# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001752724-23-043655
**Filing Date:** 2023-2
**Character Count:** 23727
**Document Hash:** 32934c78cfb509f61b05a0018ffc39bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043655.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043655

**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:** 23676038

**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 Emerging Markets High Dividend Fund (Series ID: S000038162)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117696 | Class C      | CEMGX           |
| C000117697 | Class I      | CEMFX           |
| C000117698 | Retail Class | CEMDX           |

## 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 Emerging Markets High Dividend Fund

- **b. EDGAR series identifier (if any):** S000038162

- **c. LEI of Series:** 54930056PEAHD8XRSC03

**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:** $313023794.17

**Total Liabilities:** $366248.77

**Net Assets:** $312657545.40

**Cash Not Reported:** $16872997.70

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000117696 | 1.03%                | 11.55%               | -1.84%               |
| Class ID C000117698 | 1.13%                | 11.59%               | -1.73%               |
| Class ID C000117697 | 1.23%                | 11.60%               | -1.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3835998.91             | $6958267.05                                |
| Month 2  | $-5300396.18             | $36737574.14                               |
| Month 3  | $-2831386.10             | $-3005173.69                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Globaltrans Investment PLC                     | Globaltrans Investment PLC                     | CUSIP: 37949E204<br>LEI: 213800D6EVVEJJW3MD09 | Long             | EC               | CORP              | RU        |     25467 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vale SA                                        | Vale SA                                        | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    394445 | NS      | $6682706.50   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Integrated Diagnostics Holding                 | Integrated Diagnostics Holding                 | CUSIP: N/A<br>LEI: 2138007JN9NUWKKTS790       | Long             | EC               | CORP              | EG        |   3353550 | NS      | $2145547.63   | 0.69%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    168450 | NS      | $7393816.85   | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Grid Corp of India Ltd                   | Power Grid Corp of India Ltd                   | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | NUSS              | IN        |   3063000 | NS      | $7897044.67   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Longfor Group Holdings Ltd                     | Longfor Group Holdings Ltd                     | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | EC               | CORP              | KY        |   1518000 | NS      | $4671142.59   | 1.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kaspi.KZ JSC                                   | Kaspi.KZ JSC                                   | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    126184 | NS      | $9022156.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                 | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    365820 | NS      | $8007799.80   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                   | MediaTek Inc                                   | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    186969 | NS      | $3780314.74   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Korea Infrastructure                 | Macquarie Korea Infrastructure                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    868274 | NS      | $7617767.70   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Vina Concha y Toro SA                          | Vina Concha y Toro SA                          | CUSIP: N/A<br>LEI: 5493008GQ74NEYBVB518       | Long             | EC               | CORP              | CL        |   2916003 | NS      | $3678306.17   | 1.18%             |  |  |  | No            |                  1 | 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      |
| Petroleo Brasileiro SA                         | Petroleo Brasileiro SA                         | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    313206 | NS      | $1660827.65   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| OPAP SA                                        | OPAP SA                                        | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               | CORP              | GR        |    725730 | NS      | $10267415.09  | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                      | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1044500 | NS      | $11461208.06  | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia Persero Tbk                   | Telkom Indonesia Persero Tbk                   | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |  19919000 | NS      | $4796738.63   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                         | Grupo Mexico SAB de CV                         | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |   1087286 | NS      | $3833246.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni Banka AS                              | Komercni Banka AS                              | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               | CORP              | CZ        |       822 | NS      | $23754.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| China Yongda Automobiles Services Hlds Ltd     | China Yongda Automobiles Services Hlds Ltd     | CUSIP: N/A<br>LEI: 529900G4APWIO18G0C95       | Long             | EC               | CORP              | HK        |   2232400 | NS      | $1651437.45   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Property Mexico SA de CV              | Prologis Property Mexico SA de CV              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   3815634 | NS      | $10873279.25  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gemadept Corp                                  | Gemadept Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |   2475000 | NS      | $4763162.12   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| PAX Global Technology Ltd                      | PAX Global Technology Ltd                      | CUSIP: N/A<br>LEI: 5299008CRGPD1WZXCD36       | Long             | EC               | CORP              | HK        |   4849300 | NS      | $4174059.77   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental SAB de CV                     | Arca Continental SAB de CV                     | CUSIP: N/A<br>LEI: 254900U2BSJCQHJCXN24       | Long             | EC               | CORP              | MX        |   1185329 | NS      | $9613291.