# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0000910472-26-007742
**Filing Date:** 2026-5
**Character Count:** 68869
**Document Hash:** 0e685f9c5ede7baed3bb30b20a3f269c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007742.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000910472-26-007742

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261030423

**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     |  |

## Nport-Ex

---

| |
|:---|
| **Cullen International High Dividend Fund** |
| **Schedule of Investments** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 92.90%** |  |  |
| **Australia - 3.22%** |  |  |
| Rio Tinto Ltd. | 104251 | $11611337 |
| Sonic Healthcare Ltd. | 116744 | 1647197 |
|  |  | 13258534 |
| **Brazil - 2.78%** |  |  |
| PetroleoBrasileiro S.A. | 1104116 | 11447139 |
| **Canada - 4.38%** |  |  |
| Enbridge, Inc. | 218445 | 11839280 |
| Power Corp of Canada | 129183 | 6217845 |
|  |  | 18057125 |
| **China - 1.12%** |  |  |
| Midea Group Company Ltd. | 17087 | 182616 |
| Zijin Mining Group Company Ltd. | 1013058 | 4439327 |
|  |  | 4621943 |
| **Denmark - 1.42%** |  |  |
| Novo Nordisk A/S, Class B | 164030 | 5859918 |
| **Finland - 0.04%** |  |  |
| UPM-Kymmene OYJ | 5161 | 159865 |
| **France - 8.69%** |  |  |
| BNP Paribas S.A. | 800 | 74887 |
| Cie de Saint-Gobain S.A. | 36225 | 2933337 |
| Cie Generale des Etablissements Michelin SCA | 93543 | 3155941 |
| Sanofi S.A. | 85263 | 8151821 |
| TotalEnergies S.E. | 192560 | 18007431 |
| TotalEnergies S.E. | 500 | 45490 |
| Vinci S.A. | 23007 | 3413024 |
|  |  | 35781931 |
| **Germany - 5.99%** |  |  |
| Deutsche Post A.G. | 26084 | 1349120 |
| Deutsche Telekom A.G. | 238427 | 8804603 |
| Mercedes-Benz Group A.G. | 46498 | 2815569 |
| Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | 9554 | 5956343 |
| Siemens A.G. | 24159 | 5743766 |
|  |  | 24669401 |
| **Ireland - 2.92%** |  |  |
| AIB Group plc | 896410 | 9340194 |
| Smurfit WestRock plc | 67173 | 2676844 |
|  |  | 12017038 |
| **Italy - 6.22%** |  |  |
| Enel SpA | 1164620 | 12619409 |
| UniCredit SpA | 184569 | 12982974 |
|  |  | 25602383 |
| **Japan - 15.82%** |  |  |
| Bridgestone Corporation | 354340 | 7293850 |
| Komatsu Ltd. | 113300 | 4292483 |
| MS&AD Insurance Group Holdings, Inc. | 373673 | 9492918 |
| Nippon Telegraph & Telephone Corporation | 1797298 | 1780164 |
| ORIX Corporation | 253424 | 7356199 |
| SoftBank Corporation | 8331315 | 11081264 |
| Tokio Marine Holdings, Inc. | 247193 | 11382094 |
| Toyota Motor Corporation | 625467 | 12461025 |
|  |  | 65139997 |
| **Mexico - 4.22%** |  |  |
| Coca-Cola Femsa S.A.B. de C.V. | 557052 | 5424748 |
| Grupo FinancieroBanorte S.A.B de C.V. | 621789 | 6885410 |
| Prologis Property Mexico S.A. de C.V. | 1153224 | 5034499 |
|  |  | 17344657 |
| **Netherlands - 3.00%** |  |  |
| NN Group N.V. | 159382 | 12353395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 92.90% (Continued)** |  |  |
| **Norway - 0.88%** |  |  |
| DNB Bank ASA | 117072 | $3642635 |
| **Poland - 1.56%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | 273879 | 6408848 |
| **Singapore - 0.07%** |  |  |
| CapLand Ascendas REIT | 72009 | 138335 |
| United Overseas Bank Ltd. | 6441 | 183601 |
|  |  | 321936 |
| **South Korea - 2.81%** |  |  |
| KT&G Corporation | 109495 | 11589102 |
| **Spain - 3.15%** |  |  |
| Iberdrola S.A. | 569051 | 12986491 |
| **Sweden - 1.23%** |  |  |
| Svenska Handelsbanken A.B., Class A | 18408 | 239232 |
| Volvo A.B., Class B | 149528 | 4824646 |
|  |  | 5063878 |
| **Switzerland - 7.07%** |  |  |
| Julius Baer Group Ltd. | 29520 | 2147258 |
| Nestle S.A. | 5590 | 548254 |
| Novartis A.G. - ADR | 109430 | 16715433 |
| Roche Holding A.G. | 18425 | 7251833 |
| Zurich Insurance Group A.G. | 3460 | 2429361 |
|  |  | 29092139 |
| **Taiwan - 0.94%** |  |  |
| ASE Technology Holding Company Ltd. | 297664 | 3061160 |
| Hon Hai Precision Industry Co Ltd. | 82000 | 481326 |
| Quanta Computer, Inc. | 40000 | 348746 |
|  |  | 3891232 |
| **United Kingdom - 15.37%** |  |  |
| 3i Group plc | 8188 | 264213 |
| BAE Systems plc | 405196 | 11798597 |
| British American Tobacco plc - ADR | 200715 | 11735806 |
| Coca-Cola Europacific Partners plc | 24704 | 2239912 |
| Diageo plc | 43487 | 803503 |
| National Grid plc | 770000 | 12937964 |
| Shell plc | 209484 | 9934367 |
| Tesco plc | 1100242 | 6889437 |
| Unilever PLC | 120525 | 6698315 |
|  |  | 63302114 |
| **Total Common Stocks (Cost $297,641,123)** |  | 382611701 |
| **EXCHANGE-TRADED FUNDS — 2.71%** |  |  |
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 121910 | 11171832 |
| **Total Exchange-Traded Funds (Cost $11,177,294)** |  | 11171832 |
| **PREFERRED STOCK — 0.52%** |  |  |
| **South Korea - 0.52%** |  |  |
| Samsung Electronics Company Ltd. | 28207 | 2137835 |
| **Total Preferred Stock (Cost $906,409)** |  | 2137835 |
| **RIGHT — 0.00%<sup>(a)</sup>** |  |  |
| **Singapore** - **0.00%<sup>(a)</sup>** |  |  |
| CapitaLand Ascendas REIT<sup>(b)</sup> | 2016 | 188 |
| **Total Right Cost ($226)** |  | 188 |
| **Total Investments - 96.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $309,725,052)** |  | $395921556 |
| **Other Assets in Excess of Liabilities - 3.87%** |  | 15940468 |
| **NET ASSETS - 100.00%** |  | $411862024 |

