Schedules of Investments

March 31, 2023

International High Dividend Fund

High Dividend Equity Fund

Small Cap Value Fund

Value Fund

Emerging Markets High Dividend Fund

Enhanced Equity Income Fund

Cullen International High Dividend Fund

SCHEDULES OF INVESTMENTS

March 31, 2023

	Shares		Value (Note 2)
COMMON STOCKS - 93.09%
Australia - 5.44%
Rio Tinto Ltd.		38,400	$	3,085,428
Sonic Healthcare Ltd.		233,850		5,482,131
Woodside Energy Group Ltd.		172,170		3,846,300
				12,413,859
Brazil - 1.33%
Vale SA		191,482		3,026,114
Canada - 1.94%
BCE, Inc.		45,394		2,033,197
Power Corp. of Canada		93,744		2,395,796
				4,428,993
Finland - 2.40%
UPM-Kymmene Oyj		163,382		5,487,697
France - 12.66%
BNP Paribas		95,049		5,676,121
Compagnie de Saint-Gobain SA		90,850		5,164,263
Compagnie Generale des Etablissements Michelin		44,706		1,366,592
Sanofi		56,677		6,148,275
TotalEnergies SE - Sponsored ADR		82,361		4,863,417
Veolia Environnement		184,540		5,694,412
				28,913,080
Germany - 12.21%
Deutsche Post AG		130,170		6,096,622
Deutsche Telekom AG		204,861		4,964,274
Mercedes-Benz Group AG		73,454		5,648,841
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		11,793		4,123,273
Siemens AG		43,528		7,051,736
				27,884,746
Hong Kong - 1.31%
Xinyi Glass Holdings Ltd.		1,666,747		2,981,641
Ireland - 2.15%
Smurfit Kappa Group PLC		135,080		4,899,384
Italy - 1.62%
Enel SpA		606,805		3,700,890

	Shares		Value (Note 2)
Japan - 9.74%
Nippon Telegraph and Telephone Corp.		239,401	$	7,153,958
SoftBank Corp.		157,235		1,815,090
Tokio Marine Holdings, Inc.		231,847		4,461,886
Tokyo Electron Ltd.		49,770		6,080,206
Toyota Motor Corp.		190,950		2,718,251
				22,229,391
Jersey - 0.54%
Glencore PLC		213,841		1,230,481
Mexico - 5.44%
Coca-Cola FEMSA, SAB de C.V.		963,651		7,745,037
TF Administradora Industrial S de RL de CV		2,538,203		4,676,379
				12,421,416
Netherlands - 2.57%
NN Group N.V.		38,819		1,409,521
Shell PLC		156,589		4,462,543
				5,872,064
Norway - 1.77%
DNB Bank ASA		225,912		4,042,864
Singapore - 4.60%
CapitaLand Ascendas REIT		2,187,631		4,716,998
United Overseas Bank Ltd.		257,927		5,785,056
				10,502,054
Spain - 1.85%
Iberdrola Sociedad Anonima		338,751		4,220,112
Sweden - 1.84%
Svenska Handelsbanken AB		231,499		2,004,981
Aktiebolaget Volvo		106,935		2,203,573
				4,208,554
Switzerland - 11.36%
Nestle SA		58,498		7,132,694
Novartis AG - Sponsored ADR		75,575		6,952,900
Roche Holding AG		10,549		3,014,299
UBS Group AG		159,166		3,368,080
Zurich Insurance Group Ltd.		11,420		5,472,449
				25,940,422

See Notes to Schedules of Investments 

2 

Cullen International High Dividend Fund

SCHEDULES OF INVESTMENTS

March 31, 2023 (Continued)

	Shares		Value (Note 2)
Taiwan - 2.54%
Ase Technology Holding Co. Ltd.		1,562,200	$	5,797,423
Quanta Computer, Inc.		5		15
				5,797,438
United Kingdom - 9.78%
3i Group PLC		305,324		6,363,987
BAE Systems PLC		603,387		7,298,613
British American Tobacco PLC - Sponsored ADR		103,185		3,623,857
Britvic PLC		221,948		2,444,347
Diageo PLC		1,395		62,258
Tesco PLC		105,049		344,394
Unilever PLC - Sponsored ADR		42,219		2,192,433
				22,329,889
TOTAL COMMON STOCKS
(Cost $172,613,741)				212,531,089
PREFERRED STOCKS - 2.26%
South Korea - 2.26%
Samsung Electronics Co. Ltd.		123,838		5,153,470
TOTAL PREFERRED STOCKS
(Cost $5,125,676)				5,153,470
TOTAL INVESTMENTS - 95.35%
(Cost $177,739,417)			$	217,684,559
Other Assets In Excess of Liabilities - 4.65%				10,617,150
NET ASSETS - 100.00%			$	228,301,709
ADR - American Depositary Receipt

