# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001752724-23-043657
**Filing Date:** 2023-2
**Character Count:** 21474
**Document Hash:** 1f50d10a855a82d3feb5b2faa1417920
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043657.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043657

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001109957
- **IRS NUMBER:** 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:** 23676053

**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 International High Dividend Fund (Series ID: S000006836)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018481 | Retail Class | CIHDX           |
| C000018482 | Class C      | CIHCX           |
| C000018483 | Class I      | CIHIX           |
| C000076268 | Class R2     | CIHPX           |

## 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:** 2126441800

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

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

- **b. EDGAR series identifier (if any):** S000006836

- **c. LEI of Series:** 5493009XF4YG6B1C0283

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $209086461.62

**Total Liabilities:** $234080.15

**Net Assets:** $208852381.47

**Cash Not Reported:** $4575926.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018483 | 6.51%                | 10.31%               | -0.92%               |
| Class ID C000018482 | 6.50%                | 10.13%               | -0.94%               |
| Class ID C000076268 | 6.54%                | 10.22%               | -0.96%               |
| Class ID C000018481 | 6.59%                | 10.18%               | -0.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1423965.30             | $12288180.03                               |
| Month 2  | $-2747639.78             | $21746781.52                               |
| Month 3  | $-612817.83              | $-1664578.14                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cie de Saint-Gobain                            | Cie de Saint-Gobain                            | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |     69760 | NS      | $3412705.58   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd                             | Tokyo Electron Ltd                             | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     18590 | NS      | $5462276.04   | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                      | Nestle SA                                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     54756 | NS      | $6324834.56   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp              | Nippon Telegraph & Telephone C                 | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |    222398 | NS      | $6342459.85   | 3.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corp of Canada                           | Power Corp of Canada                           | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |    118084 | NS      | $2777677.55   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Corp                              | Toyota Motor Corp                              | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    225950 | NS      | $3082533.16   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                    | NN Group NV                                    | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |     38819 | NS      | $1587388.56   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                      | Zurich Insurance Group AG                      | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |     14218 | NS      | $6797303.64   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Corp                                  | SoftBank Corp                                  | CUSIP: N/A<br>LEI: 353800M1YCTS9JRBJ535       | Long             | EC               | CORP              | JP        |    157235 | NS      | $1778905.56   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Denka Co Ltd                                   | Denka Co Ltd                                   | CUSIP: N/A<br>LEI: 353800Y94EKQEH8MVD43       | Long             | EC               | CORP              | JP        |     79646 | NS      | $1820140.97   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                       | Volvo AB                                       | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     15085 | NS      | $272489.37    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Femsa SAB de CV                      | Coca-Cola Femsa SAB de CV                      | CUSIP: N/A<br>LEI: 5493008KEVFYPMGTXO33       | Long             | EC               | CORP              | MX        |    983770 | NS      | $6658426.36   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PLA Administradora Industrial                  | PLA Administradora Industrial                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   2538203 | NS      | $3636703.76   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                     | Diageo PLC                                     | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |      1395 | NS      | $61062.07     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                   | Unilever PLC                                   | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     51697 | NS      | $2602943.95   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd                           | Sonic Healthcare Ltd                           | CUSIP: N/A<br>LEI: 549300NQQ5L2NONWR862       | Long             | EC               | CORP              | AU        |     43593 | NS      | $887163.54    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     47940 | NS      | $6608568.08   | 3.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                       | CapitaLand Ascendas REIT                       | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |   2137725 | NS      | $4378212.10   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Xinyi Glass Holdings Ltd                       | Xinyi Glass Holdings Ltd                       | CUSIP: N/A<br>LEI: 52990082YXVVZFK1QJ17       | Long             | EC               | CORP              | HK        |   2115256 | NS      | $3908094.57   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                       | Svenska Handelsbanken AB                       | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |    485255 | NS      | $4885544.70   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Computer Inc                            | Quanta Computer Inc                            | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |         5 | NS      | $11.73        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas SA                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     26515 | NS      | $1509737.17   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    204861 | NS      | $4076019.66   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-                 | Muenchener Rueckversicherungs-                 | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     11793 | NS      | $3814676.80   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                        | Vale SA                                        | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    333200 | NS      | $5645090.71   | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |    227040 | NS      | $6400474.60   | 3.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Euroapi SASU                                   | Euroapi SASU                                   | CUSIP: N/A<br>LEI: 9695002FT7GGI3CKKJ14       | Long             | EC               | CORP              | FR        |      2340 | NS      | $34695.08     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies SE                               | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    106971 | NS      | $6640759.68   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc                      | Tokio Marine Holdings Inc                      | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |    303680 | NS      | $6487331.74   | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                   | DNB Bank ASA                                   | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    257325 | NS      | $5082201.21   | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| BCE INC                                        | BCE INC                                        | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |     62720 | NS      | $2756544.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Kappa Group PLC                        | Smurfit Kappa Group PLC                        | CUSIP: N/A<br>LEI: 635400CPLP8H5ITDVT56       | Long             | EC               | CORP              | IE        |     96948 | NS      | $3592914.01   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco PLC                   | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     87655 | NS      | $3504446.90   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                                | UPM-Kymmene Oyj                                | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |    163382 | NS      | $6113958.93   | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto Ltd                                  | Rio Tinto Ltd                                  | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        |     89272 | NS      | $7045856.01   | 3.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems PLC                                | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    705629 | NS      | $7288056.66   | 3.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |    133199 | NS      | $5337731.14   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                   | 3i Group PLC                                   | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |    332042 | NS      | $5354981.71   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                         | Sanofi                                         | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     52850 | NS      | $5096126.32   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Britvic PLC                                    | Britvic PLC                                    | CUSIP: N/A<br>LEI: 635400L3NVMYD4BVCI53       | Long             | EC               | CORP              | GB        |    248741 | NS      | $2317457.13   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN | COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     34706 | NS      | $966812.00    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG-REG                               | UBS GROUP AG-REG                               | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |    163770 | NS      | $3043866.25   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | Roche Holding AG                               | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     12430 | NS      | $3905972.82   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     83720 | NS      | $7595078.40   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                   | Iberdrola SA                                   | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    292921 | NS      | $3419401.39   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd                  | ASE Technology Holding Co Ltd                  | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |    910500 | NS      | $2766444.53   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement SA                        | Veolia Environnement SA                        | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |    112760 | NS      | $2897293.84   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                      | Tesco PLC                                      | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    171584 | NS      | $462398.71    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                       | United Overseas Bank Ltd                       | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    327800 | NS      | $7508535.80   | 3.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                       | Enel SpA                                       | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    308455 | NS      | $1658909.35   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                               | Deutsche Post AG                               | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    114130 | NS      | $4271490.47   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** CULLEN FUNDS TRUST

**Signature:** Brooks Cullen

**Name of Signer:** Brooks Cullen

**Title:** Vice President