0001752724-23-270675.txt : 20231128 0001752724-23-270675.hdr.sgml : 20231128 20231128142234 ACCESSION NUMBER: 0001752724-23-270675 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231128 DATE AS OF CHANGE: 20231128 PERIOD START: 20240630 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: 231444793 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 S000038163 Cullen Value Fund C000117699 Class C CVLFX C000117700 Class I CVLVX C000117701 Retail Class CVLEX NPORT-P 1 primary_doc.xml NPORT-P false 0001109957 XXXXXXXX S000038163 C000117700 C000117701 C000117699 CULLEN FUNDS TRUST 811-09871 0001109957 549300Z3TQTWACOAV180 645 FIFTH AVENUE NEW YORK 10022 2126441800 Cullen Value Fund S000038163 549300YPGS4FYQ2YAG74 2024-06-30 2023-09-30 N 21208650.67 74302.06 21134348.61 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 274924.79000000 N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825C104 7442.00000000 NS USD 891551.60000000 4.218495759922 Long EC CORP US N 1 N N N Kenvue Inc 5493008HSF8L4M2LIJ82 Kenvue Inc 49177J102 20329.00000000 NS USD 408206.32000000 1.931482855387 Long EC CORP US N 1 N N N Arrow Electronics Inc 549300YNNLBXT8N8R512 Arrow Electronics Inc 042735100 5951.00000000 NS USD 745303.24000000 3.526502064262 Long EC CORP US N 1 N N N Comcast Corp 51M0QTTNCGUN7KFCFZ59 Comcast Corp 20030N101 14300.00000000 NS USD 634062.00000000 3.000149243776 Long EC CORP US N 1 N N N General Dynamics Corp 9C1X8XOOTYY2FNYTVH06 General Dynamics Corp 369550108 3279.00000000 NS USD 724560.63000000 3.428355627942 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 7604.00000000 NS USD 621018.68000000 2.938433028904 Long EC CORP US N 1 N N N Cisco Systems Inc/Delaware 549300LKFJ962MZ46593 Cisco Systems Inc/Delaware 17275R102 12901.00000000 NS USD 693557.76000000 3.281661397748 Long EC CORP US N 1 N N N Bristol-Myers Squibb Co HLYYNH7UQUORYSJQCN42 Bristol-Myers Squibb Co 110122108 11381.00000000 NS USD 660553.24000000 3.125496092590 Long EC CORP US N 1 N N N Phinia Inc 254900HG6MORZE1FFM18 Phinia Inc 71880K101 2580.00000000 NS USD 69118.20000000 0.327042017123 Long EC CORP US N 1 N N N Allstate Corp/The OBT0W1ED8G0NWVOLOJ77 Allstate Corp/The 020002101 4396.00000000 NS USD 489758.36000000 2.317357251163 Long EC CORP US N 1 N N N Mondelez International Inc 549300DV9GIB88LZ5P30 Mondelez International Inc 609207105 8495.00000000 NS USD 589553.00000000 2.789548951232 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 4375.00000000 NS USD 681406.25000000 3.224164901290 Long EC CORP US N 1 N N N Archer-Daniels-Midland Co 549300LO13MQ9HYSTR83 Archer-Daniels-Midland Co 039483102 4507.00000000 NS USD 339917.94000000 1.608367242694 Long EC CORP US N 1 N N N Applied Materials Inc 41BNNE1AFPNAZELZ6K07 Applied Materials Inc 038222105 4800.00000000 NS USD 664560.00000000 3.144454613971 Long EC CORP US N 1 N N N Oracle Corp 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp 68389X105 7166.00000000 NS USD 759022.72000000 3.591417620701 Long EC CORP US N 1 N N N Siemens AG W38RGI023J3WT1HWRP32 Siemens AG 826197501 5400.00000000 NS USD 385830.00000000 1.825606301475 Long EC CORP DE N 1 N N N Raytheon Technologies