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
Financials		19.77	%	$	45,104,014
Materials		11.34			25,875,008
Consumer Staples		10.31			23,545,020
Industrials		9.91			22,650,544
Health Care		9.46			21,597,605
Communications		6.99			15,966,519
Utilities		5.96			13,615,414
Energy		5.77			13,172,260
Technology		5.20			11,877,644
Consumer Discretionary		4.26			9,733,684
Real Estate		4.12			9,393,377
TOTAL COMMON STOCKS		93.09	%		212,531,089

Sector Diversification	% of Net Assets			Value (Note 2)
PREFERRED STOCKS
Technology		2.26	%	$	5,153,470
TOTAL PREFERRED STOCKS		2.26	%		5,153,470
TOTAL INVESTMENTS		95.35			217,684,559
Other Assets In Excess of Liabilities		4.65			10,617,150
NET ASSETS		100.00	%	$	228,301,709

Percentages are stated as a percent of net assets.

See Notes to Schedules of Investments

3 

Cullen High Dividend Equity Fund

SCHEDULES OF INVESTMENTS

March 31, 2023

	Shares		Value (Note 2)
COMMON STOCKS - 98.45%
Banking - 8.11%
Bank of America Corp.		733,000	$	20,963,800
Citigroup, Inc.		270,600		12,688,434
JPMorgan Chase & Co.		215,170		28,038,803
Truist Financial Corp.		465,741		15,881,768
				77,572,805
Consumer Staple Products - 11.90%
Altria Group, Inc.		415,240		18,528,009
Diageo PLC - Sponsored ADR		83,667		15,158,787
Kimberly-Clark Corp.		180,754		24,260,802
Philip Morris International, Inc.		295,195		28,707,713
Unilever PLC - Sponsored ADR		521,145		27,063,060
				113,718,371
Financial Services - 2.77%
Morgan Stanley		301,760		26,494,528
Health Care - 13.84%
Johnson & Johnson		180,265		27,941,075
Medtronic PLC		290,000		23,379,800
Merck & Co., Inc.		259,488		27,606,928
Novartis AG - Sponsored ADR		309,620		28,485,040
Pfizer, Inc.		609,153		24,853,443
				132,266,286
Industrial Products - 10.55%
General Dynamics Corp.		111,290		25,397,491
Johnson Controls International PLC		401,162		24,157,976
Raytheon Technologies Corp.		321,934		31,526,996
Siemens AG - Sponsored ADR		244,500		19,792,275
				100,874,738
Industrial Services - 2.48%
United Parcel Service, Inc., Class B		122,022		23,671,048
Insurance - 4.16%
Chubb Ltd.		132,359		25,701,471
Travelers Cos., Inc.		82,291		14,105,500
				39,806,971
Materials - 2.55%
Dow, Inc.		444,440		24,364,201

	Shares		Value (Note 2)
Media - 2.34%
Comcast Corp., Class A		589,915	$	22,363,678
Oil & Gas - 8.27%
Chevron Corp.		167,600		27,345,616
ConocoPhillips		231,000		22,917,510
Exxon Mobil Corp.		262,523		28,788,272
				79,051,398
Real Estate - 4.86%
Boston Properties, Inc.		117,300		6,348,276
Healthpeak Properties, Inc.		750,000		16,477,500
VICI Properties, Inc.		723,019		23,584,880
				46,410,656
Retail & Wholesale - Discretionary - 5.28%
Genuine Parts Co.		144,175		24,121,919
Lowe's Cos., Inc.		131,961		26,388,241
				50,510,160
Retail & Wholesale - Staples - 2.33%
Target Corp.		134,717		22,313,177
Software & Tech Services - 1.76%
Microsoft Corp.		58,470		16,856,901
Tech Hardware & Semiconductors - 7.49%
Broadcom, Inc.		46,801		30,024,713
Cisco Systems, Inc.		541,600		28,312,140
Intel Corp.		407,279		13,305,805
				71,642,658
Telecommunications - 4.36%
AT&T, Inc.		858,974		16,535,250
BCE, Inc.		560,643		25,111,200
				41,646,450

