0001398344-22-018295.txt : 20220908 0001398344-22-018295.hdr.sgml : 20220908 20220908172239 ACCESSION NUMBER: 0001398344-22-018295 CONFORMED SUBMISSION TYPE: NT-NCSR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220908 DATE AS OF CHANGE: 20220908 EFFECTIVENESS DATE: 20220908 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: NT-NCSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09871 FILM NUMBER: 221234540 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 0001109957 S000006835 Cullen High Dividend Equity Fund C000018478 Retail Class CHDEX C000018479 Class C CHVCX C000018480 Class I CHDVX C000076265 Class R1 CHDRX C000076266 Class R2 CHDPX 0001109957 S000006836 Cullen International High Dividend Fund C000018481 Retail Class CIHDX C000018482 Class C CIHCX C000018483 Class I CIHIX C000076267 Class R1 CIHRX C000076268 Class R2 CIHPX 0001109957 S000026472 Cullen Small Cap Value Fund C000079419 Retail Class CUSRX C000079420 Class I CUSIX C000079421 Class C CUSCX C000079422 Class R1 CUSSX C000079423 Class R2 CUSTX 0001109957 S000038162 Cullen Emerging Markets High Dividend Fund C000117696 Class C CEMGX C000117697 Class I CEMFX C000117698 Retail Class CEMDX 0001109957 S000038163 Cullen Value Fund C000117699 Class C CVLFX C000117700 Class I CVLVX C000117701 Retail Class CVLEX 0001109957 S000051935 Cullen Enhanced Equity Income Fund C000163394 Class C ENHCX C000163395 Class I ENHNX C000163396 Retail Class ENHRX NT-NCSR 1 fp0079395_ntncsr.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 12b-25

 

NOTIFICATION OF LATE FILING

 

(Check one): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form 10-D [ ] Form N-CEN
  [ X ] Form N-CSR                    

 

  For Period Ended: June 30, 2022
  [ ] Transition Report on Form 10-K
  [ ] Transition Report on Form 20-F
  [ ] Transition Report on Form 11-K
  [ ] Transition Report on Form 10-Q
  For the Transition Period Ended:

 

Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:\

 

 

 

 

 

PART I — REGISTRANT INFORMATION

 

Cullen Funds Trust  
Full Name of Registrant  
   
   
Former Name if Applicable  
   
645 Fifth Avenue  
Address of Principal Executive Office (Street and Number)  
   
New York, NY 10022  
City, State and Zip Code  

 

PART II — RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

[x] (a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
[x] (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
[ ] (c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

PART III — NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. (Attach extra Sheets if Needed)

 

The Registrant is unable to complete and file its Form N-CSR for the year ended June 30, 2022 within the prescribed time period without unreasonable effort or expense because the Registrant needs additional time to evaluate the financial statement impact and related control implications related to two fraudulent redemptions. The email account of a senior officer of the Adviser and the Trust and an affiliated shareholder of the Cullen Value Fund was compromised through a phishing attack. On June 8 and 10, 2022, fraudulent redemptions totaling $1.2 million were processed by the Funds’ transfer agent from the affiliated shareholder’s account in the Cullen Value Fund, which is held jointly with another related party shareholder. On August 22, 2022, $340,043 of the misappropriated funds were reclaimed from a recipient bank and returned to the affiliated shareholders’ account. The Trust has entered into an agreement with the affiliated shareholders that releases the Trust and the Cullen Value Fund from any liability relating to any unrecovered portion of the original $1.2 million misappropriated amount. As a result, the Registrant was unable to transmit the Funds’ annual reports to shareholders for the fiscal year ended June 30, 2022 within the timeframe prescribed by Rule 30e-1(c) of the 1940 Act. The Registrant currently expects to file its Form N-CSR on or before the 15th calendar day following the prescribed due date and will transmit the Funds’ annual reports to shareholders upon completion of such reports included in the Funds’ Form N-CSR.

 

 

 

 

PART IV — OTHER INFORMATION

 

(1)Name and telephone number of person to contact in regard to this notification

 

Carla Teodoro 212 839-5969
(Name) (Area Code) (Telephone Number)

 

(2)Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

Yes [X] No [ ]

 

(3)Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

Yes [ ] No [X]

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

 

 

 

Cullen Funds Trust

Name of Registrant as Specified in Charter

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date  September 8, 2022   By /s/ Jeff Battaglia  
       

Jeff Battaglia

Treasurer