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                 | Shinhan Financial Group Co Ltd                 | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     10600 | NS      | $295098.59    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | ZA        |    205185 | NS      | $8035061.32   | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL                              | Thai Beverage PCL                              | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | TH        |  10430000 | NS      | $5332865.07   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Ho Chi Minh City Securities Co                 | Ho Chi Minh City Securities Co                 | CUSIP: N/A<br>LEI: 213800SAZX6COB8ML838       | Long             | EC               | CORP              | VN        |   3687000 | NS      | $3122415.28   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                  | AIA Group Ltd                                  | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    956024 | NS      | $10557747.41  | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                       | Itau Unibanco Holding SA                       | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |     74669 | NS      | $353643.83    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                   | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | NUSS              | CN        |   7325300 | NS      | $4581166.20   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| P-Note Huayu Automotive Systems Co Ltd         | P-Note Huayu Automotive Systems Co Ltd         | CUSIP: N/A<br>LEI: 3003001J2BNVV78BOT83       | Long             | EC               | CORP              | CN        |     47981 | NS      | $119612.57    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunonwealth Electric Machine Industrial Co Ltd | Sunonwealth Electric Machine Industrial Co Ltd | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    877200 | NS      | $1215154.65   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nine Dragons Paper Holdings Ltd                | Nine Dragons Paper Holdings Ltd                | CUSIP: N/A<br>LEI: 529900TBMYEYJ2LEV906       | Long             | EC               | CORP              | HK        |         1 | NS      | $0.91         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinbon Electronics Co Ltd                      | Sinbon Electronics Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    349000 | NS      | $3117637.91   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtel Africa PLC                              | Airtel Africa PLC                              | CUSIP: N/A<br>LEI: 254900ZNZDQL6OWQH623       | Long             | EC               | CORP              | GB        |   4345900 | NS      | $5856126.00   | 1.87%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                           | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    309200 | NS      | $13110192.50  | 4.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco del Bajio SA                             | Banco del Bajio SA                             | CUSIP: N/A<br>LEI: 4469000001BD95FFLY16       | Long             | EC               | CORP              | MX        |   2087391 | NS      | $6575016.53   | 2.10%             |  |  |  | Yes           |                  1 | On Loan: No      |
| P-Note Midea Group Co Ltd                      | P-Note Midea Group Co Ltd                      | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |   1413298 | NS      | $10531069.58  | 3.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Hellenic Telecommunications Org                | Hellenic Telecommunications Org                | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               | CORP              | GR        |    217730 | NS      | $3400737.31   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                    | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    477000 | NS      | $2639649.66   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Xinyi Glass Holdings Ltd                       | Xinyi Glass Holdings Ltd                       | CUSIP: N/A<br>LEI: 52990082YXVVZFK1QJ17       | Long             | EC               | CORP              | HK        |   1932900 | NS      | $3571178.14   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Oil & Natural Gas Corp Ltd                     | Oil & Natural Gas Corp Ltd                     | CUSIP: N/A<br>LEI: 335800FPDZ9MRSNO7N41       | Long             | EC               | CORP              | IN        |   2478000 | NS      | $4411028.52   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| PowerGrid Infrastructure Investment Trust      | PowerGrid Infrastructure Investment Trust      | CUSIP: N/A<br>LEI: 9845009A2D48E91BWC54       | Long             | EC               | CORP              | IN        |   4187600 | NS      | $6447172.88   | 2.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CIMC Enric Holdings Ltd                        | CIMC Enric Holdings Ltd                        | CUSIP: N/A<br>LEI: 254900RKJGCDZN5ZOB09       | Long             | EC               | CORP              | HK        |   6787000 | NS      | $6831565.54   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                      | Mondi PLC                                      | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | ZA        |     14950 | NS      | $255688.66    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                      | Zijin Mining Group Co Ltd                      | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   3223000 | NS      | $4331686.89   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Aviation Ltd                               | BOC Aviation Ltd                               | CUSIP: N/A<br>LEI: 254900H06V5RMEB3KE72       | Long             | EC               | CORP              | HK        |    828020 | NS      | $6897903.01   | 2.21%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NHPC Ltd                                       | NHPC Ltd                                       | CUSIP: N/A<br>LEI: 3358003ZPPTGWT595J46       | Long             | EC               | CORP              | IN        |  11930000 | NS      | $5727000.90   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd                              | SK Telecom Co Ltd                              | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |      7712 | NS      | $289306.83    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | Taiwan Semiconductor Manufacturing Co Ltd ADR  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    117123 | NS      | $8724492.27   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero                  | Bank Rakyat Indonesia Persero                  | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | NUSS              | ID        |  26508744 | NS      | $8404604.26   | 2.69%             |  |  |  | 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        |   1044828 | NS      | $3174583.97   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sasol Ltd                                      | Sasol Ltd                                      | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |     43073 | NS      | $687386.28    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SLC Agricola SA                                | SLC Agricola SA                                | CUSIP: N/A<br>LEI: 54930017BQDYJPIJXG79       | Long             | EC               | CORP              | BR        |    854654 | NS      | $7579984.64   | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurobank Ergasias Services and Holdings        | Eurobank Ergasias Services and Holdings        | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | EC               | CORP              | GR        |   5209110 | NS      | $5867315.02   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp                                    | Wiwynn Corp                                    | CUSIP: N/A<br>LEI: 254900FV2R15PMKXFL69       | Long             | EC               | CORP              | TW        |    212723 | NS      | $5502170.30   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| PLA Administradora Industrial                  | PLA Administradora Industrial                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   4520971 | NS      | $6477587.58   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mytilineos SA                                  | Mytilineos SA                                  | CUSIP: N/A<br>LEI: 213800KT8MEUJEJ2KW41       | Long             | EC               | CORP              | GR        |    284590 | NS      | $6182885.38   | 1.98%             |  |  |  | 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