See Notes to Schedules of Investments

4 

Cullen High Dividend Equity Fund

SCHEDULES OF INVESTMENTS

March 31, 2023 (Continued)

	Shares		Value (Note 2)
Utilities - 5.40%
Duke Energy Corp.		276,400	$	26,664,308
NextEra Energy, Inc.		323,205		24,912,641
				51,576,949
TOTAL COMMON STOCKS
(Cost $543,462,498)				941,140,975
TOTAL INVESTMENTS - 98.45%
(Cost $543,462,498)			$	941,140,975
Other Assets In Excess of Liabilities - 1.55%				14,810,308
NET ASSETS - 100.00%			$	955,951,283

ADR - American Depositary Receipt                

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
Financials		15.04	%	$	143,874,304
Consumer Staples		14.23			136,031,548
Health Care		13.84			132,266,286
Industrials		13.03			124,545,786
Technology		9.25			88,499,559
Energy		8.27			79,051,398
Communications		6.70			64,010,128
Utilities		5.40			51,576,949
Consumer Discretionary		5.28			50,510,160
Real Estate		4.86			46,410,656
Materials		2.55			24,364,201
TOTAL COMMON STOCKS		98.45	%		941,140,975
TOTAL INVESTMENTS		98.45			941,140,975
Other Assets In Excess of Liabilities		1.55			14,810,308
NET ASSETS		100.00	%	$	955,951,283

Percentages are stated as a percent of net assets.

See Notes to Schedules of Investments

5 

Cullen Small Cap Value Fund

SCHEDULES OF INVESTMENTS

March 31, 2023

	Shares		Value (Note 2)
COMMON STOCKS - 97.34%
Banking - 18.20%
Ameris Bancorp		6,880	$	251,671
Enterprise Financial Services Corp.		4,600		205,114
First Horizon Corp.		7,177		127,607
First Interstate BancSystem, Inc., Class A		12,240		365,486
Premier Financial Corp.		12,540		259,954
Simmons First National Corp., Class A		12,660		221,423
SouthState Corp.		2,700		192,402
Western Alliance BanCorp		6,000		213,240
				1,836,897
Consumer Discretionary Products - 13.31%
Carter's, Inc.		3,350		240,932
Columbia Sportswear Co.		1,400		126,336
Ralph Lauren Corp., Class A		690		80,502
Standard Motor Products, Inc.		8,510		314,104
Steven Madden Ltd.		6,240		224,640
Under Armour, Inc.(a)		41,856		357,032
				1,343,546
Consumer Discretionary Services - 4.12%
Denny's Corp.(a)		31,590		352,545
Ruth's Hospitality Group, Inc.		3,820		62,724
			415,269
Consumer Staple Products - 4.41%
Vector Group Ltd.		37,050		444,971
Health Care - 11.84%
ANI Pharmaceuticals, Inc.(a)		8,040		319,349
Emergent BioSolutions, Inc.(a)		5,400		55,944
Haemonetics Corp.(a)		5,110		422,852
Varex Imaging Corp.(a)		21,830		397,088
				1,195,233
Industrial Products - 8.06%
Spirit AeroSystems Holdings, Inc., Class A		17,330		598,405
Timken Co.		2,630		214,923
				813,328
Industrial Services - 9.33%
Barrett Business Services, Inc.		780		69,139
BGSF, Inc.		24,290		258,688
Copa Holdings, SA(a)		2,890		266,892
Great Lakes Dredge & Dock Corp.(a)		63,834		346,619
				941,338

	Shares		Value (Note 2)
Materials - 7.51%
Cabot Corp.		1,320	$	101,165
Ecovyst, Inc.(a)		37,620		415,701
Huntsman Corp.		8,790		240,494
				757,360
Oil & Gas - 10.88%
Civitas Resources, Inc.		4,110		280,877
Coterra Energy, Inc.		9,320		228,713
Helmerich & Payne, Inc.		3,870		138,353
HF Sinclair Corp.		3,330		161,105
Sitio Royalties Corp., Class A		12,770		288,602
				1,097,650
Real Estate - 1.81%
Host Hotels & Resorts, Inc.		5,240		86,408
RLJ Lodging Trust		9,100		96,460
				182,868
Software & Tech Services - 2.27%
Unisys Corp.(a)		59,000		228,920
Tech Hardware & Semiconductors - 1.83%
Comtech Telecommunications Corp.		9,790		122,179
MKS Instruments, Inc.		700		62,034
				184,213
Utilities - 3.77%
Spire, Inc.		5,430		380,860
TOTAL COMMON STOCKS
(Cost $8,642,960)				9,822,453
TOTAL INVESTMENTS - 97.34%
(Cost $8,642,960)			$	9,822,453
Other Assets In Excess of Liabilities - 2.66%				268,574
NET ASSETS - 100.00%			$	10,091,027

^(a) Non-income producing security.

