# EDGAR Filing Document

**Accession Number:** 0001109957
**File Stem:** 0001752724-25-210423
**Filing Date:** 2025-8
**Character Count:** 22464
**Document Hash:** 7d2ae9675b3f687128ec69bb0dd9d480
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210423.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210423

**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:** 251268937

**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           |

## 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:** 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:** $338139740.51

**Total Liabilities:** $371885.28

**Net Assets:** $337767855.23

**Cash Not Reported:** $2058233.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018483 | 3.13%                | 3.28%                | 2.33%                |
| Class ID C000018482 | 2.93%                | 3.19%                | 2.30%                |
| Class ID C000018481 | 3.00%                | 3.33%                | 2.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1621510.92              | $5732190.33                                |
| Month 2  | $363260.36               | $7458304.89                                |
| Month 3  | $969150.11               | $6079740.62                                |

### 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 SA         | Cie de Saint-Gobain                            | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |     78450 | NS      | $9207776.85   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNNY OPTICAL                  | Sunny Optical Technology Group                 | CUSIP: N/A<br>LEI: 3003004QIVP0DFVVWM94       | Long             | EC               | CORP              | KY        |      3800 | NS      | $33570.91     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA                         | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    818950 | NS      | $5124937.88   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA               | Pernod Ricard SA                               | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |      2210 | NS      | $220237.24    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                      | Nestle SA                                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     71137 | NS      | $7067527.52   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT INC.                       | NTT INC.                                       | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   6917698 | NS      | $7397836.83   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                             | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |    113787 | NS      | $1079171.48   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Corp of Canada           | Power Corp of Canada                           | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |    107153 | NS      | $4185399.72   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Corp              | Toyota Motor Corp                              | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |     94167 | NS      | $1630209.58   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group NV                    | NN Group NV                                    | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |    134580 | NS      | $8944204.59   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG      | Zurich Insurance Group AG                      | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |     11540 | NS      | $8066146.58   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                  | SoftBank Corp                                  | CUSIP: N/A<br>LEI: 353800M1YCTS9JRBJ535       | Long             | EC               | CORP              | JP        |   7200715 | NS      | $11150720.08  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                       | Volvo AB                                       | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     88226 | NS      | $2474942.17   | 0.73%             |  |  |  | No            |                  1 | 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        |    714431 | NS      | $6920627.93   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                     | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     12279 | NS      | $308104.27    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd           | Sonic Healthcare Ltd                           | CUSIP: N/A<br>LEI: 549300NQQ5L2NONWR862       | Long             | EC               | CORP              | AU        |     12124 | NS      | $213768.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                  | AIB Group PLC                                  | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |    707452 | NS      | $5820918.36   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     52209 | NS      | $13385425.01  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT       | CapitaLand Ascendas REIT                       | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |     72009 | NS      | $151776.74    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB       | Svenska Handelsbanken AB                       | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |    128048 | NS      | $1711430.16   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc            | Quanta Computer Inc                            | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |    813853 | NS      | $7647632.77   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                 | BNP Paribas SA                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    146524 | NS      | $13172713.51  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    149195 | NS      | $5442815.25   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Wimpey PLC              | Taylor Wimpey PLC                              | CUSIP: N/A<br>LEI: 21380089BTRXTD8S3R66       | Long             | EC               | CORP              | GB        |      1020 | NS      | $1662.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-                 | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     20320 | NS      | $13179169.07  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                           | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |     10340 | NS      | $446171.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    199992 | NS      | $7009822.27   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MS&AD Insurance Group Holdings | MS&AD Insurance Group Holdings                 | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    121673 | NS      | $2729098.23   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                               | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     61562 | NS      | $3779291.18   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc      | Tokio Marine Holdings Inc                      | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |    266425 | NS      | $11306018.37  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                    | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     36243 | NS      | $1192202.29   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                   | DNB Bank ASA                                   | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    200450 | NS      | $5540545.07   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                      | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   3530358 | NS      | $9017086.47   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit SpA                  | UniCredit SpA                                  | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |    225039 | NS      | $15086013.56  | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG         | Mercedes-Benz Group AG                         | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |      4625 | NS      | $270712.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                   | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |    239323 | NS      | $11327157.59  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                          | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |      6141 | NS      | $415153.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de | Prologis Property Mexico SA de CV              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   1358103 | NS      | $5120615.38   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                | UPM-Kymmene Oyj                                | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |      5161 | NS      | $140799.31    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Ltd                  | Rio Tinto Ltd                                  | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        |       818 | NS      | $57675.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    501066 | NS      | $12975086.60  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners                 | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     82063 | NS      | $7608881.36   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                     | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    169177 | NS      | $6204995.18   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                   | 3i Group PLC                                   | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |    149738 | NS      | $8468134.85   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi                                         | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     28543 | NS      | $2764091.30   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC              | National Grid PLC                              | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    756353 | NS      | $11020544.53  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     79883 | NS      | $2967865.22   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                   | Enbridge Inc                                   | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    195853 | NS      | $8881162.29   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                               | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      1010 | NS      | $328923.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     89820 | NS      | $10869118.20  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                   | Iberdrola SA                                   | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    627082 | NS      | $12032989.50  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co Ltd  | ASE Technology Holding Co Ltd                  | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |   1832954 | NS      | $9255125.12   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA        | Veolia Environnement SA                        | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |     68950 | NS      | $2456901.63   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                      | Tesco PLC                                      | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |   1138643 | NS      | $6272133.04   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd                       | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    242641 | NS      | $6869898.55   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                       | Enel SpA                                       | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   1302063 | NS      | $12356047.65  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                               | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |     67490 | NS      | $3117198.00   | 0.92%             |  |  |  | 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