Corp I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp 75513E101 7503.00000000 NS USD 539990.91000000 2.555039286824 Long EC CORP US N 1 N N N Unilever PLC 549300MKFYEKVRWML317 Unilever PLC 904767704 12393.00000000 NS USD 612214.20000000 2.896773453004 Long EC CORP GB N 1 N N N Canadian National Railway Co 3SU7BEP7TH9YEQOZCS77 Canadian National Railway Co 136375102 3774.00000000 NS USD 408837.42000000 1.934468989531 Long EC CORP CA N 1 N N N Cigna Corp 549300VIWYMSIGT1U456 Cigna Corp 125523100 2364.00000000 NS USD 676269.48000000 3.199859586304 Long EC CORP US N 1 N N N Walt Disney Co/The 549300GZKULIZ0WOW665 Walt Disney Co/The 254687106 3992.00000000 NS USD 323551.60000000 1.530927713792 Long EC CORP US N 1 N N N VERIZON COMMUNICATIONS INC 2S72QS2UO2OESLG6Y829 VERIZON COMMUNICATIONS INC 92343V104 12100.00000000 NS USD 392161.00000000 1.855562275595 Long EC CORP US N 1 N N N Sensata Technologies Holding Plc 529900MS7KFYCY9MS037 Sensata Technologies Holding P G8060N102 5700.00000000 NS USD 215574.00000000 1.020017242916 Long EC CORP GB N 1 N N N Packaging Corp of America 549300XZP8MFZFY8TJ84 Packaging Corp of America 695156109 2800.00000000 NS USD 429940.00000000 2.034318672100 Long EC CORP US N 1 N N N Chubb Ltd E0JAN6VLUDI1HITHT809 Chubb Ltd H1467J104 3717.00000000 NS USD 773805.06000000 3.661362241530 Long EC CORP CH N 1 N N N American Express Co R4PP93JZOLY261QX3811 American Express Co 025816109 4300.00000000 NS USD 641517.00000000 3.035423574381 Long EC CORP US N 1 N N N Citigroup Inc 6SHGI4ZSSLCXXQSBB395 Citigroup Inc 172967424 11260.00000000 NS USD 463123.80000000 2.191332264581 Long EC CORP US N 1 N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co 46625H100 5191.00000000 NS USD 752798.82000000 3.561968404570 Long EC CORP US N 1 N N N Boeing Co/The RVHJWBXLJ1RFUBSY1F30 Boeing Co/The 097023105 2775.00000000 NS USD 531912.00000000 2.516812842522 Long EC CORP US N 1 N N N Merck & Co Inc 4YV9Y5M8S0BRK1RP0397 Merck & Co Inc 58933Y105 7207.00000000 NS USD 741960.65000000 3.510686152157 Long EC CORP US N 1 N N N BorgWarner Inc 549300DSFX2IE88NSX47 BorgWarner Inc 099724106 12900.00000000 NS USD 520773.00000000 2.464107172688 Long EC CORP US N 1 N N N Lowe's Cos Inc WAFCR4OKGSC504WU3E95 Lowe's Cos Inc 548661107 3590.00000000 NS USD 746145.60000000 3.530487803380 Long EC CORP US N 1 N N N Medtronic PLC 549300GX3ZBSQWUXY261 Medtronic PLC G5960L103 7005.00000000 NS USD 548911.80000000 2.597249672224 Long EC CORP IE N 1 N N N Bank of America Corp 9DJT3UXIJIZJI4WXO774 Bank of America Corp 060505104 17700.00000000 NS USD 484626.00000000 2.293072802682 Long EC CORP US N 1 N N N Pfizer Inc 765LHXWGK1KXCLTFYQ30 Pfizer Inc 717081103 14674.00000000 NS USD 486736.58000000 2.303059294525 Long EC CORP US N 1 N N N Chevron Corp N/A Chevron Corp 166764100 4827.00000000 NS USD 813928.74000000 3.851212805370 Long EC CORP US N 1 N N N Axalta Coating Systems Ltd 529900AGLPA40GV6H619 Axalta Coating Systems Ltd G0750C108 14400.00000000 NS USD 387360.00000000 1.832845701318 Long EC CORP BM N 1 N N N 2023-10-30 CULLEN FUNDS TRUST Brooks Cullen Brooks Cullen Vice President XXXX NPORT-EX 2 fp0086022-1_nportex.htm

