Form 485BPOS CULLEN FUNDS TRUST

Cullen High Dividend Equity
Fund

Investment Objective

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

This table describes the fees and expenses that you may pay if you
buy and hold shares of the High Dividend Fund.

Annual Fund Operating Expenses (expenses that you pay each year
as a percentage of the value of your investment):

either the High Dividend Fund or the Adviser prior to the Termination
Date.

Expense Example

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:

Portfolio Turnover

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 35% of the average value of its portfolio.

Principal Investment Strategies

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.

Principal Risks

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.

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.

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.

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.

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.

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:

You may lose money by investing in the High Dividend
Fund if any of the following occur:

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.

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.

Market
Disruptions Risk; Sovereign Debt Crises Risks. 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.

The outbreak of an infectious coronavirus developed into a global
pandemic that resulted in numerous disruptions in the market and had significant economic impact leaving general concern and uncertainty.
This coronavirus could continue to affect, and other epidemics and pandemics that may arise in the future could affect, the economies
of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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.

Derivative contracts, including, without limitation, swaps, currency
forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the “Dodd-Frank Act”). Under the Dodd-Frank Act, certain derivatives are subject to margin requirements. Implementation
of regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of swaps and other derivatives may increase
the costs to the Funds of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Investment
in Other Investment Companies Risk. As with other investments, investments in other investment companies, including 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

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 with a broad-based market index. 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.

Year-by-Year Total Return as of December 31,
2022

The High Dividend Fund’s 2023 year-to-date total return through
September 30, 2023 was –4.81%.

Investment Adviser

Cullen Capital Management LLC serves as the investment adviser to
the High Dividend Fund.

Portfolio Managers

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been a portfolio manager of the High Dividend Fund since the Fund’s inception on August 1, 2003.
He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and
Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the High Dividend
Fund since April 14, 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked
there since 2006.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the High Dividend Fund on days
the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586
or through any broker/dealer organization that has a sales agreement with the Fund’s distributor. Purchases and redemptions by
telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, PO Box 2170, Denver, Colorado 80201

Overnight mail: Cullen Funds c/o Paralel Technologies, 1700 Broadway,
Suite 1850, Denver, Colorado 80290

The High Dividend Fund accepts investment in the following minimum
amounts:

Tax Information

The High Dividend Fund’s distributions to you are taxable,
and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan
or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received
by, you from such tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the High Dividend Fund through a broker-dealer or
other financial intermediary (such as a bank or financial adviser), the High Dividend Fund and/or its Adviser may pay the intermediary
for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or
other financial intermediary and your salesperson to recommend the High Dividend Fund over another investment. Ask your salesperson or
visit your financial intermediary’s website for more information.

Cullen International High Dividend
Fund

Investment Objective

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

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):

Expense Example

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:

Portfolio Turnover

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 63% of the
average value of its portfolio.

Principal Investment Strategies

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.

Principal Risks

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.

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.

Foreign
Securities Risks. 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:

You may lose money by investing in the International High Dividend
Fund if any of the following occur:

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.

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.

Medium-Capitalization
Companies Risks. 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.

Value
Style Investing Risks. 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.

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.

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.

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.

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.

Market
Disruptions Risk; Sovereign Debt Crises Risks. 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.

The outbreak of an infectious coronavirus developed into a global
pandemic that resulted in numerous disruptions in the market and had significant economic impact leaving general concern and uncertainty.
This coronavirus could continue to affect, and other epidemics and pandemics that may arise in the future could affect, the economies
of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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.

Derivative contracts, including, without limitation, swaps, currency
forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the “Dodd-Frank Act”). Under the Dodd-Frank Act, certain derivatives are subject to margin requirements. Implementation
of regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of swaps and other derivatives may increase
the costs to the Funds of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Performance Information

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 with a broad-based market index. 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.

Year-by-Year Total Return as of December 31,
2022

The International High Dividend Fund’s 2023 year-to-date
total return through September 30, 2023 was 6.16%.

Investment Adviser

Cullen Capital Management LLC serves as the investment adviser to
the International High Dividend Fund.

Portfolio Managers

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been a portfolio manager of the International High Dividend Fund since the Fund’s inception on December 15,
2005. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman
and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager for the International
High Dividend Fund since October 31, 2007. Mr. Sharma currently serves as Portfolio Manager and Executive Director at the Adviser
and has worked there since May 2000.

Pravir Singh has served as a co-portfolio manager for the International
High Dividend Fund since May 2019. Mr. Singh currently serves as Portfolio Manager and Managing Director at the Adviser and
has worked there since 2005.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the International High Dividend
Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone
at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Fund’s distributor. Purchases and
redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, PO Box 2170, Denver, Colorado 80201

Overnight mail: Cullen Funds c/o Paralel Technologies, 1700 Broadway,
Suite 1850, Denver, Colorado 80290

The International High Dividend Fund accepts investment in the following
minimum amounts:

Tax Information

The International High Dividend Fund’s distributions to you
are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such
as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed
to, or received by, you from such tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the International High Dividend Fund through a broker-dealer
or other financial intermediary (such as a bank or financial adviser), the International High Dividend Fund and/or its Adviser may pay
the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the
broker-dealer or other financial intermediary and your salesperson to recommend the International High Dividend Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more information.

