# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0000910472-26-002927
**Filing Date:** 2026-2
**Character Count:** 30510
**Document Hash:** a6f18a40aee06bc553b7d4d78f28cb97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002927.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002927

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001109957

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09871
- **FILM NUMBER:** 26685680

**BUSINESS ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-644-1800

**MAIL ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Cullen Emerging Markets High Dividend Fund (Series ID: S000038162)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117696 | Class C      | CEMGX           |
| C000117697 | Class I      | CEMFX           |
| C000117698 | Retail Class | CEMDX           |
| C000263314 | Class R6     |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Cullen Funds Trust

- **b. Investment Company Act file number:** 811-09871

- **c. CIK number of Registrant:** 0001109957

- **d. LEI of Registrant:** 549300Z3TQTWACOAV180

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 645 FIFTH AVENUE??

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 212-644-1800

**Item A.2. Information about the Series.**

- **a. Name of Series:** Cullen Emerging Markets High Dividend Fund

- **b. EDGAR series identifier (if any):** S000038162

- **c. LEI of Series:** 54930056PEAHD8XRSC03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1638633903.80

**Total Liabilities:** $8101245.69

**Net Assets:** $1630532658.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000117696 | 3.57%                | -1.79%               | 2.63%                |
| Class ID C000117697 | 3.71%                | -1.73%               | 2.72%                |
| Class ID C000117698 | 3.62%                | -1.75%               | 2.74%                |
| Class ID C000263314 | 0.00%                | 0.00%                | 2.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8800549.48              | $46124053.41                               |
| Month 2  | $16727254.28             | $-44983118.17                              |
| Month 3  | $11988364.80             | $21258446.58                               |