---

(a) Percentage
rounds to less than 0.01%.

(b) Non-income
producing security.

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen International High Dividend Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026 (Unaudited)* |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| REIT | - Real Estate Investment Trust |

---

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen High Dividend Equity Fund** |
| **Schedule of Investments** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15%** |  |  |
| *Communications - 6.34%* |  |  |
| AT&T, Inc. | 640945 | $18580996 |
| BCE, Inc. | 274371 | 6925124 |
| Comcast Corporation, Class A | 309462 | 8884654 |
| Omnicom Group, Inc. | 89081 | 6708690 |
|  |  | 41099464 |
| *Consumer Discretionary - 5.21%* |  |  |
| Genuine Parts Company | 104188 | 11017881 |
| Lowe's Companies, Inc. | 63247 | 14944001 |
| Restaurant Brands International, Inc. | 105400 | 7789060 |
|  |  | 33750942 |
| *Consumer Staples - 9.48%* |  |  |
| Altria Group, Inc. | 182216 | 12024434 |
| Diageo plc - ADR | 87980 | 6550111 |
| Philip Morris International, Inc. | 101570 | 16793583 |
| Target Corporation | 97439 | 11809607 |
| Unilever plc - ADR | 249717 | 14226377 |
|  |  | 61404112 |
| *Energy - 8.36%* |  |  |
| Chevron Corporation | 77192 | 15971025 |
| ConocoPhillips | 152405 | 20117460 |
| Exxon Mobil Corporation | 106577 | 18081854 |
|  |  | 54170339 |
| *Financials - 20.01%* |  |  |
| Bank of America Corporation | 387142 | 18873172 |
| Chubb Ltd. | 61054 | 19899330 |
| Citigroup, Inc. | 187803 | 21298737 |
| JPMorgan Chase & Company | 62524 | 18392060 |
| Morgan Stanley | 122881 | 20222526 |
| Travelers Companies, Inc. (The) | 70035 | 20427809 |
| Truist Financial Corporation | 229443 | 10547495 |
|  |  | 129661129 |
| *Health Care - 15.82%* |  |  |
| Becton Dickinson & Company | 35817 | 5631507 |
| Johnson & Johnson | 109994 | 26886934 |
| Medtronic plc | 180663 | 15654449 |
| Merck & Company, Inc. | 146655 | 17641130 |
| Novartis AG - ADR | 136354 | 20828074 |
| Pfizer, Inc. | 301136 | 8455899 |
| UnitedHealth Group, Inc. | 27555 | 7456107 |
|  |  | 102554100 |
| *Industrials - 13.39%* |  |  |
| General Dynamics Corporation | 56158 | 19274549 |
| Johnson Controls International plc | 141249 | 18496557 |
| RTX Corporation | 114567 | 22099974 |
| Siemens AG - ADR | 145634 | 17749872 |
| United Parcel Service, Inc., Class B | 92550 | 9105069 |
|  |  | 86726021 |
| *Materials - 1.23%* |  |  |
| Dow, Inc. | 190844 | 7948653 |
| *Real Estate - 4.73%* |  |  |
| Crown Castle, Inc. | 118709 | 9652229 |
| Healthpeak Properties, Inc. | 560577 | 9210280 |
| VICI Properties, Inc. | 431003 | 11775002 |
|  |  | 30637511 |
| *Technology - 8.24%* |  |  |
| Broadcom, Inc. | 47374 | 14662727 |
| Cisco Systems, Inc. | 271623 | 21075229 |
| Microsoft Corporation | 31448 | 11641106 |
| QUALCOMM, Inc. | 46472 | 5984664 |
|  |  | 53363726 |
| *Utilities - 6.34%* |  |  |
| Duke Energy Corporation | 143438 | 18781772 |
| NextEra Energy, Inc. | 239739 | 22266958 |
|  |  | 41048730 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15% (Continued)** |  |  |
| **Total Common Stocks (Cost $292,353,080)** |  | $642364727 |
| **Total Investments - 99.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $292,353,080)** |  | $642364727 |
| **Other Assets in Excess of Liabilities - 0.85%** |  | 5506250 |
| **NET ASSETS - 100.00%** |  | $647870977 |