Cullen Small Cap Value Fund

Investment Objective

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

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):

Annual Fund Operating Expenses (expenses that you pay each year
as a percentage of the value of your investment):

to not more than 1.25% for Retail Class shares,
2.00% for Class C shares, 1.00% for Class I shares, 1.75% for Class R1 shares and 1.50% for Class R2 shares, through
October 31, 2024 (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 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.

Expense Example

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:

Portfolio Turnover

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 70% of the average value of its portfolio.

Principal Investment Strategies

The Small Cap Value Fund invests, under normal circumstances, at least
80% of its net assets, plus borrowings for investment purposes, in small-capitalization companies, which the Fund defines as those companies
with market capitalizations below $5 billion at the time of original purchase. The Adviser generally selects stocks of companies that
have the following characteristics:

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.

Principal Risks

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.

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.

Small-Capitalization
Companies Risks. 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.

Value
Style Investing Risks. 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.

Foreign
Securities Risks. 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:

You may lose money by investing in the Small Cap Value Fund if any
of the following occur:

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.

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.

Industrials
Sector Risk. Companies in the industrials sector may be adversely affected by changes in the supply of and demand for products
and services, product obsolescence, claims for environmental damage or product liability and changes in general economic conditions,
among other factors.

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.

Market
Disruptions Risk; Sovereign Debt Crises Risks. 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.

The outbreak of an infectious coronavirus developed into a global
pandemic that resulted in numerous disruptions in the market and had significant economic impact leaving general concern and uncertainty.
This coronavirus could continue to affect, and other epidemics and pandemics that may arise in the future, could affect the economies
of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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.

Derivative contracts, including, without limitation, swaps, currency
forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the “Dodd-Frank Act”). Under the Dodd-Frank Act, certain derivatives are subject to margin requirements. Implementation
of regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of swaps and other derivatives may increase
the costs to the Funds of trading in these instruments and, as a result, may affect returns to investors in the Fund.

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.

Performance Information

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 with a broad-based 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.

Year-by-Year Total Return as of December 31,
2022

The Small Cap Value Fund’s 2023 year-to-date total return
through September 30, 2023 was –10.43%.

Best and Worst Quarter Returns
(for the period reflected in the bar chart above)

Investment Adviser

Cullen Capital Management LLC serves as the investment adviser to the
Small Cap Value Fund.

Portfolio Managers

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, is a portfolio manager of the Small Cap Value Fund since the Fund’s inception on October 1, 2009. He
is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief
Executive Officer since December 1982.

Brooks H. Cullen is co-portfolio manager of the Small Cap Value Fund
since its inception on October 1, 2009. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at the Adviser and
has worked there since May 2000.

Brian Drubetsky is co-portfolio manager of the Small Cap Value Fund
since October 28, 2016. Mr. Drubetsky currently serves as Portfolio Manager and Vice President at the Adviser and has worked
there since 2013.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Small Cap Value Fund on days
the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586
or through any broker/dealer organization that has a sales agreement with the Fund’s distributor. Purchases and redemptions by telephone
are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, PO Box 2170, Denver, Colorado 80201

Overnight mail: Cullen Funds c/o Paralel Technologies, 1700 Broadway,
Suite 1850, Denver, Colorado 80290

The Small Cap Value Fund accepts investment in the following minimum
amounts:

Tax Information

The Small Cap Value Fund’s distributions to you are taxable,
and will be taxed as ordinary income or capital gains, unless you are investing through a tax- deferred arrangement, such as a 401(k) plan
or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received
by, you from such tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Small Cap Value Fund through a broker-dealer or
other financial intermediary (such as a bank or financial adviser), the Fund and/or its Adviser may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of interest by influencing the broker- dealer or other financial
intermediary and your salesperson to recommend the Small Cap Value Fund over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.

Cullen Value Fund

Investment Objective

The Cullen Value Fund (the “Value Fund” or the “Fund”)
seeks long-term capital appreciation and current income.

Shareholder Fees (fees paid directly from your investment):

Annual Fund Operating Expenses (expenses that you pay each year
as a percentage of the value of your investment):

Expense Example

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:

Portfolio Turnover

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 27% of the average value of its portfolio.

Principal Investment Strategies

The Value Fund invests, under normal circumstances, at least 80% of
its net assets, plus borrowings for investment purposes, in common stocks of companies across all market capitalizations.

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.

Principal Risks

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.

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.

Market
Disruptions Risk; Sovereign Debt Crises Risks. 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.

The outbreak of an infectious coronavirus developed into a global pandemic
that resulted in numerous disruptions in the market and had significant economic impact leaving general concern and uncertainty. This
coronavirus could continue to affect, and other epidemics and pandemics that may arise in the future could affect, the economies of many
nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

Small-Capitalization
Companies Risks. 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.

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.

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.

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.

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:

You may lose money by investing in the Value Fund if any of the following
occur:

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.

Health
Care Sector Risk. To the extent the Fund focuses on the health care sector, the Fund may be more susceptible to the particular
risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors.
The profitability of companies in the health care sector may be adversely affected by the following factors, among others, rising costs
of medical products and services, changes in the demand for medical products and services, changes in technologies, and extensive government
regulations. Many health care companies are subject to extensive litigation based on product liability and similar claims. Many new products
in the health care sector may be subject to regulatory approvals and the process of obtaining such approvals may be long and costly, and
such efforts ultimately may be unsuccessful. In addition, there have been a number of legislative proposals concerning health care companies
in recent years and the impact of recent or future regulation on health care companies cannot be predicted.