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
Financials		18.20	%	$	1,836,897
Consumer Discretionary		17.43			1,758,815
Industrials		17.39			1,754,666
Health Care		11.84			1,195,233
Energy		10.88			1,097,650

See Notes to Schedules of Investments

6 

Cullen Small Cap Value Fund

SCHEDULES OF INVESTMENTS

March 31, 2023 (Continued)

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS (continued)
Materials		7.51	%	$	757,360
Consumer Staples		4.41			444,971
Technology		4.10			413,133
Utilities		3.77			380,860
Real Estate		1.81			182,868
TOTAL COMMON STOCKS		97.34	%		9,822,453
TOTAL INVESTMENTS		97.34			9,822,453
Other Assets In Excess of Liabilities		2.66			268,574
NET ASSETS		100.00	%	$	10,091,027

Percentages are stated as a percent of net assets.

See Notes to Schedules of Investments

7 

Cullen Value Fund

SCHEDULES OF INVESTMENTS 

March 31, 2023

	Shares		Value  (Note 2)
COMMON STOCKS - 98.11%
Banking - 7.90%
Bank of America Corp.		17,700	$	506,220
Citigroup, Inc.		12,680		594,565
JPMorgan Chase & Co.		5,191		676,439
				1,777,224
Consumer Discretionary Products - 2.82%
BorgWarner, Inc.		12,900		633,519
Consumer Staple Products - 5.50%
Mondelez International, Inc.		8,495		592,271
Unilever PLC - Sponsored ADR		12,393		643,569
				1,235,840
Financial Services - 6.12%
American Express Co.		4,300		709,285
Morgan Stanley		7,604		667,631
				1,376,916
Health Care - 20.32%
Bristol-Myers Squibb Co.		13,132		910,179
Cigna Group		2,364		604,073
Johnson & Johnson		4,245		657,975
Medtronic PLC		7,005		564,743
Merck & Co., Inc.		8,191		871,441
Pfizer, Inc.		14,674		598,699
Thermo Fisher Scientific, Inc.		631		363,689
				4,570,799
Industrial Products - 12.72%
Boeing Co.(a)		2,775		589,493
General Dynamics Corp.		3,279		748,301
Raytheon Technologies Corp.		8,183		801,361
Sensata Technologies Holding PLC		5,700		285,114
Siemens AG - Sponsored ADR		5,400		437,130
				2,861,399
Industrial Services - 1.98%
Canadian National Railway Co.		3,774		445,219
Insurance - 5.55%
Allstate Corp.		4,396		487,121
Chubb Ltd.		3,925		762,156
				1,249,277

	Shares		Value  (Note 2)
Materials - 3.67%
Axalta Coating Systems Ltd.(a)		14,400	$	436,176
Packaging Corp. of America		2,800		388,724
				824,900
Media - 4.19%
Comcast Corp., Class A		14,300		542,113
Walt Disney Co.(a)		3,992		399,719
				941,832
Oil & Gas - 7.13%
Chevron Corp.		5,089		830,321
ConocoPhillips		7,798		773,640
				1,603,961
Retail & Wholesale - Discretionary - 3.64%
Lowe's Cos., Inc.		4,091		818,077
Retail & Wholesale - Staples - 1.60%
Archer-Daniels-Midland Co.		4,507		359,028
Software & Tech Services - 3.50%
Oracle Corp.		8,476		787,590
Tech Hardware & Semiconductors - 9.38%
Applied Materials, Inc.		4,800		589,584
Arrow Electronics, Inc.(a)		6,778		846,369
Cisco Systems, Inc.		12,901		674,400
				2,110,353
Telecommunications - 2.09%
Verizon Communications, Inc.		12,100		470,569
TOTAL COMMON STOCKS
(Cost $13,948,139)				22,066,503
TOTAL INVESTMENTS - 98.11%
(Cost $13,948,139)			$	22,066,503
Other Assets In Excess of Liabilities - 1.89%				424,541
NET ASSETS - 100.00%			$	22,491,044

^(a) Non-income producing security.

