2% redemption fee if you redeem or exchange shares of the Value Fund within seven (7) days of purchase. The redemption fee is payable to the Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Value Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Value Fund’s statement of operations for its most recently completed fiscal year. The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Value Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Value Fund, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Value Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Value Fund or the Adviser prior to the Termination Date. The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year. After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). With the exception of Class R6 shares, you will be charged a 2% redemption fee if you redeem or exchange shares of the Emerging Markets High Dividend Fund within seven (7) days of purchase. The redemption fee is payable to the Emerging Markets High Dividend Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Emerging Markets High Dividend Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Emerging Markets High Dividend Fund’s statement of operations for its most recently completed fiscal year. The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Emerging Markets High Dividend Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares, 1.00% for Class I shares and 0.90% for Class R6 shares through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Emerging Markets High Dividend Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Emerging Markets High Dividend Fund or the Adviser prior to the Termination Date. The Expense Example amounts assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year. Return information for Class R6 shares will be shown in future prospectuses offering the Fund’s Class R6 shares after the shares have a full calendar year of return information to report. After-tax returns are shown for Retail Class shares only. After-tax returns for Class C, Class I and Class R6 shares will differ.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). You will be charged a 2% redemption fee if you redeem or exchange shares of the Enhanced Equity Income Fund within seven (7) days of purchase. The redemption fee is payable to the Enhanced Equity Income Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading. The Enhanced Equity Income Fund’s Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Enhanced Equity Income Fund’s statement of operations for its most recently completed fiscal year. The Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Enhanced Equity Income Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the “Adviser”) has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees & Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Enhanced Equity Income Fund, through October 31, 2027 (the “Termination Date”). The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement (the “Agreement”), recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Enhanced Equity Income Fund to exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. The Agreement to limit the Net Annual Fund Operating Expenses may not be terminated by either the Enhanced Equity Income Fund or the Adviser prior to the Termination Date. The Expense Example amounts assume that the expense waiver and reimbursement agreement remains in effect only through October 31, 2027. Thus, the 3 years, 5 years and 10 years examples reflect expense limitation and reimbursement only for the first year. After-tax returns are shown for Retail Class shares only. After-tax returns for Class C and Class I shares will differ.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax- deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Per new regulatory requirements, the Fund’s regulatory broad-based securities market index is the S&P 500, which represents 500 of the largest companies listed on stock exchange in the United States.