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.

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.

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.

Derivative contracts, including, without limitation, swaps, currency
forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank Act”). Under the Dodd-Frank Act, certain derivatives are subject to margin requirements. Implementation of regulations
under the Dodd-Frank Act regarding clearing, mandatory trading and margining of swaps and other derivatives may increase the costs to
the Funds of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Performance Information

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
with a broad-based market index. 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 with a broad measure 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.

Year-by-Year Total Return as of December 31,
2022

The Value Fund’s 2023 year-to-date total return through September 30,
2023 was –2.23%.

Investment Adviser

Cullen Capital Management LLC serves as the investment adviser to the
Value Fund.

Portfolio Managers

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been a portfolio manager of the Value Fund since the Fund’s inception on August 31, 2012. He is
also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive
Officer since December 1982.

Brooks H. Cullen has served as co-portfolio manager of the Value Fund
since the Fund’s inception on August 31, 2012. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at the
Adviser and has worked there since May 2000.

Jennifer Chang has served as a co-portfolio manager of the Value Fund
since April 14, 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there
since 2006.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Value Fund on days the New
York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586
or through any broker/dealer organization that has a sales agreement with the Value Fund’s distributor. Purchases and redemptions
by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, PO Box 2170, Denver, Colorado 80201

Overnight mail: Cullen Funds c/o Paralel Technologies, 1700 Broadway,
Suite 1850, Denver, Colorado 80290

The Value Fund accepts investment in the following minimum amounts:

Tax Information

The Value Fund’s distributions to you are taxable, and will be
taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or
an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received
by, you from such tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Value Fund through a broker-dealer or other financial
intermediary (such as a bank or financial adviser), the Fund and/or its Adviser may pay the intermediary for the sale of the Value Fund
shares and related services. These payments may create a conflict of interest by influencing the broker- dealer or other financial intermediary
and your salesperson to recommend the Value Fund over another investment. Ask your salesperson or visit your financial intermediary’s
website for more information.

Cullen Emerging Markets High Dividend Fund

Investment Objective

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

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):  

Annual Fund Operating Expenses (expenses that you pay each year
as a percentage of the value of your investment):

not cause the Emerging Markets High Dividend Fund to exceed
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.

Expense Example

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:

*

Portfolio Turnover

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 Fund’s portfolio turnover rate was 65% of the average value
of its portfolio.

Principal Investment Strategies

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.

Principal Risks

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.

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.

Foreign
Securities Risks. 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:

You may lose money by investing in the Emerging Markets High Dividend
Fund if any of the following occur:

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.

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.

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.

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.

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.

Small-Capitalization
Companies Risks. 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.

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.

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.

Value
Style Investing Risks. 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.

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.

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.

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.

Market
Disruptions Risk; Sovereign Debt Crises Risks. 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.

The outbreak of an infectious coronavirus developed into a global pandemic
that resulted in numerous disruptions in the market and had significant economic impact leaving general concern and uncertainty. This
coronavirus could continue to affect, and other epidemics and pandemics that may arise in the future could affect, the economies of many
nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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.

Derivative contracts, including, without limitation, swaps, currency
forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank Act”). Under the Dodd-Frank Act, certain derivatives are subject to margin requirements. Implementation of regulations
under the Dodd-Frank Act regarding clearing, mandatory trading and margining of swaps and other derivatives may increase the costs to
the Funds of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Performance Information

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 with a broad-based market index. 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 with a broad
measure 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.

Year-by-Year Total Return as of December 31,
2022

The Emerging Markets High Dividend Fund’s 2023 year-to-date
total return through September 30, 2023 was 13.87%.

Investment Adviser

Cullen Capital Management LLC serves as the investment adviser to the
Emerging Markets High Dividend Fund.

Portfolio Managers

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been co-portfolio manager of the Emerging Markets High Dividend Fund since the Fund’s inception on August 31,
2012. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman
and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager for the Emerging
Markets High Dividend Fund since it commenced operations on August 31, 2012. Mr. Sharma currently serves as Portfolio Manager
and Executive Director at the Adviser and has worked there since May 2000.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Emerging Markets High Dividend
Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone
at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Fund’s distributor. Purchases and
redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, PO Box 2170, Denver, Colorado 80201

Overnight mail: Cullen Funds c/o Paralel Technologies, 1700 Broadway,
Suite 1850, Denver, Colorado 80290

The Emerging Markets High Dividend Fund accepts investment in the following
minimum amounts:

Tax Information

The Emerging Markets High Dividend Fund’s distributions to you
are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such
as a 401(k) plan or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed
to, or received by, you from such tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Emerging Markets High Dividend Fund through a broker-dealer
or other financial intermediary (such as a bank or financial adviser), the Emerging Markets High Dividend Fund and/or its Adviser may
pay the intermediary for the sale of Emerging Markets High Dividend Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Emerging Markets High
Dividend Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Cullen Enhanced Equity Income Fund

Investment Objective

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

This table describes the fees and expenses that you may pay if you
buy and hold shares of the Enhanced Equity Income Fund.

