# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001752724-25-210564
**Filing Date:** 2025-8
**Character Count:** 16352
**Document Hash:** 7ade95bb9df5a4ebaa72068e9d579fa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210564.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210564

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 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:** 251269040

**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           |

## 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:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $666788533.14

**Total Liabilities:** $563940.14

**Net Assets:** $666224593.00

**Cash Not Reported:** $24484750.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018479 | -3.17%               | 3.17%                | 3.10%                |
| Class ID C000018480 | -3.07%               | 3.24%                | 3.24%                |
| Class ID C000018478 | -3.10%               | 3.22%                | 3.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5744371.36              | $-27342670.59                              |
| Month 2  | $0.00                    | $19107472.29                               |
| Month 3  | $-11208316.24            | $30238181.60                               |

### 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: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    269129 | NS      | $18682935.18  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co             | JPMorgan Chase & Co             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     70190 | NS      | $20348782.90  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                  | Lowe's Cos Inc                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     69701 | NS      | $15464560.87  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                | Duke Energy Corp                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    161021 | NS      | $19000478.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                | Genuine Parts Co                | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |    116958 | NS      | $14188174.98  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                    | Broadcom Inc                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     72239 | NS      | $19912680.35  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                     | Target Corp                     | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |    109383 | NS      | $10790632.95  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                  | Microsoft Corp                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     35305 | NS      | $17561060.05  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                        | AT&T Inc                        | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    719517 | NS      | $20822821.98  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                    | Unilever PLC                    | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    315373 | NS      | $19291366.41  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                     | Novartis AG                     | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    153068 | NS      | $18522758.68  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                      | Siemens AG                      | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    153211 | NS      | $19744301.57  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                   | Medtronic PLC                   | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    202811 | NS      | $17679034.87  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                      | Diageo PLC                      | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     81100 | NS      | $8178124.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                  | Morgan Stanley                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    137945 | NS      | $19430932.70  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                       | Chubb Ltd                       | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     68536 | NS      | $19856249.92  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                | Exxon Mobil Corp                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    149989 | NS      | $16168814.20  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                   | Citigroup Inc                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    210827 | NS      | $17945594.24  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sector SPDR F  | Financial Select Sector SPDR F  | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | RF                | US        |    174950 | NS      | $9162131.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The           | Travelers Cos Inc/The           | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     72342 | NS      | $19354378.68  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select   | Communication Services Select   | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | RF                | US        |    188950 | NS      | $20506743.50  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Select Sector SPDR   | Industrial Select Sector SPDR   | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             | EC               | RF                | US        |     53120 | NS      | $7836262.40   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Sector SPDR   | Technology Select Sector SPDR   | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | RF                | US        |     27100 | NS      | $6862533.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sector SPDR F  | Materials Select Sector SPDR F  | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Long             | EC               | RF                | US        |     40660 | NS      | $3570354.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                  | ConocoPhillips                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    171086 | NS      | $15353257.64  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                      | Kenvue Inc                      | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    456083 | NS      | $9545817.19   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                | Crown Castle International Corp | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    133262 | NS      | $13690005.26  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                         | Dow Inc                         | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    209824 | NS      | $5556139.52   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc/Delaware      | Cisco Systems Inc/Delaware      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    304922 | NS      | $21155488.36  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                    | Chevron Corp                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86656 | NS      | $12408272.64  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR  | Health Care Select Sector SPDR  | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |    136600 | NS      | $18412314.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International  | Johnson Controls International  | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |    176150 | NS      | $18604963.00  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                | Altria Group Inc                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    208255 | NS      | $12209990.65  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson               | Johnson & Johnson               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    134141 | NS      | $20490037.75  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc | Philip Morris International Inc | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    114023 | NS      | $20767008.99  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                  | Merck & Co Inc                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    164632 | NS      | $13032269.12  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp            | Bank of America Corp            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    406750 | NS      | $19247410.00  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp           | General Dynamics Corp           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     63045 | NS      | $18387704.70  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                        | Raytheon Technologies Corp      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    163169 | NS      | $23825937.38  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc             | VICI Properties Inc             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    483838 | NS      | $15773118.80  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** CULLEN FUNDS TRUST

**Signature:** Stephen ONeil

**Name of Signer:** Stephen ONeil

**Title:** Treasurer