ADR - American Depositary Receipt

See Notes to Schedules of Investments

8 

Cullen Value Fund

SCHEDULES OF INVESTMENTS 

March 31, 2023 (Continued)

Sector Diversification	% of Net  Assets			Value  (Note 2)
COMMON STOCKS
Health Care		20.32	%	$	4,570,799
Financials		19.57			4,403,417
Industrials		14.70			3,306,618
Technology		12.88			2,897,943
Energy		7.13			1,603,961
Consumer Staples		7.10			1,594,868
Consumer Discretionary		6.46			1,451,596
Communications		6.28			1,412,401
Materials		3.67			824,900
TOTAL COMMON STOCKS		98.11	%		22,066,503
TOTAL INVESTMENTS		98.11			22,066,503
Other Assets In Excess of Liabilities		1.89			424,541
NET ASSETS		100.00	%	$	22,491,044

Percentages are stated as a percent of net assets.

See Notes to Schedules of Investments

9 

Cullen Emerging Markets High Dividend Fund

SCHEDULES OF INVESTMENTS

March 31, 2023

	Shares		Value (Note 2)
COMMON STOCKS - 94.22%
Brazil - 4.26%
Petroleo Brasileiro SA		645,350	$	3,379,256
SLC Agricola SA		1,043,474		9,385,903
Vale SA		243,286		3,844,806
				16,609,965
Cayman Islands - 5.77%
Longfor Group Holdings Ltd.(a)(b)		1,518,000		4,281,317
Meituan, Class B(a)(b)(c)		30,920		560,957
Tencent Holdings Ltd.		361,200		17,651,600
				22,493,874
Chile - 2.11%
Sociedad Quimica y Minera de Chile SA - Sponsored ADR		58,960		4,779,298
Vina Concha y Toro SA		2,706,003		3,461,780
				8,241,078
China - 4.34%
China Construction Bank Corp.		7,325,300		4,740,898
China Merchants Bank Co. Ltd.		852,000		4,326,473
Zijin Mining Group Co. Ltd.		4,703,000		7,846,297
				16,913,668
Egypt - 0.37%
Integrated Diagnostics Holdings PLC(a)(b)		3,127,641		1,441,842
Greece - 8.18%
Eurobank Ergasias Services and Holdings SA(c)		6,468,110		8,570,183
Hellenic Telecommunications Organization SA		11,650		170,624
Mytilineos SA		376,190		10,724,588
OPAP SA		775,730		12,441,958
				31,907,353
Hong Kong - 11.03%
AIA Group Ltd.		1,019,024		10,686,870
Alibaba Group Holding Ltd.(c)		900,950		11,410,979
BOC Aviation Ltd.(a)(b)		858,020		6,653,777
China Yongda Automobiles Services Holdings Ltd.		1,743,200		1,238,380
CIMC Enric Holdings Ltd.		6,740,000		6,522,378
PAX Global Technology Ltd.		3,271,300		2,747,026
Xinyi Glass Holdings Ltd.		2,112,900		3,779,764
				43,039,174

	Shares		Value (Note 2)
India - 10.42%
ICICI Bank Ltd. - Sponsored ADR		438,180	$	9,455,924
NHPC Ltd.		15,670,000		7,687,378
Oil and Natural Gas Corp. Ltd.		2,478,000		4,566,781
Power Grid Corp. of India Ltd.		3,048,000		8,391,394
PowerGrid Infrastructure Investment Trust(a)(b)		4,227,600		6,302,626
RITES Ltd.		982,023		4,251,282
				40,655,385
Indonesia - 3.74%
Bank Rakyat Indonesia Persero Tbk PT		29,008,744		9,191,502
Telkom Indonesia Persero Tbk PT		19,919,000		5,408,866
				14,600,368
Jersey - 0.95%
Glencore PLC		646,000		3,717,205
Kazakhstan - 2.54%
Kaspi.kz Joint Stock Co. - GDR		131,184		9,904,392
Mexico - 11.52%
Arca Continental, SAB de C.V.		1,375,329		12,469,548
Banco del Bajio SA(a)(b)		1,874,622		6,819,172
Grupo Mexico, SAB de C.V.		960,176		4,541,920
TF Administradora Industrial S de RL de CV		4,700,971		8,661,056
Prologis Property Mexico, SA de C.V.		3,461,327		12,466,156
				44,957,852
Panama - 1.72%
Copa Holdings, SA(c)		72,765		6,719,848
Russia - 0.00%
Globaltrans Investment PLC - Sponsored GDR(b)(c)(d)		25,467		–
South Africa - 1.98%
Anglo American PLC		207,675		6,907,547
Mondi PLC		14,950		237,081
Sasol Ltd.		43,073		582,073
				7,726,701