Annual Fund Operating Expenses (expenses that you pay each year
as a percentage of the value of your investment):

Expense Example

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:

Portfolio Turnover

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 176% of the average value of its portfolio.

Principal Investment Strategies

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.

Principal Risks

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.

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.

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.

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.

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.

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.

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:

You may lose money by investing in the Enhanced
Equity Income Fund if any of the following occur:

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.

Market
Disruptions Risk; Sovereign Debt Crises Risks. 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.

The outbreak of an infectious coronavirus developed into a global pandemic
that resulted in numerous disruptions in the market and had significant economic impact leaving general concern and uncertainty. This
coronavirus could continue to affect, and other epidemics and pandemics that may arise in the future could affect, the economies of many
nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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.

Derivative contracts, including, without limitation, swaps, currency
forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank Act”). Under the Dodd-Frank Act, certain derivatives are subject to margin requirements. Implementation of regulations
under the Dodd-Frank Act regarding clearing, mandatory trading and margining of swaps and other derivatives may increase the costs to
the Funds of trading in these instruments and, as a result, may affect returns to investors in the Fund.

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.

Performance Information

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 a broad-based market index. 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 with a broad measure 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.

Year-by-Year Total Return as of December 31,
2022

The Enhanced Equity Income Fund’s 2023 year-to-date total
return through September 30, 2023 was –5.53%.

Best and Worst Quarter Returns (for the period reflected in the bar
chart above) 

Investment Adviser

Cullen Capital Management LLC serves as the investment adviser to the
Enhanced Equity Income Fund.

Portfolio Managers

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been a portfolio manager of the Enhanced Equity Income Fund since the Fund’s inception on December 15,
2015. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman
and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the Enhanced
Equity Income Fund since its inception on December 15, 2015. Ms. Chang currently serves as Portfolio Manager and Executive Director
at the Adviser and has worked there since 2006.

Tim Cordle has served as a co-portfolio manager of the Enhanced
Equity Income Fund since its inception on December 15, 2015. Mr. Cordle currently serves as Portfolio Manager and Managing
Director at the Adviser and has worked there since 2012.

Michael Gallant has served as a co-portfolio manager of the Enhanced
Equity Income Fund since July 2020. Mr. Gallant currently serves as Portfolio Manager and Director of Research at the Adviser
and has worked there since 2015.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Enhanced Equity Income Fund
on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone
at 1-877-485-8586 or through any broker/dealer organization that has a sales agreement with the Enhanced Equity Income Fund’s distributor.
Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

Regular mail: Cullen Funds, PO Box 2170, Denver, Colorado 80201

Overnight mail: Cullen Funds c/o Paralel Technologies, 1700 Broadway,
Suite 1850, Denver, Colorado 80290

The Enhanced Equity Income Fund accepts investment in the following
minimum amounts:

Tax Information

The Enhanced Equity Income Fund’s distributions to you are taxable,
and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan
or an IRA, in which case such distributions can be subject to U.S. federal income tax as ordinary income when distributed to, or received
by, you from such tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Enhanced Equity Income Fund through a broker-dealer
or other financial intermediary (such as a bank or financial adviser), the Enhanced Equity Income Fund and/or its Adviser may pay the
intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other financial intermediary and your salesperson to recommend the Enhanced Equity Income Fund over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

ADDITIONAL INFORMATION ON INVESTMENT POLICIES AND RISKS

This section contains additional detail on the investment strategies
of each of the High Dividend Fund, International High Dividend Fund, Small Cap Value Fund, Value Fund, Emerging Markets High Dividend
Fund, and Enhanced Equity Income Fund (each, a “Fund,” and together, the “Funds”), the related risks that you
would face as a shareholder of a Fund and also information about how to find out more about a Fund’s portfolio holdings disclosure
policy.

The Funds invest in securities that the Adviser believes offer the
prospect of an increase in value over a long-term investment horizon, which the Adviser generally defines as three to five years. For
the most part, each Fund will invest in common stocks of companies having a low stock market valuation at the time of purchase (as measured
by price/earnings ratios as compared with the average price/earnings ratio of the equity securities versus market averages). The Adviser
then monitors investments for price movement and earnings developments. Once a security is purchased, the Adviser will generally hold
it in a Fund’s portfolio until it no longer meets such Fund’s financial or valuation criteria.

Although there may be some short-term portfolio turnover, particularly
from exercised covered call options written, the Adviser generally purchases securities which it believes will appreciate in value over
the long-term. However, securities may be sold without regard to the time they have been held when, in the Adviser’s opinion, investment
considerations warrant such action. Such considerations can include downward price movement, the probability of a decrease in a security’s
value and negative earnings developments.

The Funds do not concentrate their investments in any particular industry
or group of industries, but diversify their holdings among as many different companies and industries as seems appropriate in light of
conditions prevailing at any given time.

The Funds intend to be fully invested, which generally means that the
Funds will be at least 80% invested, plus borrowings for investment purposes, in stocks at all times except to the extent that:

Investments may also be made in (i) debt securities which are
convertible into equity securities, (ii) preferred stocks which are convertible into common stocks, and (iii) warrants or other
rights to purchase common stock, all of which are considered by the Adviser to be equity securities. The Adviser generally does not engage
in market timing by shifting the portfolio or a significant portion thereof in or out of the market in anticipation of market fluctuations.
The Funds may also directly invest in securities issued by other investment companies, including ETFs and money market funds. An investment
in the Funds will entail more direct and indirect costs and expenses than a direct investment in such ETFs and other investment companies.