---

ADR - American Depositary Receipt

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen Small Cap Value Fund** |
| **Schedule of Investments** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 100.03%** |  |  |
| *Consumer Discretionary - 21.23%* |  |  |
| Carter's, Inc. | 3879 | $138713 |
| Fortune Brands Innovations, Inc. | 4340 | 169130 |
| M/I Homes, Inc.<sup>(a)</sup> | 3314 | 405799 |
| Malibu Boats, Inc., Class A<sup>(a)</sup> | 8812 | 228407 |
| Marriott Vacations Worldwide Corporation | 8655 | 563614 |
| Masterbrand, Inc.<sup>(a)</sup> | 46993 | 390512 |
|  |  | 1896175 |
| *Consumer Staples - 2.47%* |  |  |
| John B Sanfilippo & Son, Inc. | 2780 | 220537 |
| *Energy - 7.99%* |  |  |
| Coterra Energy, Inc. | 3720 | 130721 |
| Helmerich & Payne, Inc. | 4222 | 152119 |
| Select Water Solutions, Inc., Class A | 8427 | 128933 |
| SM Energy Company | 4628 | 144301 |
| Viper Energy, Inc., Class A | 3355 | 157651 |
|  |  | 713725 |
| *Financials - 29.52%* |  |  |
| Ameris Bancorp | 2518 | 196379 |
| Enterprise Financial Services Corporation | 4593 | 248527 |
| First Horizon Corporation | 13645 | 310560 |
| First Interstate BancSystem, Inc., Class A | 5226 | 174548 |
| LendingTree, Inc.<sup>(a)</sup> | 8333 | 357319 |
| loanDepot, Inc., Class A<sup>(a)</sup> | 207371 | 294467 |
| PennyMac Financial Services, Inc. | 3518 | 307473 |
| Simmons First National Corporation, Class A | 12655 | 246140 |
| SouthState Bank Corporation | 2432 | 225009 |
| WesBanco, Inc. | 8013 | 276368 |
|  |  | 2636790 |
| *Health Care - 1.96%* |  |  |
| Varex Imaging Corporation<sup>(a)</sup> | 16478 | 174832 |
| *Industrials - 8.67%* |  |  |
| Barrett Business Services, Inc. | 12036 | 351210 |
| Belden, Inc. | 2730 | 313486 |
| Korn Ferry | 1739 | 109470 |
|  |  | 774166 |
| *Materials - 14.21%* |  |  |
| Avient Corporation | 13071 | 474477 |
| Huntsman Corporation | 29897 | 397929 |
| Quaker Chemical Corporation | 3190 | 396294 |
|  |  | 1268700 |
| *Real Estate - 13.13%* |  |  |
| Cousins Properties, Inc. | 14566 | 328755 |
| Douglas Elliman, Inc.<sup>(a)</sup> | 254580 | 417511 |
| Highwoods Properties, Inc. | 10724 | 229601 |
| Newmark Group, Inc., Class A | 13106 | 196459 |
|  |  | 1172326 |
| *Utilities - 0.85%* |  |  |
| Portland General Electric Company | 1440 | 75989 |
| **Total Common Stocks (Cost $8,377,663)** |  | 8933240 |
| **Total Investments - 100.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $8,377,663)** |  | $8933240 |
| **Liabilities in Excess of Other Assets - (0.03)%** |  | (2600) |
| **NET ASSETS - 100.00%** |  | $8930640 |

---

(a) Non-income
producing security.

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen Value Fund** |
| **Schedule of Investments** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.28%** |  |  |
| *Communications - 4.97%* |  |  |
| Comcast Corporation, Class A | 12155 | $348970 |
| Verizon Communications, Inc. | 11700 | 587341 |
| Versant Media Group, Inc. | 486 | 17992 |
| Walt Disney Company (The) | 4773 | 460021 |
|  |  | 1414324 |
| *Consumer Discretionary - 5.56%* |  |  |
| BorgWarner, Inc. | 9045 | 490782 |
| Daimler A.G. - ADR | 22750 | 346938 |
| Lowe's Companies, Inc. | 3145 | 743100 |
|  |  | 1580820 |
| *Consumer Staples - 5.38%* |  |  |
| Archer-Daniels-Midland Company | 5149 | 374281 |
| Magnum Ice Cream Company N.V. (The)<sup>(a)</sup> | 2478 | 37046 |
| Mondelez International, Inc., Class A | 8495 | 489652 |
| Unilever plc - ADR | 11016 | 627582 |
|  |  | 1528561 |
| *Energy - 5.55%* |  |  |
| Chevron Corporation | 4044 | 836704 |
| ConocoPhillips | 5621 | 741972 |
|  |  | 1578676 |
| *Financials - 23.62%* |  |  |
| Allstate Corporation (The) | 4396 | 911467 |
| American Express Company | 1759 | 532062 |
| Bank of America Corporation | 15380 | 749775 |
| Chubb Ltd. | 2860 | 932159 |
| Citigroup, Inc. | 12716 | 1442122 |
| JPMorgan Chase & Company | 2995 | 881009 |
| Morgan Stanley | 5890 | 969317 |
| Truist Financial Corporation | 6575 | 302253 |
|  |  | 6720164 |
| *Health Care - 16.53%* |  |  |
| Becton Dickinson & Company | 2033 | 319649 |
| Bristol-Myers Squibb Company | 6960 | 422124 |
| Cigna Group (The) | 2202 | 587383 |
| Johnson & Johnson | 3988 | 974827 |
| Medtronic plc | 7005 | 606983 |
| Merck & Company, Inc. | 5697 | 685292 |
| Pfizer, Inc. | 21860 | 613829 |
| UnitedHealth Group, Inc. | 1510 | 408591 |
| Waters Corporation<sup>(a)</sup> | 275 | 81895 |
|  |  | 4700573 |
| *Industrials - 17.23%* |  |  |
| Boeing Company (The)<sup>(a)</sup> | 2417 | 481056 |
| Canadian National Railway Company | 4242 | 435950 |
| General Dynamics Corporation | 2325 | 797987 |
| Johnson Controls International plc | 6950 | 910102 |
| RTX Corporation | 6897 | 1330431 |
| Sensata Technologies Holding plc | 8175 | 287924 |
| Siemens A.G. - ADR | 5400 | 658151 |
|  |  | 4901601 |
| *Materials - 3.49%* |  |  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 14400 | 398880 |
| Packaging Corporation of America | 2800 | 594216 |
|  |  | 993096 |
| *Technology - 13.29%* |  |  |
| Applied Materials, Inc. | 4157 | 1420821 |
| Arrow Electronics, Inc.<sup>(a)</sup> | 5622 | 806251 |
| Cisco Systems, Inc. | 12901 | 1000988 |
| Oracle Corporation | 3750 | 551663 |
|  |  | 3779723 |
| *Utilities - 2.66%* |  |  |
| NextEra Energy, Inc. | 8155 | 757436 |
| **Total Common Stocks (Cost $14,340,378)** |  | 27954974 |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **Total Investments - 98.28%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $14,340,378)** | $27954974 |
| **Other Assets in Excess of Liabilities - 1.72%** | 490020 |
| **NET ASSETS - 100.00%** | $28444994 |

