# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001752724-23-043654
**Filing Date:** 2023-2
**Character Count:** 17245
**Document Hash:** b2467863332179a74bfc60fc3c94213b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043654.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043654

**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:** 23676037

**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 High Dividend Equity Fund (Series ID: S000006835)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018478 | Retail Class | CHDEX           |
| C000018479 | Class C      | CHVCX           |
| C000018480 | Class I      | CHDVX           |
| C000076265 | Class R1     | CHDRX           |
| C000076266 | Class R2     | CHDPX           |

## 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 High Dividend Equity Fund

- **b. EDGAR series identifier (if any):** S000006835

- **c. LEI of Series:** 549300RR98332922DP57

**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:** $1001036755.71

**Total Liabilities:** $750336.90

**Net Assets:** $1000286418.81

**Cash Not Reported:** $10528060.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018479 | 10.86%               | 6.51%                | -2.80%               |
| Class ID C000076265 | 10.93%               | 6.51%                | -2.77%               |
| Class ID C000018480 | 11.01%               | 6.53%                | -2.72%               |
| Class ID C000076266 | 10.97%               | 6.55%                | -2.76%               |
| Class ID C000018478 | 10.93%               | 6.58%                | -2.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14517032.90            | $115609378.05                              |
| Month 2  | $9629223.36              | $54849632.44                               |
| Month 3  | $30044526.18             | $-62160345.06                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NextEra Energy Inc              | NextEra Energy Inc              | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    323205 | NS      | $27019938.00  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co             | JPMorgan Chase & Co             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    215170 | NS      | $28854297.00  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                  | Lowe's Cos Inc                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    131961 | NS      | $26291909.64  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                | Duke Energy Corp                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    276400 | NS      | $28466436.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                | Genuine Parts Co                | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |    144175 | NS      | $25015804.25  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc           | Boston Properties Inc           | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |    117300 | NS      | $7927134.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                    | Broadcom Inc                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     51235 | NS      | $28647025.55  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                     | Target Corp                     | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |    134717 | NS      | $20078221.68  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                  | Microsoft Corp                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     58470 | NS      | $14022275.40  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                        | AT&T Inc                        | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    858974 | NS      | $15813711.34  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                    | Unilever PLC                    | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    521145 | NS      | $26239650.75  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                     | Novartis AG                     | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    309620 | NS      | $28088726.40  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                      | Siemens AG                      | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    244500 | NS      | $16819155.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                   | Medtronic PLC                   | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    290000 | NS      | $22538800.00  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp             | Kimberly-Clark Corp             | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    180754 | NS      | $24537355.50  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                      | Diageo PLC                      | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     83667 | NS      | $14908622.73  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                  | Morgan Stanley                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    301760 | NS      | $25655635.20  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                       | Chubb Ltd                       | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |    141260 | NS      | $31161956.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                | Exxon Mobil Corp                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    279915 | NS      | $30874624.50  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                   | Citigroup Inc                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    270600 | NS      | $12239238.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The           | Travelers Cos Inc/The           | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     82291 | NS      | $15428739.59  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                           | 3M Co                           | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |    149760 | NS      | $17959219.20  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE INC                         | BCE INC                         | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |    560643 | NS      | $24640259.85  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                  | ConocoPhillips                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    231000 | NS      | $27258000.00  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc       | United Parcel Service Inc       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    122022 | NS      | $21212304.48  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                         | Dow Inc                         | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    440500 | NS      | $22196795.00  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp           | Truist Financial Corp           | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    465741 | NS      | $20040835.23  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                      | Pfizer Inc                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    609153 | NS      | $31212999.72  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc/Delaware      | Cisco Systems Inc/Delaware      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    541600 | NS      | $25801824.00  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                      | Intel Corp                      | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    407279 | NS      | $10764383.97  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                    | Chevron Corp                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    167600 | NS      | $30082524.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc       | Healthpeak Properties Inc       | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    750000 | NS      | $18802500.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International  | Johnson Controls International  | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |    401162 | NS      | $25674368.00  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                | Altria Group Inc                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    415240 | NS      | $18980620.40  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson               | Johnson & Johnson               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    180265 | NS      | $31843812.25  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc | Philip Morris International Inc | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    295195 | NS      | $29876685.95  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                    | Comcast Corp                    | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    509550 | NS      | $17818963.50  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                  | Merck & Co Inc                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    285785 | NS      | $31707845.75  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp            | Bank of America Corp            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    733000 | NS      | $24276960.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp           | General Dynamics Corp           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |    103100 | NS      | $25580141.00  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp      | Raytheon Technologies Corp      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    342260 | NS      | $34540879.20  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc             | VICI Properties Inc             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    782478 | NS      | $25352287.20  | 2.53%             |  |  |  | No            |                  1 | 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