A portion of the Funds’ assets may be held from time to time
in cash or cash equivalents when the Adviser is unable to identify attractive equity investments. Cash equivalents, which can include
certificates of deposit, bankers’ acceptances, time deposits, commercial paper, short-term notes, or money market instruments, are
instruments or investments of such high liquidity and safety that they are considered almost as safe as cash.

The Funds may temporarily depart from their respective principal investment
strategies by making short-term investments in cash and cash equivalents, when the Funds experience periods of heavy cash inflows from
shareholders purchasing such Fund’s shares. This may result in a Fund not achieving its investment objective and such Fund’s
performance may be negatively affected as a result. To the extent that a Fund uses a money market fund for its cash position, there will
be some duplication of expenses because the Fund would bear its pro rata portion of such money market fund’s advisory fees and operational
expenses.

The High Dividend Fund, Small Cap Value Fund, Value Fund and Enhanced
Equity Income Fund invest primarily in the securities of U.S. issuers, although each Fund has the ability to invest up to 30% of its net
assets in securities

of foreign issuers, or depositary receipts for such securities, which
are traded in a U.S. market or are available through a U.S. broker or dealer (regardless of whether traded in U.S. dollars) and which
meet the criteria for investment selection set forth above. In addition, the International High Dividend Fund and the Emerging Markets
High Dividend Fund invest primarily in securities of foreign issuers. As a result, these Funds may be subject to additional investment
risks that are different in some respects from those experienced by a fund that invests only in securities of U.S. domestic issuers.

Such risks include:

With respect to the securities of foreign issuers which are denominated
in foreign currencies, such risks also include currency exchange-rate risk. Generally, the foreign issues that the High Dividend Fund,
Small Cap Value Fund, Value Fund, and Enhanced Equity Income Fund purchase are in the form of depository receipts and are, therefore,
subject to exchange controls; however, there can be no assurance that exchange control laws will apply to certain of the applicable Fund’s
investments. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign
issuers may not be subject to the same accounting, auditing, financial record-keeping and shareholder reporting standards and requirements
as domestic issuers.

There are market risks inherent in any investment, and there is no
assurance that the respective primary investment objectives of each Fund will be realized or that any income will be earned. Moreover,
the application of a Fund’s investment policies is dependent upon the Adviser’s judgment. You should realize that there are
risks in any policy dependent upon judgment and that the Adviser does not make any representation that the objectives of any Fund will
be achieved or that there may not be substantial losses in any particular investment.

The Enhanced Equity Income Fund will write covered call options in
order to generate additional income. Writing a covered call involves the Fund selling a call option for an equity security that is currently
held in its portfolio. Generally, the Adviser does not expect investments in covered call options to exceed 40% of the Enhanced Equity
Income Fund’s net assets; however, subject to other restrictions described herein, the Fund is not restricted in their ability to
invest up to 100% of their assets in covered call options.

The purchaser of a call option has the right to buy, and the writer
(in this case the Fund) of a call option has the obligation to sell, an underlying security at a specified exercise price during a specified
option period. The advantage of writing covered calls is that the Fund receives a premium for writing the call, which is additional income.
However, if the security rises in value and the call is exercised, the Fund may not participate fully in the market appreciation of the
security.

In addition to the risks facing real estate-related securities, such
as a decline in property values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological
developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay their loans or poor
management, investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited
volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain
their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal
Revenue Code of 1986, as amended (the “Internal Revenue Code”), which allows REITs to reduce their corporate taxable income
for dividends paid to their shareholders. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders
will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, for tax years beginning
after December 31, 2017 and before January 1, 2026, a non-corporate taxpayer who is a direct REIT shareholder may claim a 20%
“qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may report dividends
as eligible for this deduction to the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced
by allocable regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated investment company
and the shareholder satisfy applicable holding period requirements.

The Funds may participate in a program offered by ReFlow, LLC (“ReFlow”).
ReFlow is designed to provide an alternative source of funding to help meet shareholder redemptions while minimizing the Funds’
costs and cash flow disruptions (compared to selling portfolio securities or relying on borrowing cash), allowing the Funds to remain
more fully invested. ReFlow provides this liquidity by being prepared to purchase shares issued by a Fund, at that Fund’s net asset
value, equal to the amount of that Fund’s net redemptions on any given day. On subsequent days when the Fund experiences net subscriptions,
ReFlow redeems its holdings at the Fund’s net asset value on that day. When a Fund participates in the ReFlow program, such fund
pays ReFlow a fee at a rate determined by a daily auction with other participating mutual funds in the ReFlow program. There is no assurance
that ReFlow will have sufficient funds available to meet the Funds’ liquidity needs on a particular day and ReFlow is prohibited
from acquiring more than 3% of the outstanding shares of any Fund.