---

(a) Non-income
producing security.

ADR - American Depositary Receipt

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen Emerging Markets High Dividend Fund** |
| **Schedule of Investments** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 81.20%** |  |  |
| **Brazil - 7.64%** |  |  |
| Axia Energia | 3319025 | $37499270 |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 5019130 | 26551373 |
| Petroleo Brasileiro S.A. | 5508577 | 57111252 |
| SLC Agricola S.A. | 852911 | 3067782 |
| Transmissora Alianca de Energia Eletrica S.A. | 2388339 | 19795425 |
|  |  | 144025102 |
| **China - 10.82%** |  |  |
| Alibaba Group Holding Ltd. | 1426200 | 21644973 |
| BYD Company Ltd., Class H | 10000 | 134932 |
| China Construction Bank Corporation, Class H | 53415185 | 57155278 |
| Midea Group Company Ltd. | 1176739 | 12576327 |
| PetroChina Company Ltd., Class H | 30843000 | 42285818 |
| Sands China Ltd. | 2045000 | 4300744 |
| Tencent Holdings Ltd. | 625192 | 38591213 |
| Zijin Mining Group Company Ltd. | 6209646 | 27211323 |
|  |  | 203900608 |
| **Greece - 2.73%** |  |  |
| Eurobank S.A. | 9355992 | 36853006 |
| OPAP Holding S.A. | 969570 | 14669061 |
|  |  | 51522067 |
| **Hong Kong - 3.14%** |  |  |
| AIA Group Ltd. | 3490100 | 37767599 |
| Galaxy Entertainment Group Ltd. | 4821000 | 21519631 |
|  |  | 59287230 |
| **Hungary - 0.68%** |  |  |
| Gedeon Richter plc | 360795 | 12848137 |
| **India - 7.38%** |  |  |
| Embassy Office Parks REIT | 3743668 | 16850990 |
| ICICI Bank Ltd. - ADR | 917533 | 23764105 |
| IRB InvIT Fund 144A<sup>(a)</sup> | 15930050 | 10285880 |
| NHPC Ltd. | 23531007 | 18578253 |
| NTPC Ltd. | 8050820 | 31958262 |
| Oil & Natural Gas Corporation Ltd. | 1000 | 3049 |
| Power Grid Corporation of India Ltd. | 2644632 | 8386537 |
| REC Ltd. | 2049663 | 6697361 |
| State Bank of India | 2160687 | 22663710 |
|  |  | 139188147 |
| **Kazakhstan - 1.47%** |  |  |
| Kaspi.KZ JSC - ADR | 100 | 7407 |
| NAC Kazatomprom JSC | 355626 | 27738828 |
|  |  | 27746235 |
| **Luxembourg - 2.56%** |  |  |
| Millicom International Cellular S.A. | 643141 | 48196987 |
| **Malaysia - 1.49%** |  |  |
| Tenaga Nasional Bhd | 8161149 | 28016787 |
| **Mexico - 6.02%** |  |  |
| Arca Continental S.A.B. de C.V. | 2504968 | 28855648 |
| Coca-Cola Femsa S.A.B. de C.V. | 2286835 | 22269922 |
| Grupo Financiero Banorte S.A.B. de C.V. | 2995988 | 33176214 |
| Prologis Property Mexico S.A. de C.V. | 6672050 | 29127412 |
|  |  | 113429196 |
| **Panama - 1.79%** |  |  |
| Copa Holdings S.A., Class A | 297495 | 33798407 |
| **Philippines - 2.25%** |  |  |
| DigiPlus Interactive Corporation | 10494610 | 2769119 |
| International Container Terminal Services, Inc. | 3482730 | 39564606 |
|  |  | 42333725 |
| **Poland - 2.19%** |  |  |
| Bank Polska Kasa Opieki S.A. | 1 | 59 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 81.20% (Continued)** |  |  |
| **Poland - 2.19% (Continued)** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | 1764135 | $41281268 |
|  |  | 41281327 |
| **Saudi Arabia - 0.02%** |  |  |
| Saudi Arabian Oil Company | 55500 | 405178 |
| **Singapore - 0.04%** |  |  |
| Capitaland India Trust | 976000 | 766687 |
| **South Korea - 12.09%** |  |  |
| HD Korea Shipbuilding & Offshore Engineering Company Ltd. | 117000 | 26758190 |
| Hyundai Motor Company | 90501 | 26804858 |
| KB Financial Group, Inc. | 145136 | 13692097 |
| KIWOOM Securities Company Ltd. | 63500 | 17330030 |
| KT&G Corporation | 422352 | 44702319 |
| Macquarie Korea Infrastructure Fund | 44989 | 335592 |
| Samsung Electronics Company Ltd. | 882793 | 98131308 |
|  |  | 227754394 |
| **Taiwan - 12.50%** |  |  |
| ASE Technology Holding Company Ltd. | 4974207 | 51154463 |
| Hon Hai Precision Industry Company Ltd. | 4286000 | 25158094 |
| MediaTek, Inc. | 12770 | 595664 |
| Quanta Computer, Inc. | 485000 | 4228548 |
| Sinbon Electronics Company Ltd. | 109738 | 862293 |
| Sunonwealth Electric Machine Industry Company Ltd. | 4217395 | 16239539 |
| Taiwan Semiconductor Manufacturing Company Ltd. | 1404400 | 77379833 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 119563 | 40406316 |
| Wiwynn Corporation | 190901 | 19721795 |
|  |  | 235746545 |
| **Turkey - 0.04%** |  |  |
| KOC Holding A.S. | 171050 | 749770 |
| **United Arab Emirates - 3.38%** |  |  |
| Air Arabia PJSC | 8727975 | 9670031 |
| Aldar Properties PJSC | 16362264 | 34697709 |
| Emaar Development PJSC | 96960 | 356325 |
| Emaar Properties PJSC | 373900 | 1190862 |
| Emirates NBD Bank PJSC | 2097800 | 15275936 |
| TECOM Group PJSC | 3113308 | 2601839 |
|  |  | 63792702 |
| **United Kingdom - 2.39%** |  |  |
| Anglo American plc | 835923 | 35172184 |
| Metlen Energy & Metals plc<sup>(b)</sup> | 256050 | 9884501 |
|  |  | 45056685 |
| **Vietnam - 0.58%** |  |  |
| Gemadept Corporation | 3494600 | 10552290 |
| Ho Chi Minh City Securities Corporation | 526700 | 454121 |
|  |  | 11006411 |
| **Total Common Stocks (Cost $1,131,883,784)** |  | 1530852327 |
| **EXCHANGE-TRADED FUNDS — 1.99%** |  |  |
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 409770 | 37551323 |
| **Total Exchange-Traded Funds (Cost $37,569,681)** |  | 37551323 |
| **PARTICIPATION (EQUITY LINKED) NOTES — 8.29%** |  |  |
| **China - 8.29%** |  |  |
| Contemporary Amperex Technology Company Ltd.<sup>(b)</sup> | 1554683 | 90402155 |
| Weichai Power Company Ltd.<sup>(b)</sup> | 18799895 | 65966463 |
|  |  | 156368618 |
| **Total Participation (Equity Linked) Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $119,957,418)** |  | 156368618 |