 

 

 

Schedules of Investments

September 30, 2023

 

 

 

International High Dividend Fund

 

High Dividend Equity Fund

 

Small Cap Value Fund

 

Value Fund

 

Emerging Markets High Dividend Fund

 

Enhanced Equity Income Fund

 

 

 

 

 

Cullen International High Dividend Fund

Schedule of Investments

September 30, 2023

 

 

  

Shares

    

Value
(Note 2)

  

COMMON STOCKS - 91.99%

Australia - 4.39%

Rio Tinto Ltd.

     42,330     $ 3,053,175  

Sonic Healthcare Ltd.

     125,257       2,391,777  

Woodside Energy Group Ltd.

     218,358       5,077,063  

 

     10,522,015  
         

Canada - 1.74%

BCE, Inc.

     31,264       1,193,347  

Power Corp. of Canada

     117,444       2,990,034  

 

     4,183,381  
         

Finland - 1.61%

UPM-Kymmene Oyj

     112,641       3,856,926  
         

France - 10.75%

BNP Paribas

     73,866       4,696,864  

Compagnie de Saint-Gobain SA

     53,421       3,197,269  

Compagnie Generale des Etablissements Michelin

     90,270       2,762,891  

Sanofi

     65,727       7,057,455  

TotalEnergies SE - Sponsored ADR

     69,305       4,557,497  

Veolia Environnement

     122,229       3,533,173  

 

     25,805,149  
         

Germany - 9.30%

Deutsche Post AG

     75,750       3,073,597  

Deutsche Telekom AG

     171,755       3,602,872  

Mercedes-Benz Group AG

     75,470       5,252,469  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     11,793       4,592,817  

Siemens AG

     40,535       5,792,807  

 

     22,314,562  
         

Hong Kong - 0.48%

Xinyi Glass Holdings Ltd.

     901,747       1,161,970  
         

Ireland - 1.01%

Smurfit Kappa Group PLC

     73,236       2,432,884  
         

Italy - 1.24%

Enel SpA

     485,245       2,975,884  

 

 

  

Shares

    

Value
(Note 2)

  

Japan - 21.79%

Komatsu Ltd.

     293,648     $ 7,920,022  

Nippon Telegraph and Telephone Corp.

     9,455,025       11,191,303  

SoftBank Corp.

     728,635       8,246,909  

Tokio Marine Holdings, Inc.

     373,847       8,655,942  

Tokyo Electron Ltd.

     47,020       6,422,568  

Toyota Motor Corp.

     548,650       9,842,961  

 

     52,279,705  
         

Mexico - 5.24%

Coca-Cola FEMSA, SAB de C.V.

     887,121       6,928,986  

TF Administradora Industrial S de RL de CV

     3,190,452       5,647,709  

 

     12,576,695  
         

Netherlands - 0.00%

NN Group N.V.

     1       32  
         

Norway - 1.77%

DNB Bank ASA

     211,269       4,244,769  
         

Singapore - 4.39%

CapitaLand Ascendas REIT

     2,010,102       4,031,615  

United Overseas Bank Ltd.

     311,627       6,490,601  

 

     10,522,216  
         

Spain - 1.21%

Iberdrola Sociedad Anonima

     259,084       2,897,712  
         

Sweden - 1.67%

Svenska Handelsbanken AB

     28,446       253,110  

Aktiebolaget Volvo

     181,935       3,747,431  

 

     4,000,541  
         

Switzerland - 9.22%

Nestle SA

     61,628       6,976,044  

Novartis AG - Sponsored ADR

     79,285       8,075,970  

Roche Holding AG

     8,760       2,391,490  

Zurich Insurance Group Ltd.

