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.
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