---

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen Emerging Markets High Dividend Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **PREFERRED STOCKS — 2.82%** |  |  |
| **Brazil - 2.82%** |  |  |
| Axia Energia<sup>(b)</sup> | 390887 | $4266925 |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes<sup>(b)</sup> | 773932 | 3796780 |
| Itau Unibanco Holding S.A. | 5383942 | 45195779 |
|  |  | 53259484 |
| **Total Preferred Stocks (Cost $45,318,307)** |  | 53259484 |
| **Total Investments - 94.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,334,729,190)** |  | $1778031752 |
| **Other Assets in Excess of Liabilities - 5.70%** |  | 107516968 |
| **NET ASSETS - 100.00%** |  | $1885548720 |

---

(a) Security
exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions
exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the total market value of Rule 144A securities
is $10,285,880 or 0.55% of net assets.

(b) Non-income
producing security.

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| REIT | - Real Estate Investment Trust |

---

*See Notes to Schedule of Investments*

---

| |
|:---|
| **Cullen Enhanced Equity Income Fund** |
| **Schedule of Investments** |
| *March 31, 2026 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.98%** |  |  |
| *Communications - 8.51%* |  |  |
| BCE, Inc. | 162229 | $4094660 |
| Comcast Corporation, Class A | 174807 | 5018709 |
| Verizon Communications, Inc. | 58362 | 2929772 |
|  |  | 12043141 |
| *Consumer Discretionary - 2.86%* |  |  |
| Genuine Parts Company | 38278 | 4047899 |
| *Consumer Staples - 8.75%* |  |  |
| Altria Group, Inc.<sup>(a)</sup> | 68176 | 4498934 |
| Keurig Dr Pepper, Inc. | 149060 | 3924750 |
| Sysco Corporation | 55418 | 3952966 |
|  |  | 12376650 |
| *Energy - 11.83%* |  |  |
| ConocoPhillips | 53428 | 7052496 |
| EOG Resources, Inc. | 32053 | 4633902 |
| Exxon Mobil Corporation | 29800 | 5055868 |
|  |  | 16742266 |
| *Financials - 15.92%* |  |  |
| American International Group, Inc. | 46005 | 3461876 |
| Bank of America Corporation<sup>(a)</sup> | 75661 | 3688474 |
| Citigroup, Inc.<sup>(a)</sup> | 43000 | 4876630 |
| First Horizon Corporation<sup>(a)</sup> | 151535 | 3448937 |
| PNC Financial Services Group, Inc. (The) | 13221 | 2751158 |
| Truist Financial Corporation | 93551 | 4300539 |
|  |  | 22527614 |
| *Health Care - 16.94%* |  |  |
| Becton Dickinson & Company | 24048 | 3781067 |
| Bristol-Myers Squibb Company | 90732 | 5502896 |
| Medtronic plc | 65423 | 5668903 |
| Merck & Company, Inc.<sup>(a)</sup> | 48386 | 5820352 |
| UnitedHealth Group, Inc. | 11805 | 3194315 |
|  |  | 23967533 |
| *Industrials - 9.25%* |  |  |
| General Dynamics Corporation | 8157 | 2799646 |
| Honeywell International, Inc. | 16520 | 3734016 |
| Union Pacific Corporation | 12000 | 2911440 |
| United Parcel Service, Inc., Class B | 37000 | 3640059 |
|  |  | 13085161 |
| *Materials - 4.30%* |  |  |
| PPG Industries, Inc. | 31989 | 3418984 |
| Smurfit WestRock plc | 66740 | 2659589 |
|  |  | 6078573 |
| *Real Estate - 6.05%* |  |  |
| Healthpeak Properties, Inc.<sup>(a)</sup> | 237925 | 3909108 |
| VICI Properties, Inc. | 170385 | 4654918 |
|  |  | 8564026 |
| *Technology - 7.54%* |  |  |
| Cisco Systems, Inc. | 73600 | 5710624 |
| International Business Machines Corporation | 11500 | 2787485 |
| QUALCOMM, Inc. | 16858 | 2170973 |
|  |  | 10669082 |
| *Utilities - 7.03%* |  |  |
| Duke Energy Corporation<sup>(a)</sup> | 37374 | 4893752 |
| PPL Corporation<sup>(a)</sup> | 132101 | 5046258 |
|  |  | 9940010 |
| **Total Common Stocks (Cost $131,335,338)** |  | 140041955 |
| **Total Investments - 98.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $131,335,338)** |  | $140041955 |
| **Other Assets in Excess of Liabilities - 1.02%** |  | 1448772 |
| **NET ASSETS - 100.00%** |  | $141490727 |