See Notes to Schedules of Investments

10 

Cullen Emerging Markets High Dividend Fund

SCHEDULES OF INVESTMENTS

March 31, 2023 (Continued)

	Shares		Value (Note 2)
South Korea - 4.57%
Macquarie Korea Infrastructure Fund	852,777		$	8,201,988
Samsung Electronics Co. Ltd.	189,479		9,369,919
SK Telecom Co. Ltd.	6,784		251,701
			17,823,608
Taiwan - 15.23%
Ase Technology Holding Co. Ltd.	2,793,728		10,367,701
MediaTek, Inc.	351,969		9,125,192
Quanta Computer, Inc.	5		15
SINBON Electronics Co. Ltd.	349,000		3,927,886
Sunonwealth Electric Machine Industry Co. Ltd.	481,900		831,507
Taiwan Semiconductor Manufacturing Co. Ltd. - Sponsored ADR	175,058		16,283,895
Unimicron Technology Corp.	2,002,000		9,764,295
Wiwynn Corp.	245,723		9,116,675
			59,417,166
Thailand - 1.26%
Thai Beverage Public Co. Ltd.		10,400,000		4,931,208
United Kingdom - 1.51%
Airtel Africa PLC(a)(b)		4,500,900		5,904,677
Vietnam - 2.72%
Gemadept Corp.		2,984,700		6,562,624
Ho Chi minh City Securities Corp.		3,687,000		4,029,546
				10,592,170
TOTAL COMMON STOCKS
(Cost $310,364,531)				367,597,534
PARTICIPATORY NOTES - 3.37%
China - 3.37%
Midea Group Co. Ltd.		1,679,211		13,149,057
TOTAL PARTICIPATORY NOTES
(Cost $13,996,027)				13,149,057

	Shares		Value (Note 2)
PREFERRED STOCKS - 0.09%
Brazil - 0.09%
Itau Unibanco Holding SA		74,669	$	366,093
TOTAL PREFERRED STOCKS
(Cost $357,788)				366,093
TOTAL INVESTMENTS - 97.68%
(Cost $324,718,346)			$	381,112,684
Other Assets In Excess of Liabilities - 2.32%				9,047,335
NET ASSETS - 100.00%			$	390,160,019

^(a)  All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of March 31, 2023, these securities had an aggregate value of $31,964,368 or 8.19% of net assets.

^(b)  Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of March 31, 2023, the aggregate market value of these securities was $31,964,368, representing 8.19% of net assets.

^(c)  Non-income producing security.

^(d)  As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

Sector Diversification	% of Net Assets			Value (Note 2)
COMMON STOCKS
Technology		20.66	%		$  80,606,996
Financials		18.64			72,676,333
Materials		9.27			36,235,991
Real Estate		8.13			31,711,155
Consumer Staples		7.76			30,248,439
Communications		7.68			29,948,425
Utilities		6.87			26,803,360
Consumer Discretionary		6.43			25,091,317
Industrials		4.70			18,365,261
Energy		3.71			14,468,415
Health Care		0.37			1,441,842
TOTAL COMMON STOCKS		94.22	%		367,597,534

See Notes to Schedules of Investments

11 

Cullen Emerging Markets High Dividend Fund

SCHEDULES OF INVESTMENTS

March 31, 2023 (Continued)

Sector Diversification	% of Net Assets			Value (Note 2)
PARTICIPATORY NOTES
Consumer Discretionary		3.37	%		$13,149,057
TOTAL PARTICIPATORY NOTES		3.37	%		13,149,057
PREFERRED STOCKS
Financials		0.09			366,093
TOTAL PREFERRED STOCKS		0.09	%		366,093
TOTAL INVESTMENTS		97.68			381,112,684
Other Assets In Excess of Liabilities		2.32			9,047,335
NET ASSETS		100.00	%		$390,160,019

Percentages are stated as a percent of net assets.