     10,250       4,689,946  

 

     22,133,450  
         

Taiwan - 2.32%

Ase Technology Holding Co. Ltd.

     1,628,200       5,557,800  

Quanta Computer, Inc.

     5       37  

 

     5,557,837  

 

 

See Notes to Schedules of Investments

2

 

 

 

Cullen International High Dividend Fund

Schedule of Investments

September 30, 2023 (Continued)

 

 

  

Shares

    

Value
(Note 2)

  

United Kingdom - 13.86%

3i Group PLC

     249,898     $ 6,290,135  

BAE Systems PLC

     603,387       7,332,309  

British American Tobacco PLC - Sponsored ADR

     118,395       3,718,787  

Britvic PLC

     43,105       456,717  

Coca-Cola Europacific Partners PLC

     101,640       6,350,467  

Diageo PLC

     1,395       51,431  

Glencore PLC

     485,606       2,765,306  

Shell PLC

     139,780       4,430,245  

Tesco PLC

     105,049       337,891  

Unilever PLC - Sponsored ADR

     31,000       1,531,400  

 

     33,264,688  
         

TOTAL COMMON STOCKS
(Cost $184,246,624)

     220,730,416  
         

PREFERRED STOCKS - 3.35%

South Korea - 3.35%

Samsung Electronics Co. Ltd.

     199,544       8,038,923  
         

TOTAL PREFERRED STOCKS
(Cost $8,415,145)

     8,038,923  
         

TOTAL INVESTMENTS - 95.34%
(Cost $192,661,769)

   $ 228,769,339  

 

        

Other Assets In Excess of Liabilities - 4.66%

     11,185,797  
         

NET ASSETS - 100.00%

   $ 239,955,136  

 

 

ADR - American Depositary Receipt

 

Sector Diversification

  

% of Net Assets

    

Value
(Note 2)

  

COMMON STOCKS

                

Financials

     17.88 %   $ 42,904,250  

Industrials

     11.61       27,866,166  

Consumer Staples

     10.99       26,351,723  

Communications

     10.10       24,234,431  

Health Care

     8.30       19,916,692  

Consumer Discretionary

     7.44       17,858,321  

Materials

     6.85       16,467,530  

Energy

     5.87       14,064,805  

Technology

     5.00       11,980,405  

Real Estate

     4.03       9,679,324  

Utilities

     3.92       9,406,769  

TOTAL COMMON STOCKS

     91.99 %     220,730,416  
                 

PREFERRED STOCKS

                

Technology

     3.35       8,038,923  

TOTAL PREFERRED STOCKS

     3.35 %     8,038,923  
                 

TOTAL INVESTMENTS

     95.34       228,769,339  

Other Assets In Excess of Liabilities

     4.66       11,185,797  

NET ASSETS

     100.00 %   $ 239,955,136  

 

Percentages are stated as a percent of net assets.

 

 

See Notes to Schedules of Investments

3

 

 

 

Cullen High Dividend Equity Fund

Schedule of Investments

September 30, 2023

 

 

  

Shares

    

Value
(Note 2)

  

COMMON STOCKS - 98.72%

Banking - 8.63%

Bank of America Corp.

     733,000     $ 20,069,540  

Citigroup, Inc.

     270,600       11,129,778  

JPMorgan Chase & Co.

     197,865       28,694,382  

Truist Financial Corp.

     430,500       12,316,605  

 

     72,210,305  
         

Consumer Staple Products - 11.09%

Altria Group, Inc.

     335,075       14,089,904  

Diageo PLC - Sponsored ADR

     83,667       12,481,443  

Kenvue, Inc.

     1,020,590       20,493,447  

Philip Morris International, Inc.

