AGREEMENT
This
Agreement (this
“Agreement”) is made and entered into this 19th
day of June, 2007,
by and among Cullen High Dividend Equity Fund, a series of Cullen Funds Trust
(“Fund I”) and Cullen International High Dividend Fund, a series of Cullen Funds
Trust (“Fund II”, and, together with Fund I, individually a “Fund” and
collectively the “Funds”).
WITNESSETH:
WHEREAS,
each fund must comply with
provisions of Rule 17g-1 under the Investment Act of 1940, as amended ((the
“1940 Act”); and
WHEREAS,
one of the provisions of Rule
17g-1 under the 1940 Act with which each Fund must comply is to enter into
an
agreement addressing allocation of recoveries under any joint fidelity bond
in
which such Fund is named as an insured;
NOW,
THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the
Funds, intending to become legally bound, hereby agree as follows:
1. Allocation
of Recoveries. In the event recovery is received under any joint
fidelity bond under which the Funds are named as joint insureds as a result
of a
loss sustained by more than one Fund, each Fund shall receive an equitable
and
proportionate share of the recovery, but at least equal to the amount which
it
would have received had it provided and maintained a single insured bond with
the minimum coverage required by Rule 17g-1 under the 1940 Act.
IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.
CULLEN
HIGH DIVIDEND EQUITY FUND,
a
series
of Cullen Funds Trust
By: /s/
Xxxxx X.
Xxxxxx
Name:
Xxxxx X. Xxxxxx
Title:
President
CULLEN
INTERNATIONAL HIGH DIVIDEND FUND,
a
series
of Cullen Funds Trust
By: /s/
Xxxxx X.
Xxxxxx
Name: Xxxxx
X. Xxxxxx
Title: President