---

(a) Pledged
security; a portion or all of the security pledged as collateral for written options in the amount of $27,632,853 as of March 31, 2026.

**SCHEDULE OF WRITTEN OPTION CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** | <br>**Fair Value** |
| **Written Call Options - (0.25%)** | **Written Call Options - (0.25%)** | **Written Call Options - (0.25%)** | **Written Call Options - (0.25%)** | **Written Call Options - (0.25%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | (681) | $(4493919) | $70.00 | April 2026 | $(14301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | (379) | (1847625) | 51.00 | April 2026 | (23498) |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | (215) | (2438315) | 125.00 | April 2026 | (13115) |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | (268) | (3537600) | 142.00 | April 2026 | (25460) |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | (373) | (4884062) | 135.00 | April 2026 | (26483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | (149) | (2527934) | 185.00 | April 2026 | (13559) |
| &nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corporation | (758) | (1725208) | 24.00 | April 2026 | (30320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | (2379) | (3908697) | 17.50 | April 2026 | (47580) |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. | (483) | (5810007) | 122.00 | April 2026 | (114471) |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corporation | (661) | (2525020) | 38.00 | April 2026 | (40321) |
| **Total Written Call Options (Premiums received $375,816)** | **Total Written Call Options (Premiums received $375,816)** | **Total Written Call Options (Premiums received $375,816)** | **Total Written Call Options (Premiums received $375,816)** | **Total Written Call Options (Premiums received $375,816)** | $(349108) |

---

*See Notes to Schedule of Investments*

ORGANIZATION

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

VALUATION OF SECURITIES

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

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

*Option Contracts* – Option contracts shall typically be valued using reliable market quotations from the primary exchange on which the respective options are traded on the day of valuation or, if there has been no trade on such day, at the mean between the bid and asked prices. Any options for which market quotations are not readily available are valued at fair value as determined in good faith by the valuation designee, which may include a Black-Scholes model, the Cox-Rubenstein Binomial Option Pricing Model, or other appropriate option pricing model deemed appropriate. As of September 30, 2025, all written option contracts held are exchange-traded.

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

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

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

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

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

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

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

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

The following is a summary of the inputs used as of March 31, 2026 in valuing each Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted**<br>**Quoted Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen International High Dividend Fund** |  |  |  |  |
| Common Stocks | $382611701 | $— | $— | $382611701 |
| Exchange-Traded Funds | 11171832 |  |  | 11171832 |
| Preferred Stock | 2137835 |  |  | 2137835 |
| Right |  | 188 |  | 188 |
| Total | $395921368 | $188 | $— | $395921556 |
|  | **Level 1 - Unadjusted** | **Level 2 - Other Significant** | **Level 3 - Significant** |  |
| **Investments in Securities at Value<sup>(a)</sup>** | **Quoted Prices** | **Observable Inputs** | **Unobservable Inputs** | **Total** |
| **Cullen High Dividend Equity Fund** |  |  |  |  |
| Common Stocks | $642364727 | $— | $— | $642364727 |
| Total | $642364727 | $— | $— | $642364727 |
|  | **Level 1 - Unadjusted** | **Level 2 - Other Significant** | **Level 3 - Significant** |  |
| **Investments in Securities at Value<sup>(a)</sup>** | **Quoted Prices** | **Observable Inputs** | **Unobservable Inputs** | **Total** |
| **Cullen Small Cap Value Fund** |  |  |  |  |
| Common Stocks | $8933240 | $— | $— | $8933240 |
| Total | $8933240 | $— | $— | $8933240 |
|  | **Level 1 - Unadjusted** | **Level 2 - Other Significant** | **Level 3 - Significant** |  |
| **Investments in Securities at Value<sup>(a)</sup>** | **Quoted Prices** | **Observable Inputs** | **Unobservable Inputs** | **Total** |
| **Cullen Value Fund** |  |  |  |  |
| Common Stocks | $27954974 | $— | $— | $27954974 |
| Total | $27954974 | $— | $— | $27954974 |
| **Cullen Emerging Markets High Dividend Fund** |  |  |  |  |
| Common Stocks | $1530852327 | $— | $— | $1530852327 |
| Exchange-Trade Funds | 37551323 |  |  | 37551323 |
| Participation (Equity Linked) Notes<sup>(b)</sup> |  | 156368617 |  | 156368617 |
| Preferred Stocks | 53259484 |  |  | 53259484 |
| Total | $1621663134 | $156368617 | $— | $1778031751 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted**<br>**Quoted Prices** | **Level 2 - Other Significant**<br>**Observable Inputs** | **Level 3 - Significant**<br>**Unobservable Inputs** |<br>**Total** |
| **Cullen Enhanced Equity Income Fund** |  |  |  |  |
| Common Stocks | $140041955 | $— | $— | $140041955 |
| Total | $140041955 | $— | $— | $140041955 |
| **Other Financial Instruments<sup>(c)</sup>** |  |  |  |  |
| Written Options | $— | $(349108) | $— | $(349108) |
| Total | $— | $(349108) | $— | $(349108) |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.*

