# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001752724-23-043653
**Filing Date:** 2023-2
**Character Count:** 16733
**Document Hash:** 3fcf81187d5cbed02c4882e76ea03bd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043653.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043653

**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:** 23676042

**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 Small Cap Value Fund (Series ID: S000026472)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079419 | Retail Class | CUSRX           |
| C000079420 | Class I      | CUSIX           |
| C000079421 | Class C      | CUSCX           |

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000026472

- **c. LEI of Series:** 54930037NJ2DLWHPE647

**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:** $13022541.24

**Total Liabilities:** $6254.49

**Net Assets:** $13016286.75

**Cash Not Reported:** $326286.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000079419 | 12.79%               | 3.76%                | -4.56%               |
| Class ID C000079421 | 12.62%               | 3.79%                | -4.68%               |
| Class ID C000079420 | 12.81%               | 3.83%                | -4.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $63916.69                | $1367835.97                                |
| Month 2  | $113726.23               | $353040.85                                 |
| Month 3  | $-238961.80              | $-424504.92                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vector Group Ltd                     | Vector Group Ltd                     | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |     46190 | NS      | $547813.40    | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                           | Cabot Corp                           | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      1610 | NS      | $107612.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                     | HF Sinclair Corp                     | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4150 | NS      | $215343.50    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                             | BGSF Inc                             | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     36720 | NS      | $562550.40    | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp       | Great Lakes Dredge & Dock Corp       | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     75480 | NS      | $449106.00    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                         | Carter's Inc                         | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      3000 | NS      | $223830.00    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                        | Timken Co/The                        | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      3280 | NS      | $231797.60    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc        | Barrett Business Services Inc        | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |       960 | NS      | $89548.80     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp Class A         | Sitio Royalties Corp Class A         | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10560 | NS      | $304643.31    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                    | Ralph Lauren Corp                    | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      2220 | NS      | $234587.40    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp                   | Varex Imaging Corp                   | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |     21620 | NS      | $438886.00    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                     | Haemonetics Corp                     | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      6370 | NS      | $501000.50    | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                   | First Horizon Corp                   | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     20090 | NS      | $492205.00    | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                     | Copa Holdings SA                     | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      4290 | NS      | $356799.30    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc            | Emergent BioSolutions Inc            | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     19230 | NS      | $227106.30    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc              | ANI Pharmaceuticals Inc              | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |     12500 | NS      | $502875.00    | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                    | RLJ Lodging Trust                    | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11340 | NS      | $120090.60    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                        | Huntsman Corp                        | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     10950 | NS      | $300906.00    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                         | Denny's Corp                         | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |     38779 | NS      | $357154.59    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co               | Columbia Sportswear Co               | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |      1730 | NS      | $151513.40    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                          | Unisys Corp                          | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |    114590 | NS      | $585554.90    | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc            | Host Hotels & Resorts Inc            | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      6490 | NS      | $104164.50    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                       | Ameris Bancorp                       | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      8320 | NS      | $392204.80    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc          | Standard Motor Products Inc          | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     10600 | NS      | $368880.00    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ruth's Hospitality Group Inc         | Ruth's Hospitality Group Inc         | CUSIP: 783332109<br>LEI: 529900JQW9JP41OHOD14 | Long             | EC               | CORP              | US        |      4690 | NS      | $72601.20     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                | Helmerich & Payne Inc                | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      6866 | NS      | $340347.62    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp          | Simmons First National Corp          | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     16900 | NS      | $364702.00    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                | Civitas Resources Inc                | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      5100 | NS      | $295443.00    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc CL A | First Interstate BancSystem Inc CL A | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     13620 | NS      | $526413.00    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Comtech Telecommunications Corp      | Comtech Telecommunications Corp      | CUSIP: 205826209<br>LEI: 529900FTEZ8MGM0Y8F73 | Long             | EC               | CORP              | US        |     12187 | NS      | $147950.18    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                   | Coterra Energy Inc                   | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     11630 | NS      | $285749.10    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc                     | Under Armour Inc                     | CUSIP: 904311206<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     49584 | NS      | $442289.28    | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                            | Spire Inc                            | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |      6780 | NS      | $466870.80    | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services        | Enterprise Financial Services        | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |      7010 | NS      | $343209.60    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                        | Steelcase Inc                        | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |      3106 | NS      | $21959.42     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc                  | MKS Instruments Inc                  | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       857 | NS      | $72613.61     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc          | Mayville Engineering Co Inc          | CUSIP: 578605107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15590 | NS      | $197369.40    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Financial Corp               | Premier Financial Corp               | CUSIP: 74052F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12600 | NS      | $339822.00    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings Inc CL A | Spirit AeroSystems Holdings Inc CL A | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17700 | NS      | $523920.00    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                      | SouthState Corp                      | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      3870 | NS      | $295513.18    | 2.27%             |  |  |  | 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