     253,887       23,504,858  

Unilever PLC - Sponsored ADR

     451,357       22,297,036  

 

     92,866,688  
         

Financial Services - 2.94%

Morgan Stanley

     301,760       24,644,739  
         

Health Care - 13.64%

Johnson & Johnson

     175,655       27,358,266  

Medtronic PLC

     290,000       22,724,400  

Merck & Co., Inc.

     206,157       21,223,863  

Novartis AG - Sponsored ADR

     243,482       24,801,077  

Pfizer, Inc.

     543,842       18,039,239  

 

     114,146,845  
         

Industrial Products - 9.23%

General Dynamics Corp.

     99,391       21,962,429  

Johnson Controls International PLC

     373,805       19,890,164  

Raytheon Technologies Corp.

     248,798       17,905,992  

Siemens AG - Sponsored ADR

     244,500       17,469,525  

 

     77,228,110  
         

Industrial Services - 2.27%

United Parcel Service, Inc., Class B

     122,022       19,019,569  
         

Insurance - 4.90%

Chubb Ltd.

     132,359       27,554,497  

Travelers Cos., Inc.

     82,291       13,438,943  

 

     40,993,440  
         

Materials - 2.74%

Dow, Inc.

     444,440       22,915,327  

 

 

  

Shares

    

Value
(Note 2)

  

Media - 3.12%

Comcast Corp., Class A

     589,915     $ 26,156,831  
         

Oil & Gas - 9.33%

Chevron Corp.

     167,600       28,260,712  

ConocoPhillips

     190,389       22,808,602  

Exxon Mobil Corp.

     230,075       27,052,219  

 

     78,121,533  
         

Real Estate - 5.19%

Boston Properties, Inc.

     108,000       6,423,840  

Healthpeak Properties, Inc.

     870,250       15,977,790  

VICI Properties, Inc.

     723,019       21,039,853  

 

     43,441,483  
         

Retail & Wholesale - Discretionary - 5.56%

Genuine Parts Co.

     144,175       20,815,986  

Lowe's Cos., Inc.

     123,757       25,721,655  

 

     46,537,641  
         

Retail & Wholesale - Staples - 1.78%

Target Corp.

     134,717       14,895,659  
         

Software & Tech Services - 2.21%

Microsoft Corp.

     58,470       18,461,903  
         

Tech Hardware & Semiconductors - 7.15%

Broadcom, Inc.

     27,522       22,859,223  

Cisco Systems, Inc.

     418,573       22,502,485  

Intel Corp.

     407,279       14,478,768  

 

     59,840,476  
         

Telecommunications - 3.92%

AT&T, Inc.

     759,450       11,406,939  

BCE, Inc.

     560,643       21,399,743  

 

     32,806,682  

 

 

See Notes to Schedules of Investments

4

 

 

 

Cullen High Dividend Equity Fund

Schedule of Investments

September 30, 2023 (Continued)

 

 

  

Shares

    

Value
(Note 2)

  

Utilities - 5.02%

Duke Energy Corp.

     266,551     $ 23,525,791  

NextEra Energy, Inc.

     323,205       18,516,415  

 

     42,042,206  
         

TOTAL COMMON STOCKS
(Cost $506,909,505)

     826,329,437  
         

TOTAL INVESTMENTS - 98.72%
(Cost $506,909,505)

   $ 826,329,437  

 

        

Other Assets In Excess of Liabilities - 1.28%

     10,742,922  
         

NET ASSETS - 100.00%

   $ 837,072,359  

 

 

ADR - American Depositary Receipt

 

Sector Diversification

  

% of Net Assets

    

Value
(Note 2)

  

COMMON STOCKS

                