*<sup>(b)</sup>* *Participation (Equity Linked) Notes are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as level 2 in the fair value hierarchy.*

*<sup>(c)</sup>* *Other financial instruments are derivative instruments reflected in the Schedule of Investments.*

FOREIGN INVESTMENT RISK

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

## 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:** 2026-03-31

**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:** $1959017000.10

**Total Liabilities:** $73468279.60

**Net Assets:** $1885548720.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000117696 | 12.03%               | 7.91%                | -11.59%              |
| Class ID C000117697 | 12.13%               | 7.96%                | -11.53%              |
| Class ID C000117698 | 12.12%               | 7.98%                | -11.53%              |
| Class ID C000263314 | 12.07%               | 8.02%                | -11.53%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29521502.67             | $164563484.56                              |
| Month 2  | $28476247.32             | $120682956.55                              |
| Month 3  | $22791155.61             | $-267838797.55                             |

### 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 SA Empreendimentos E Participacoes | Cyrela Brazil Realty SA E | CUSIP: P3R27S139<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    773932 | NS      | $3796780.05   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyrela Brazil Realty SA Empreendimentos E Participacoes | CYRELA                    | CUSIP: P34085103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   5019130 | NS      | $26551372.61  | 1.41%             |  |  |  | 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        |   2995988 | NS      | $33176214.16  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                  | PETROBRAS                 | CUSIP: P78331132<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   5508577 | NS      | $57111251.92  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental S.A.B. de C.V.                         | ARCA CONTINENTAL          | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   2504968 | NS      | $28855648.49  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                         | ICICI BANK-ADR            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    917533 | NS      | $23764104.70  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.Kz JSC                                            | JSC KASPI.KZ              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       100 | NS      | $7407.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                              | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |         1 | NS      | $58.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunonwealth Electric Machine Ind Co                     | SUNONWEALTH ELEC          | CUSIP: Y8300T109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   4217395 | NS      | $16239538.71  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil & Natural Gas Corp Ltd.                             | OIL & NATURAL GA          | CUSIP: Y64606133<br>LEI: 335800FPDZ9MRSNO7N41 | Long             | EC               | CORP              | IN        |      1000 | NS      | $3048.53      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc.                                    | QUANTA COMPUTER           | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |    485000 | NS      | $4228547.73   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp.                                              | KT&G CORP                 | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |    422352 | NS      | $44702318.72  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Digiplus Interactive Corp.                              | DIGIPLUS INTERAC          | CUSIP: Y52573139<br>LEI: 254900M9EXJ3M6S66M06 | Long             | EC               | CORP              | PH        |  10494610 | NS      | $2769119.34   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co Ltd.                                      | PETROCHINA-H              | CUSIP: Y6883Q104<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |  30843000 | NS      | $42285817.59  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kazatomprom JSC National Atomic Co.                     | NAC KAZATOMPROM JSC-GDR   | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |    355626 | NS      | $27738828.00  | 1.47%             |  |  |  | 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      | $862293.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                           | MEDIATEK                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     12770 | NS      | $595664.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                      | HON HAI                   | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   4286000 | NS      | $25158094.11  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd.    | HD KOREA SHIPBUI          | CUSIP: Y3838M106<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |    117000 | NS      | $26758190.21  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                                       | HYUNDAI MOTOR             | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     90501 | NS      | $26804858.48  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services Inc.          | International Container T | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |   3482730 | NS      | $39564605.41  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd.                         | GALAXY ENTERTAIN          | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   4821000 | NS      | $21519631.47  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                             | BYD COMPANY               | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     10000 | NS      | $134932.11    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd.                              | ZIJIN MINING-H            | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |   6209646 | NS      | $27211322.64  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                             | SAMSUNG ELECTRON          | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    882793 | NS      | $98131307.67  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TSMC                      | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1404400 | NS      | $77379832.83  | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaga Nasional Bhd                                     | Tenaga Nasional Bhd       | CUSIP: Y85859109<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |   8161149 | NS      | $28016787.13  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Allwyn AG                                               | ALLWYN AG                 | CUSIP: X3232T104<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    969570 | NS      | $14669060.68  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                       | SPDR BLOOMBERG 1          | CUSIP: 78468R663<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    409770 | NS      | $37551322.80  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMIC-ADR          | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    119563 | NS      | $40406315.85  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiwoom Securities Co., Ltd.                             | KIWOOM SECS               | CUSIP: Y4801C109<br>LEI: 988400O27CNGJA2QWJ18 | Long             | EC               | CORP              | KR        |     63500 | NS      | $17330030.18  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                   | EMAAR PROP PJSC           | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    373900 | NS      | $1190861.58   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd.                                               | NTPC LTD                  | CUSIP: Y6421X116<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |   8050820 | NS      | $31958262.34  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                                | ITAU UNIBAN-PREF          | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   5383942 | NS      | $45195779.20  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC Holdings AG                                         | KOC HOLDING               | CUSIP: M63751107<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |    171050 | NS      | $749770.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA             | PKOBP                     | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |   1764135 | NS      | $41281268.48  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                           | CCB-H                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  53415185 | NS      | $57155279.33  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                                   | ALDAR PROPERTIES PJSC     | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |  16362264 | NS      | $34697709.69  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Korea Infrastructure Fund                     | MACQUARIE KOREA           | CUSIP: Y53643105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     44989 | NS      | $335592.