Certain shareholders, including a third-party investor, the Adviser
or an affiliate of the Adviser, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may invest
in a Fund and hold its investment for a limited period of time. There can be no assurance that any large shareholder or large group of
shareholders would not redeem their investment. Redemptions by large shareholders or a large group of shareholders could have a significant
negative impact on a Fund. Redemptions of a large number of Fund shares could require a Fund to dispose of assets to meet the redemption
requests, which can accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders
earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving
a disproportionately large taxable distribution during or with respect to such year. In some circumstances, a Fund may hold a relatively
large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions
may also force a Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund’s NAV
and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income and/or capital gains to shareholders.
In addition, large redemptions can result in a Fund’s current expenses being allocated over a smaller asset base, which generally
results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect a portfolio manager’s ability
to implement a Fund’s investment strategy, the Funds also reserves the right to redeem in-kind, subject to certain conditions.
In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed
in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.

At any time the value of a Fund’s shares may be more or less
than your cost of shares.

Policies and Risk Factors Specific to the International High Dividend
Fund and the Emerging Markets High Dividend Fund

The International High Dividend Fund and Emerging Markets High Dividend
Fund invest primarily in the securities of foreign issuers or in depositary receipts, although each Fund has the ability to invest up
to 20% of its net assets in securities of U.S. issuers which meet the criteria for investment selection set forth above. As a result,
these Funds may be subject to additional investment risks that are different in some respects from those experienced by a fund that invests
only in securities of, respectively, U.S. domestic or U.S. based foreign issuers.

The International High Dividend Fund intends to diversify its investments
across different countries, and the percentage of its nets 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 Emerging Markets High Dividend Fund intends to diversify its investments
across different countries deemed emerging markets, and the percentage of Fund assets invested in particular countries or regions will
change from time to time based on the Adviser’s judgment.

WHO SHOULD INVEST IN THE FUNDS?

The Funds are appropriate for investors who are comfortable with the
risks described in this prospectus and who have long-term investment goals. The Funds are not appropriate for investors concerned primarily
with principal stability.

PORTFOLIO HOLDINGS INFORMATION

A description of the Funds’ policies and procedures with
respect to the disclosure of the Funds’ portfolio securities is available in the Funds’ Statement of Additional Information
(“SAI”). Currently, disclosure of the Funds’ holdings is required to be made within 60 days of the end of each fiscal
quarter in Annual and Semi-Annual Reports to shareholders and in the monthly holdings report on Form N-PORT. You may obtain copies
of the SAI and these reports by making a request to:

Cullen Funds

PO Box 2170

Denver, CO 80201

You can also obtain the SAI, quarterly/monthly holdings reports, Annual
and Semi-Annual Reports on the SEC’s website at www.sec.gov and on the Funds’ website at www.cullenfunds.com.

WHO MANAGES THE FUNDS?

Investment Adviser

Cullen Capital Management LLC, located at 645 Fifth Avenue, New
York, New York, 10022 serves as the investment adviser to the Funds. Subject to the general supervision of the Board of Trustees of the
Cullen Funds Trust, the Adviser is responsible for the day-to-day investment decisions of the Funds in accordance with each Fund’s
investment objective and policies. In exchange for these services, the Adviser receives an annual management fee, which is calculated
daily and paid monthly, based on the average daily net assets of each Fund. As of September 30, 2023, the Adviser had $10.1 billion
in assets under management and an additional $11.6 billion in assets under advisement.

Pursuant to separate investment advisory agreements between each Fund
and the Adviser, the Adviser is paid at an annual rate of 1.00% of each Fund’s average daily net assets. However, the Adviser has
contractually agreed with each Fund to reduce such Fund’s fees and absorb expenses to the extent necessary to limit total annual
operating

expenses (excluding taxes, interest, extraordinary expenses and Acquired
Fund Fees and Expenses) to the following percentages for each Fund’s respective share class:

For the fiscal year ended June 30, 2023, each Fund listed
below paid Cullen management fees at the following management fee rate, net of applicable waivers:

A discussion regarding the basis for the Board of Trustees’
approval of the Adviser’s investment advisory agreement is available in the Funds’ Annual Report to Shareholders for the
fiscal year ended June 30, 2023.

Portfolio Managers

Below are descriptions of the portfolio managers jointly responsible
for the day-to-day management of each Fund. Information about the portfolio managers’ compensation, other accounts managed by the
portfolio managers and the portfolio managers’ ownership in the Funds can be found in the SAI.

Cullen High Dividend Equity Fund

James P. Cullen, the Adviser’s Chairman, Chief Executive
Officer and controlling member, has been a portfolio manager of the High Dividend Fund since the Fund’s inception on August 1,
2003. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman
and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the High
Dividend Fund since April 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has
worked there since 2006.

Cullen International High Dividend Fund

James P. Cullen, the Adviser’s Chairman, Chief Executive
Officer and controlling member, has been a portfolio manager of the International High Dividend Fund since the Fund’s inception
on December 15, 2005. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and
has been its Chairman and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager for the International
High Dividend Fund since October 31, 2007. Mr. Sharma currently serves as Portfolio Manager and Executive Director at the Adviser
and has worked there since May 2000.

Pravir Singh has served as a co-portfolio manager for the International
High Dividend Fund since May 2019. Mr. Singh currently serves as Portfolio Manager and Managing Director at the Adviser and
has worked there since 2005.