Financials

     16.47 %   $ 137,848,484  

Health Care

     13.64       114,146,845  

Consumer Staples

     12.87       107,762,347  

Industrials

     11.50       96,247,679  

Technology

     9.36       78,302,379  

Energy

     9.33       78,121,533  

Communications

     7.04       58,963,513  

Consumer Discretionary

     5.56       46,537,641  

Real Estate

     5.19       43,441,483  

Utilities

     5.02       42,042,206  

Materials

     2.74       22,915,327  

TOTAL COMMON STOCKS

     98.72 %     826,329,437  
                 

TOTAL INVESTMENTS

     98.72       826,329,437  

Other Assets In Excess of Liabilities

     1.28       10,742,922  

NET ASSETS

     100.00 %   $ 837,072,359  

 

Percentages are stated as a percent of net assets.

 

 

See Notes to Schedules of Investments

5

 

 

 

Cullen Small Cap Value Fund

Schedule of Investments

September 30, 2023

 

 

  

Shares

    

Value
(Note 2)

  

COMMON STOCKS - 98.28%

Banking - 16.64%

Ameris Bancorp

     10,247     $ 393,382  

Enterprise Financial Services Corp.

     3,350       125,625  

First Horizon Corp.

     10,606       116,878  

First Interstate BancSystem, Inc., Class A

     13,590       338,935  

Premier Financial Corp.

     17,675       301,535  

Simmons First National Corp., Class A

     19,256       326,582  

SouthState Corp.

     3,190       214,878  

Western Alliance BanCorp

     4,177       192,017  

 

     2,009,832  
         

Consumer Discretionary Products - 11.52%

Carter's, Inc.

     4,260       294,579  

Columbia Sportswear Co.

     1,780       131,898  

Standard Motor Products, Inc.

     10,068       338,486  

Steven Madden Ltd.

     7,930       251,936  

Under Armour, Inc.(a)

     58,686       374,417  

 

     1,391,316  
         

Consumer Discretionary Services - 3.48%

Denny's Corp.(a)

     49,670       420,705  
         

Consumer Staple Products - 3.04%

Vector Group Ltd.

     34,490       366,974  
         

Financial Services - 2.33%

LendingTree, Inc.

     18,176       281,728  
         

Health Care - 8.65%

ANI Pharmaceuticals, Inc.(a)

     4,964       288,210  

Haemonetics Corp.(a)

     3,782       338,792  

Varex Imaging Corp.(a)

     22,185       416,856  

 

     1,043,858  
         

Industrial Products - 4.59%

Spirit AeroSystems Holdings, Inc., Class A

     20,515       331,112  

Timken Co.

     3,031       222,748  

 

     553,860  
         

Industrial Services - 10.57%

BGSF, Inc.

     30,870       296,661  

Copa Holdings, SA

     902       80,386  

Forrester Research, Inc.(a)

     12,960       374,544  

Great Lakes Dredge & Dock Corp.(a)

     65,894       525,175  

 

     1,276,766  

 

 

  

Shares

    

Value
(Note 2)

  

Materials - 7.12%

Cabot Corp.

     1,680     $ 116,374  

Ecovyst, Inc.(a)

     47,810       470,450  

Huntsman Corp.

     11,170       272,548  

 

     859,372  
         

Oil & Gas - 16.50%

Civitas Resources, Inc.

     4,310       348,550  

Coterra Energy, Inc.

     11,840       320,272  

Helmerich & Payne, Inc.

     4,920       207,427  

HF Sinclair Corp.

     2,618       149,043  

Select Water Solutions, Inc.

     30,500       242,475  

Sitio Royalties Corp., Class A

     16,230       392,928  

Viper Energy Partners LP

     11,890       331,493  

 

     1,992,188  
         

Real Estate - 4.70%

Douglas Elliman, Inc.

     168,518       380,851  

Host Hotels & Resorts, Inc.

     6,660       107,026  

RLJ Lodging Trust

     8,155       79,837  

 

     567,714  
         

Software & Tech Services - 5.00%

Unisys Corp.(a)

     83,300       287,385  

The Western Union Co.