See Notes to Schedules of Investments

12 

Cullen Enhanced Equity Income Fund

SCHEDULES OF INVESTMENTS 

March 31, 2023

	Shares		Value (Note 2)
COMMON STOCKS - 94.19%
Banking - 7.22%
Citigroup, Inc.		104,578	$	4,903,662
JPMorgan Chase & Co.		44,670		5,820,948
Truist Financial Corp.		146,809		5,006,187
				15,730,797
Consumer Staple Products - 11.30%
Altria Group, Inc.		113,750		5,075,525
Conagra Brands, Inc.(a)		200,380		7,526,273
Philip Morris International, Inc.		58,486		5,687,763
Unilever PLC - Sponsored ADR(a)		122,135		6,342,471
				24,632,032
Financial Services - 2.57%
Morgan Stanley(a)		63,873		5,608,049
Health Care - 16.58%
Bristol-Myers Squibb Co.		105,801		7,333,067
Johnson & Johnson		41,457		6,425,835
Medtronic PLC(a)		102,700		8,279,674
Merck & Co., Inc.		67,518		7,183,240
Novartis AG - Sponsored ADR(a)		75,180		6,916,560
				36,138,376
Industrial Products - 6.88%
Johnson Controls International PLC		40,086		2,413,979
Raytheon Technologies Corp.		62,655		6,135,804
Siemens AG - Sponsored ADR		79,740		6,454,953
				15,004,736
Insurance - 2.30%
Allstate Corp.		45,270		5,016,369
Materials - 4.71%
Dow, Inc.(a)		114,053		6,252,385
Rio Tinto PLC - Sponsored ADR		58,445		4,009,327
				10,261,712
Media - 2.50%
Comcast Corp., Class A		143,581		5,443,156

	Shares		Value  (Note 2)
Oil & Gas - 9.99%
Chevron Corp.		45,120	$	7,361,779
EOG Resources, Inc.		71,331		8,176,673
Exxon Mobil Corp.		56,830		6,231,978
				21,770,430
Real Estate - 6.45%
Healthpeak Properties, Inc.		268,664		5,902,548
VICI Properties, Inc.		250,035		8,156,142
				14,058,690
Retail & Wholesale - Discretionary - 1.89%
Genuine Parts Co.		24,667		4,127,036
Tech Hardware & Semiconductors - 7.31%
Cisco Systems, Inc.		114,312		5,975,660
Intel Corp.(a)		164,271		5,366,734
Qualcomm, Incorporated		35,949		4,586,373
				15,928,767
Telecommunications - 6.86%
BCE, Inc.(a)		142,760		6,394,220
Verizon Communications, Inc.		220,000		8,555,800
				14,950,020
Utilities - 7.63%
Duke Energy Corp.		82,048		7,915,171
PPL Corp.		313,823		8,721,141
				16,636,312
TOTAL COMMON STOCKS
(Cost $204,463,574)				205,306,482
TOTAL INVESTMENTS - 94.19%
(Cost $204,463,574)			$	205,306,482
Other Assets In Excess of Liabilities - 5.81%				12,652,953
NET ASSETS - 100.00%			$	217,959,435

^(a) Pledged security; a portion or all of the security is pledged as collateral for written options as of March 31, 2023.

ADR - American Depositary Receipt

See Notes to Schedules of Investments

13 

Cullen Enhanced Equity Income Fund

SCHEDULES OF INVESTMENTS 

March 31, 2023 (Continued)

Schedule of Call Options Written	Notional Amount			Number of Contracts			Value
WRITTEN OPTIONS - (0.86%)
BCE, Inc., Expires April, 2023, Exercise Price $45.00	$	(6,391,533	)		(1,427	)	$	(99,890	)
Citigoup, Inc., Expires April, 2023, Exercise Price $49.00		(2,452,347	)		(523	)		(30,334	)
Conagra Brands, Inc., Expires April, 2023, Exercise Price $37.00		(3,763,512	)		(1,002	)		(119,238	)
Dow, Inc., Expires April, 2023, Exercise Price $55.00		(3,130,222	)		(571	)		(69,662	)
Intel Corp., Expires April, 2023, Exercise Price $27.50		(5,364,414	)		(1,642	)		(894,890	)
Medtronic PLC, Expires April, 2023, Exercise Price $84.00		(8,279,674	)		(1,027	)		(34,918	)
Morgan Stanley, Expires April, 2023, Exercise Price $95.00		(2,809,600	)		(320	)		(10,240	)
Novartis AG, Expires April, 2023, Exercise Price $85.00		(6,909,200	)		(751	)		(551,985	)
Unilever PLC, Expires April, 2023, Exercise Price $52.50		(6,340,653	)		(1,221	)		(54,945	)
TOTAL WRITTEN OPTIONS
(Premiums received $579,716)								(1,866,102	)