Cullen Small Cap Value Fund

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been a portfolio manager of the Small Cap Value Fund since the Fund’s inception on October 1, 2009.
He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief
Executive Officer since December 1982.

Brooks H. Cullen has been co-portfolio manager of the Small Cap Value
Fund since the Fund commenced operations on October 1, 2009. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman
at the Adviser and has worked there since May 2000.

Brian Drubetsky has been co-portfolio manager of the Small Cap Value
Fund since October 28, 2016. Mr. Drubetsky currently serves as Portfolio Manager and Vice President at the Adviser and has worked
there since 2013.

Cullen Value Fund

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been a portfolio manager of the Value Fund since the Fund’s inception on August 31, 2012. He is
also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive
Officer since December 1982.

Brooks H. Cullen has served as a co-portfolio manager of the Value
Fund since it commenced operations on August 31, 2012. Mr. Cullen currently serves as Portfolio Manager and Vice Chairman at
the Adviser and has worked there since May 2000.

Jennifer Chang has served as a co-portfolio manager of the Value Fund
since April 2014. Ms. Chang currently serves as Portfolio Manager and Executive Director at the Adviser and has worked there
since 2006.

Cullen Emerging Markets High Dividend Fund

James P. Cullen, the Adviser’s Chairman, Chief Executive Officer
and controlling member, has been co-portfolio manager of the Emerging Markets High Dividend Fund since the Fund’s inception on August 31,
2012. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman
and Chief Executive Officer since December 1982.

Rahul D. Sharma has served as a co-portfolio manager of the Emerging
Markets High Dividend Fund since it commenced operations on August 31, 2012. Mr. Sharma currently serves as Portfolio Manager
and Executive Director at the Adviser and has worked there since May 2000.

Cullen Enhanced Equity Income Fund

James P. Cullen, the Adviser’s Chairman, Chief Executive
Officer and controlling member, has been a portfolio manager of the Enhanced Equity Income Fund since the Fund’s inception on December 15,
2015. He is also a founder of Schafer Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman
and Chief Executive Officer since December 1982.

Jennifer Chang has served as a co-portfolio manager of the Enhanced
Equity Income Fund since its inception on December 15, 2015. Ms. Chang currently serves as Portfolio Manager and Executive
Director at the Adviser and has worked there since 2006.

Tim Cordle has served as a co-portfolio manager of the Enhanced
Equity Income Fund since its inception on December 15, 2015. Mr. Cordle currently serves as Portfolio Manager and Managing
Director at the Adviser and has worked there since 2012.

Michael Gallant has served as a co-portfolio manager of the Enhanced
Equity Income Fund since July 2020. Mr. Gallant currently serves as Portfolio Manager and Director of Research at the Adviser
and has worked there since 2015.

Custodian, Transfer Agent, Dividend Disbursing Agent,
and Fund Administrator

Brown Brothers Harriman & Co. serves as custodian for the
Funds’ cash and securities. Paralel Technologies LLC provides transfer agency, dividend disbursing, and fund administrative and
accounting services to the Funds.

Distributor

Paralel Distributors LLC is the principal underwriter for the Funds
and, as such, is the agent for the distribution of shares of the Funds.

Distribution and Service Plans (12b-1)

The Funds have adopted separate Distribution Plans (“Distribution
Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (“1940 Act”) pursuant to which
the Funds pay distribution and service fees. Expenses covered by the Distribution Plans include those that promote the sale of each Fund’s
shares such as compensation to underwriters, dealers and sales personnel; printing and disseminating prospectuses and reports for prospective
shareholders; preparing and distributing advertising material and sales literature; shareholder account servicing; and capital or other
expenses of associated equipment, rent, salaries, bonuses, interest and other overhead. Because the fees are paid out of the assets attributable
to the Retail Class, Class C, Class R1 and Class R2 shares of the High Dividend Fund, the International High Dividend Fund
and the Small Cap Value Fund, respectively, and the Retail Class and Class C shares of the Value Fund. the Emerging Markets
High Dividend Fund, and the Enhanced Equity Income Fund, respectively, on an on-going basis, the fees paid under the Distribution Plans
will increase the cost of your investment in these share classes and could cost you more than paying other types of sales charges.

Under the Distribution Plans, each Fund pays the
following percentages of average daily net assets for distribution and service fees for the sale and distribution of each respective share
class and for services provided to shareholders:

Shareholder Servicing Plans

The High Dividend Fund, International High Dividend Fund and Small
Cap Value Fund have also adopted a Shareholder Servicing Plan for Class R1 and Class R2 shares. Under the Shareholder Servicing
Plans, the Funds may pay a service fee of up to 0.25% of average daily net assets attributable to Class R1 and Class R2 shares
held by benefit plans or plan participants. The fees paid under the Shareholder Servicing Plan are used to pay securities

dealers, plan administrators or other service organizations for their
provision of certain services, such as acting as shareholder of record, processing purchase and redemption orders, maintaining participant
account records and answering participant questions regarding the Funds, to plans or plan participants holding shares of the Funds. Because
the fees are paid out of the assets attributable to the Class R1 and Class R2 shares, respectively, on an on-going basis, the
fees paid under the Shareholder Servicing Plan will increase the cost of your investment in Class R1 and Class R2 shares.