### Schedule of Portfolio Investments

| Name                                                      | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cyrela Brazil Realty S.A. Empreendimentos E Participacoes | CYRELA                    | CUSIP: P34085103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   4082280 | NS      | $22073226.29  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                   | GRUPO F BANORT-O          | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1968578 | NS      | $18236703.19  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                    | PETROBRAS                 | CUSIP: P78331132<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   2407569 | NS      | $14314443.65  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental S.A.B. de C.V.                           | ARCA CONTINENTAL          | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   1116922 | NS      | $12062462.40  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                           | ICICI BANK-ADR            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   1381613 | NS      | $41172067.40  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.Kz JSC                                              | JSC KASPI.KZ              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       100 | NS      | $7813.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                                | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |         1 | NS      | $57.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMB Group Holdings Berhad                                | CIMB Group Holdings Bhd   | CUSIP: Y1636J101<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |       100 | NS      | $203.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunonwealth Electric Machine Ind Co                       | SUNONWEALTH ELEC          | CUSIP: Y8300T109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   4066329 | NS      | $20792844.54  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil & Natural Gas Corp Ltd.                               | OIL & NATURAL GA          | CUSIP: Y64606133<br>LEI: 335800FPDZ9MRSNO7N41 | Long             | EC               | CORP              | IN        |      1000 | NS      | $2675.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc.                                      | QUANTA COMPUTER           | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     10000 | NS      | $86657.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp.                                                | KT&G CORP                 | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |    394352 | NS      | $38825629.42  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Digiplus Interactive Corp.                                | DIGIPLUS INTERAC          | CUSIP: Y52573139<br>LEI: 254900M9EXJ3M6S66M06 | Long             | EC               | CORP              | PH        |   8128000 | NS      | $2237444.35   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co Ltd.                                        | PETROCHINA-H              | CUSIP: Y6883Q104<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |   8768000 | NS      | $9440894.70   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kazatomprom JSC National Atomic Co.                       | NAC KAZATOMPROM JSC-GDR   | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |    306636 | NS      | $17110288.80  | 1.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sinbon Electronics Co., Ltd.                              | SINBON ELECTRONICS CO LTD | CUSIP: Y7989R103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    109738 | NS      | $673014.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                             | MEDIATEK                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    613570 | NS      | $27953520.45  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                        | HON HAI                   | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   5791000 | NS      | $42526618.45  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd.      | HD KOREA SHIPBUI          | CUSIP: Y3838M106<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |    130000 | NS      | $36658791.25  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                                         | HYUNDAI MOTOR             | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |    142001 | NS      | $29171346.77  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services Inc.            | International Container T | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |   3599730 | NS      | $34682190.48  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd.                           | GALAXY ENTERTAIN          | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   4001000 | NS      | $19699837.59  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                               | BYD COMPANY               | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     10000 | NS      | $122515.01    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd.                                | ZIJIN MINING-H            | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  13268646 | NS      | $60796214.74  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                               | SAMSUNG ELECTRON          | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1107668 | NS      | $92017233.44  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.              | TSMC                      | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1455400 | NS      | $71870460.05  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaga Nasional Bhd                                       | Tenaga Nasional Bhd       | CUSIP: Y85859109<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |   4350274 | NS      | $14708171.34  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Opap SA                                                   | OPAP SA                   | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |   1233720 | NS      | $27683331.77  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.              | TAIWAN SEMIC-ADR          | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    161160 | NS      | $48974912.40  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiwoom Securities Co., Ltd.                               | KIWOOM SECS               | CUSIP: Y4801C109<br>LEI: 988400O27CNGJA2QWJ18 | Long             | EC               | CORP              | KR        |    191900 | NS      | $38491419.03  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                     | EMAAR PROP PJSC           | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    373900 | NS      | $1430324.28   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd.                                                 | NTPC LTD                  | CUSIP: Y6421X116<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |   4081000 | NS      | $14968375.27  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                                  | ITAU UNIBAN-PREF          | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   3195832 | NS      | $22886547.82  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC Holdings AG                                           | KOC HOLDING               | CUSIP: M63751107<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |    174390 | NS      | $685768.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA               | PKOBP                     | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |   1235744 | NS      | $29315270.78  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                             | CCB-H                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  46215185 | NS      | $45664597.04  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                                     | ALDAR PROPERTIES PJSC     | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |  15924800 | NS      | $37722108.47  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Korea Infrastructure Fund                       | MACQUARIE KOREA           | CUSIP: Y53643105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     44989 | NS      | $350670.51    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gemadept Corp                                             | GEMADEPT CORP             | CUSIP: Y2690B109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   3130600 | NS      | $7261087.45   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SLC Agricola Sa                                           | SLC AGRICOLA SA           | CUSIP: P8711D107<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |    778579 | NS      | $2281159.72   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corporation of India Ltd.                      | POWER GRID CORP           | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | NUSS              | IN        |   1969632 | NS      | $5800449.95   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NHPC Ltd.                                                 | NHPC LTD                  | CUSIP: Y6268G101<br>LEI: 3358003ZPPTGWT595J46 | Long             | EC               | CORP              | IN        |  18933411 | NS      | $16693617.28  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Arabia PJSC                                           | AIR ARABIA PJSC           | CUSIP: M0367N110<br>LEI: 21380058Y5RCZI2HBX17 | Long             | EC               | CORP              | AE        |   9044975 | NS      | $11476144.49  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC                                    | EMIRATES NBD PJS          | CUSIP: M4029Z107<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |   2512800 | NS      | $19053986.06  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| REC Ltd.                                                  | REC LTD                   | CUSIP: Y73650106<br>LEI: 335800B4YRYWAMIJZ374 | Long             | EC               | CORP              | IN        |   1944663 | NS      | $7722465.01   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                   | KB FINANCIAL GRO          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |    585636 | NS      | $50598145.37  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hochiminh City Sec                                        | HO CHI MINH CITY          | CUSIP: Y32324108<br>LEI: 213800SAZX6COB8ML838 | Long             | EC               | CORP              | VN        |    526700 | NS      | $448596.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                  | AIA                       | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3340100 | NS      | $34290580.93  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd.                                          | SANDS CHINA LTD           | CUSIP: G7800X107<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |   3013000 | NS      | $7587938.41   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4380999 | PA      | $4380999.48   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                                    | EMAAR DEVELOPMEN          | CUSIP: M4100K102<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     96960 | NS      | $399952.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corp.                                              | WIWYNN CORP               | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |    359601 | NS      | $51383028.07  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co Ltd.                            | ASE TECHNOLOGY H          | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |   7053207 | NS      | $56289930.98  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola FEMSA SAB de CV                                 | COCA-COLA FEMSA           | CUSIP: P2861Y177<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |   1278135 | NS      | $12137162.07  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Embassy Office Parks REIT                                 | EMBASSY OFFICE P          | CUSIP: Y2R9YR104<br>LEI: 335800O555A557E43Z08 | Long             | EC               | CORP              | IN        |   3315668 | NS      | $16064470.32  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                                 | SAUDI ARABIAN OI          | CUSIP: M8237R104<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |     55500 | NS      | $352589.98    | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                                | BABA-W                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   2626200 | NS      | $48186412.98  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtel Africa PLC                                         | AIRTEL AFRICA             | CUSIP: G01415101<br>LEI: 254900ZNZDQL6OWQH623 | Long             | EC               | CORP              | GB        |    150572 | NS      | $720962.67    | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Tecom Group PJSC                                          | TECOM GROUP PJSC          | CUSIP: M8196K108<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   3113308 | NS      | $2890541.35   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                     | TENCENT                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    872192 | NS      | $67128588.46  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                                         | PROLOGIS MEXICO           | CUSIP: P4559M101<br>LEI: 4469000001BLWI4LQJ08 | Long             | EC               | CORP              | MX        |   5864438 | NS      | $24493635.45  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                                       | TRIP.COM GROUP L          | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     17200 | NS      | $1224353.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd.                                       | MIDEA GROUP CO L          | CUSIP: Y6S40V111<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   1802739 | NS      | $19677269.39  | 1.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| State Bank of India                                       | STATE BANK IND            | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |   1847687 | NS      | $20198312.41  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                        | ANGLO AMER PLC            | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    795123 | NS      | $33066261.21  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlen Energy & Metals PLC                                | METLEN ENERGY &           | CUSIP: G6042Y105<br>LEI: 213800ZSR3HVKMMPVG86 | Long             | EC               | CORP              | GB        |    517175 | NS      | $26855186.80  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                          | AXIA ENERGIA              | CUSIP: P22835113<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |   1512080 | NS      | $13969764.29  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                          | Axia Energia              | CUSIP: P2R16K271<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |    390887 | NS      | $3504998.49   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank S.A.                                             | EUROBANK SA               | CUSIP: X2379U106<br>LEI: 213800KGF4EFNUQKAT69 | Long             | EC               | CORP              | GR        |   9530422 | NS      | $38347856.38  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Irb Invit Fund                                            | IRB INVIT FUND            | CUSIP: Y417BF103<br>LEI: 335800BG1OQZTZS54392 | Long             | EC               | CORP              | IN        |  14800000 | NS      | $10243987.13  | 0.63%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                                       | CURRENCY CONTRACT - BRL   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    285963 | NC      | $2220.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CURRENCY CONTRACT - GBP   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    373482 | NC      | $235.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CURRENCY CONTRACT - PHP   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |     77727 | NC      | $-170.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CURRENCY CONTRACT - PLN   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    679674 | NC      | $893.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CURRENCY CONTRACT - PLN   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    659551 | NC      | $43.05        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                        | MILLICOM INTL             | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |    493371 | NS      | $27352488.24  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                                          | COPA HOLDIN-CL A          | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    111185 | NS      | $13410022.85  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd.                                     | P-NOTE WEICHAI POWER-A    | CUSIP: Y9531A117<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |  14119975 | NS      | $34753635.67  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                        | P-Note Midea Group        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    275000 | NS      | $3075384.68   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                   | P-Note Contemp Amp        | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    802607 | NS      | $42180755.66  | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** Cullen Funds Trust

**Signature:** Stephen ONeil

**Name of Signer:** Stephen ONeil

**Title:** Treasurer