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gemadept Corp                                           | GEMADEPT CORP             | CUSIP: Y2690B109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   3494600 | NS      | $10552290.34  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Transmissora Alianca de Energia Eletrica SA             | Transmissora Alianca de E | CUSIP: P9T5CD126<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2388339 | NS      | $19795424.94  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SLC Agricola Sa                                         | SLC AGRICOLA SA           | CUSIP: P8711D107<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |    852911 | NS      | $3067782.32   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corporation of India Ltd.                    | POWER GRID CORP           | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | NUSS              | IN        |   2644632 | NS      | $8386537.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NHPC Ltd.                                               | NHPC LTD                  | CUSIP: Y6268G101<br>LEI: 3358003ZPPTGWT595J46 | Long             | EC               | CORP              | IN        |  23531007 | NS      | $18578253.13  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Arabia PJSC                                         | AIR ARABIA PJSC           | CUSIP: M0367N110<br>LEI: 21380058Y5RCZI2HBX17 | Long             | EC               | CORP              | AE        |   8727975 | NS      | $9670030.83   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitaland India Trust                                  | CAPITALAND INDIA          | CUSIP: Y0259C104<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    976000 | NS      | $766686.89    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC                                  | EMIRATES NBD PJS          | CUSIP: M4029Z107<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |   2097800 | NS      | $15275935.76  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| REC Ltd.                                                | REC LTD                   | CUSIP: Y73650106<br>LEI: 335800B4YRYWAMIJZ374 | Long             | EC               | CORP              | IN        |   2049663 | NS      | $6697360.95   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                 | KB FINANCIAL GRO          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |    145136 | NS      | $13692097.32  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hochiminh City Sec                                      | HO CHI MINH CITY          | CUSIP: Y32324108<br>LEI: 213800SAZX6COB8ML838 | Long             | EC               | CORP              | VN        |    526700 | NS      | $454120.71    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                | AIA                       | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3490100 | NS      | $37767598.57  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd.                                        | SANDS CHINA LTD           | CUSIP: G7800X107<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |   2045000 | NS      | $4300744.29   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        | 122867775 | PA      | $122867775.44 | 6.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemical Works Of Gedeon Richter                        | RICHTER GEDEON NYRT       | CUSIP: X3124S107<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |    360795 | NS      | $12848136.91  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                                  | EMAAR DEVELOPMEN          | CUSIP: M4100K102<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     96960 | NS      | $356325.03    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corp.                                            | WIWYNN CORP               | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |    190901 | NS      | $19721795.07  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co Ltd.                          | ASE TECHNOLOGY H          | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |   4974207 | NS      | $51154462.62  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola FEMSA SAB de CV                               | COCA-COLA FEMSA           | CUSIP: P2861Y177<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |   2286835 | NS      | $22269921.62  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Embassy Office Parks REIT                               | EMBASSY OFFICE P          | CUSIP: Y2R9YR104<br>LEI: 335800O555A557E43Z08 | Long             | EC               | CORP              | IN        |   3743668 | NS      | $16850989.98  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                               | SAUDI ARABIAN OI          | CUSIP: M8237R104<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |     55500 | NS      | $405178.25    | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                              | BABA-W                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1426200 | NS      | $21644972.95  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecom Group PJSC                                        | TECOM GROUP PJSC          | CUSIP: M8196K108<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   3113308 | NS      | $2601839.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                   | TENCENT                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    625192 | NS      | $38591212.83  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                                       | PROLOGIS MEXICO           | CUSIP: P4559M101<br>LEI: 4469000001BLWI4LQJ08 | Long             | EC               | CORP              | MX        |   6672050 | NS      | $29127412.30  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd.                                     | MIDEA GROUP CO L          | CUSIP: Y6S40V111<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   1176739 | NS      | $12576326.96  | 0.67%             |  |  |  | Yes           |                  1 | On Loan: No      |
| State Bank of India                                     | STATE BANK IND            | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |   2160687 | NS      | $22663709.50  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                      | ANGLO AMER PLC            | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    835923 | NS      | $35172184.36  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlen Energy & Metals PLC                              | METLEN ENERGY &           | CUSIP: G6042Y105<br>LEI: 213800ZSR3HVKMMPVG86 | Long             | EC               | CORP              | GB        |    256050 | NS      | $9884500.69   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                        | AXIA ENERGIA              | CUSIP: P22835113<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |   3319025 | NS      | $37499269.82  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                        | Axia Energia              | CUSIP: P2R16K271<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |    390887 | NS      | $4266924.92   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank S.A.                                           | EUROBANK SA               | CUSIP: X2379U106<br>LEI: 213800KGF4EFNUQKAT69 | Long             | EC               | CORP              | GR        |   9355992 | NS      | $36853005.94  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Irb Invit Fund                                          | IRB INVIT FUND            | CUSIP: Y417BF103<br>LEI: 335800BG1OQZTZS54392 | Long             | EC               | CORP              | IN        |  15930050 | NS      | $10285880.14  | 0.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                                     | CURRENCY CONTRACT - HKD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   2707720 | NC      | $-1785.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | CURRENCY CONTRACT - USD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    252301 | NC      | $-2606.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                      | MILLICOM INTL             | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |    643141 | NS      | $48196986.54  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                                        | COPA HOLDIN-CL A          | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    297495 | NS      | $33798406.95  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd.                                   | P-NOTE WEICHAI POWER-A    | CUSIP: Y9531A117<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |  18799895 | NS      | $65966462.77  | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                 | P-Note Contemp Amp        | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   1554683 | NS      | $90402154.83  | 4.79%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

**Name of Applicant:** Cullen Funds Trust

**Signature:** Stephen Oneil

**Name of Signer:** Stephen Oneil

**Title:** Treasurer