Although they do not currently offer Class R1 and Class R2
shares, the Value Fund, Emerging Markets High Dividend Fund, and Enhanced Equity Income Fund have also adopted a Shareholder Servicing
Plan.

Additional Payments to Financial Intermediaries

You may indirectly compensate the financial intermediary through which
you buy shares of the Funds, as a result of the Funds paying Rule 12b-1 fees. In addition, the Funds also may pay intermediaries
for administrative services and transaction processing. As a result, these payments may provide your financial intermediary with an incentive
to favor the Funds over other mutual funds or assist the distributor in its efforts to promote the sale of the Funds’ shares.

Financial intermediaries include broker-dealers, banks (including bank
trust departments), registered investment advisers, financial planners, retirement plan administrators and other types of intermediaries.

The Adviser may make additional payments to financial intermediaries
out of its own assets. These payments are not an expense of the Funds. The Adviser may base these payments on a variety of criteria, including
the amount of sales or assets of each Fund attributable to the financial intermediary or as a per transaction fee.

Not all financial intermediaries receive additional compensation and
the amount of compensation paid varies for each financial intermediary. In certain cases, these payments may be significant. The Adviser
determines which firms to support and the extent of the payments it is willing to make, generally choosing firms that have a strong capability
to effectively distribute shares of the Funds and that are willing to work with the Adviser’s promotional efforts. The Adviser also
may compensate financial intermediaries (in addition to amounts that may be paid by any Fund) for providing certain administrative services
and transaction processing services.

The Adviser may benefit from its payments if the intermediary features
the Funds in its sales system (such as by placing the Funds on its preferred fund list or giving access on a preferential basis to members
of the financial intermediary’s sales force or management). In addition, the financial intermediary may agree to participate in
the distributor’s marketing efforts (such as by helping to facilitate or provide financial assistance for conferences, seminars
or other programs at which the Adviser’s personnel may make presentations on the Funds to the intermediary’s sales force).
To the extent intermediaries sell more shares of the Funds or retain shares of the Funds in their clients’ accounts, the Adviser
may receive greater management and other fees than the amount due to the intermediary.

Your intermediary may charge you additional fees or commissions, including
on Class I shares, other than those disclosed in this prospectus. Intermediaries may categorize and disclose these arrangements differently
than the discussion above. You can ask your financial intermediary about any payments it receives from the Adviser or the Funds, as well
as about fees and/or commissions it charges.

The Adviser and its affiliates may have other relationships with your
financial intermediary relating to the provision of services to the Funds, such as providing omnibus account services or effecting portfolio
transactions for the Funds. If your intermediary provides these services, the Adviser or the Funds may compensate the intermediary for
these services. In addition, your intermediary may have other relationships with the Adviser that are not related to the Funds.

Description of Classes

Cullen Funds Trust (the “Trust”) has adopted a multiple
class plan that allows each Fund to offer one or more classes of shares of a Fund. The High Dividend Fund, the International High Dividend
Fund and the Small Cap

Value Fund currently offer five classes of shares – Retail Class,
Class C, Class I, Class R1, and Class R2. The Value Fund, the Emerging Markets High Dividend Fund, and the Enhanced
Equity Income Fund currently offer three classes of shares — Retail Class, Class C and Class I. This prospectus offers
all shares, and all shares are sold with no sales load.

Your investment professional can help you determine which above share
class is appropriate. Please note that your investment firm may receive different compensation depending upon which class is chosen.

ELIGIBLE INVESTORS

Subject to the restrictions below, shares of the Funds are offered
to the general public. The Funds reserve the right to refuse to accept investments at any time.

ELIGIBLE CLASS I INVESTORS

Class I shares are available only to certain accounts for which
qualifying institutions act in a fiduciary, agency or custodial capacity and only with a minimum initial investment of $1,000,000, except
that no initial minimum will be imposed on (i) Employee Benefit Plans that hold their Institutional Shares through plan-level or
omnibus accounts; or (ii) investment advisers investing for accounts for which they receive asset-based fees where the investment
adviser or its Authorized Institution purchases Institutional Shares through an omnibus account. For this purpose, “Institutional
Investors” shall include “wrap” account sponsors (provided they have an agreement covering the arrangement with the distributor),
corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, state, county, city or any instrumentality,
department, authority or agency thereof, and banks, trust companies or other depository institutions investing for their own account or
on behalf of their clients. A registered investment adviser may aggregate all client accounts investing in any Fund to meet the Class I
shares investment minimum. We reserve the right to waive minimums on Institutional Shares.

ELIGIBLE CLASS R1 AND R2 INVESTORS

Both the Class R1 and R2 shares will be available to certain tax-deferred
retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension
plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Class R1 and
R2 shares also are available to IRAs consisting of rollovers from eligible retirement plans that offered any of the Funds’ Class R1
or R2 shares as investment options. Class R1 and R2 shares are not available to non-retirement accounts, traditional or Roth IRAs,
Coverdell Education Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs, individual 403(b)s and most individual retirement accounts or retirement
plans that are not subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).

Eligible Class R1 and Class R2 share investors are also eligible
to purchase other classes of shares of the Funds offered in this prospectus. However, plan participants may only allocate their plan holdings
to classes of shares that are available through their plan. Each class has different sales charges and expenses.