Sector Diversification	% of Net Assets			Value  (Note 2)
COMMON STOCKS
Health Care		16.58	%	$	36,138,376
Financials		12.09			26,355,215
Consumer Staples		11.30			24,632,032
Energy		9.99			21,770,430
Communications		9.36			20,393,176
Utilities		7.63			16,636,312
Technology		7.31			15,928,767
Industrials		6.88			15,004,736
Real Estate		6.45			14,058,690
Materials		4.71			10,261,712
Consumer Discretionary		1.89			4,127,036
TOTAL COMMON STOCKS		94.19	%		205,306,482
TOTAL INVESTMENTS		94.19			205,306,482
Other Assets In Excess of Liabilities		5.81			12,652,953
NET ASSETS		100.00	%	$	217,959,435

Sector Diversification	% of Net Assets			Value (Note 2)
WRITTEN OPTIONS
Financials		(0.01	)%	$	(40,574	)
Materials		(0.03	)		(69,662	)
Communications		(0.05	)		(99,890	)
Consumer Staples		(0.09	)		(174,183	)
Health Care		(0.27	)		(586,903	)
Technology		(0.41	)		(894,890	)
TOTAL WRITTEN OPTIONS		(0.86	)		(1,866,102	)

Percentages are stated as a percent of net assets.

See Notes to Schedules of Investments

14 

Cullen Funds

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2023

NOTE 1 - 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.

NOTE 2 - 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. 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 Committee of the Funds’ Board of Trustees under supervision of the full Board. 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 Committee of the Funds’ Board of Trustees under supervision of the Board, which may include a Black-Scholes model, the Cox- Rubenstein Binomial Option Pricing Model, or other appropriate option pricing model deemed appropriate. As of March 31, 2023, all written option contracts held are exchange-traded.

Participatory Notes/Warrants – The Funds may gain exposure to securities in certain foreign markets through investments in participatory notes (“P-notes”). The Funds may purchase P-notes pending ability to invest directly in a foreign market due to restrictions applicable to foreign investors or other market factors. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying security. P-notes involve transaction costs, which may be higher than those applicable to the equity securities. An investment in a P-note 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 P-note’s performance may differ from that of the underlying security. The holder of the P-note 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 a P-note or that the trading price of a P-note will equal the value of the underlying security. P-notes 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.

15 

Cullen Funds

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2023 (Continued)

The following is a summary of the inputs used as of March 31, 2023 in valuing each Fund’s assets carried at fair value:

Investments in Securities at Value(a)	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen International High Dividend Fund
Common Stocks	$	37,509,130	$	175,021,959	$	–	$	212,531,089
Preferred Stocks		–		5,153,470		–		5,153,470
Total	$	37,509,130	$	180,175,429	$	–	$	217,684,559

Investments in Securities at Value(a)	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen High Dividend Equity Fund
Common Stocks	$	941,140,975	$	–	$	–	$	941,140,975
Total	$	941,140,975	$	–	$	–	$	941,140,975

Investments in Securities at Value(a)	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Small Cap Value Fund
Common Stocks	$	9,822,453	$	–	$	–	$	9,822,453
Total	$	9,822,453	$	–	$	–	$	9,822,453

Investments in Securities at Value(a)	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Value Fund
Common Stocks	$	22,066,503	$	–	$	–	$	22,066,503
Total	$	22,066,503	$	–	$	–	$	22,066,503

Investments in Securities at Value(a)	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Emerging Markets High Dividend Fund
Common Stocks	$	119,917,422	$	247,680,112	$	–	$	367,597,534
Participatory Notes		–		13,149,057		–		13,149,057
Preferred Stocks		366,093		–		–		366,093
Total	$	120,283,515	$	260,829,169	$	–	$	381,112,684

Investments in Securities at Value(a)	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Cullen Enhanced Equity Income Fund
Common Stocks	$	205,306,482		$	–	$	–	$	205,306,482
Total	$	205,306,482		$	–	$	–	$	205,306,482
Other Financial Instruments(b)
Written Options	$	(1,866,102	)	$	–	$	–	$	(1,866,102	)
Total	$	(1,866,102	)	$	–	$	–	$	(1,866,102	)

^(a) For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.

^(b) Other financial instruments are derivative instruments reflected in the Schedule of Investments.

NOTE 3 - FOREIGN INVESTMENT RISK

The Trust invests in securities traded on exchanges outside the United States. Further, each Fund invests 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.

16