     24,032       316,742  

 

     604,127  
         

Tech Hardware & Semiconductors - 0.90%

Comtech Telecommunications Corp.

     12,440       108,850  
         

Utilities - 3.24%

Spire, Inc.

     6,910       390,968  
         

TOTAL COMMON STOCKS
(Cost $11,612,521)

     11,868,258  
         

TOTAL INVESTMENTS - 98.28%
(Cost $11,612,521)

   $ 11,868,258  

 

        

Other Assets In Excess of Liabilities - 1.72%

     207,765  
         

NET ASSETS - 100.00%

   $ 12,076,023  

 

(a)

Non-income producing security.

 

 

See Notes to Schedules of Investments

6

 

 

 

Cullen Small Cap Value Fund

Schedule of Investments

September 30, 2023 (Continued)

 

Sector Diversification

  

% of Net Assets

    

Value
(Note 2)

  

COMMON STOCKS

                

Financials

     18.97 %   $ 2,291,560  

Energy

     16.50       1,992,188  

Industrials

     15.16       1,830,626  

Consumer Discretionary

     15.00       1,812,021  

Health Care

     8.65       1,043,858  

Materials

     7.12       859,372  

Technology

     5.90       712,977  

Real Estate

     4.70       567,714  

Utilities

     3.24       390,968  

Consumer Staples

     3.04       366,974  

TOTAL COMMON STOCKS

     98.28 %     11,868,258  
                 

TOTAL INVESTMENTS

     98.28       11,868,258  

Other Assets In Excess of Liabilities

     1.72       207,765  

NET ASSETS

     100.00 %   $ 12,076,023  

 

 

Percentages are stated as a percent of net assets.

 

 

See Notes to Schedules of Investments

7

 

 

 

Cullen Value Fund

Schedule of Investments

September 30, 2023

 

 

  

Shares

    

Value
(Note 2)

  

COMMON STOCKS - 98.56%

Banking - 7.81%

Bank of America Corp.

     17,700     $ 484,626  

Citigroup, Inc.

     11,260       463,124  

JPMorgan Chase & Co.

     4,678       678,403  

 

     1,626,153  
         

Consumer Discretionary Products - 2.84%

BorgWarner, Inc.

     12,900       520,773  

Mercedes-Benz Group AG

     18,650       –  

PHINIA, Inc.

     2,580       69,118  

 

     589,891  
         

Consumer Staple Products - 7.74%

Kenvue, Inc.

     20,329       408,207  

Mondelez International, Inc.

     8,495       589,553  

Unilever PLC - Sponsored ADR

     12,393       612,214  

 

     1,609,974  
         

Financial Services - 6.07%

American Express Co.

     4,300       641,517  

Morgan Stanley

     7,604       621,019  

 

     1,262,536  
         

Health Care - 17.54%

Bristol-Myers Squibb Co.

     10,652       618,242  

Cigna Group

     2,364       676,269  

Johnson & Johnson

     4,375       681,406  

Medtronic PLC

     7,005       548,912  

Merck & Co., Inc.

     6,206       638,908  

Pfizer, Inc.

     14,674       486,737  

 

     3,650,474  
         

Industrial Products - 13.84%

Boeing Co.(a)

     2,775       531,912  

General Dynamics Corp.

     3,084       681,471  

Johnson Controls International PLC

     9,867       525,023  

Raytheon Technologies Corp.

     7,503       539,991  

Sensata Technologies Holding PLC

     5,700       215,574  

Siemens AG - Sponsored ADR

     5,400       385,830  

 

     2,879,801  
         

Industrial Services - 1.97%

Canadian National Railway Co.

     3,774       408,837  

 

 

  

Shares

    

Value
(Note 2)

  

Insurance - 5.60%

Allstate Corp.

     4,396     $ 489,758  

Chubb Ltd.

     3,248       676,169  

 

     1,165,927  
         

Materials - 3.93%

Axalta Coating Systems Ltd.(a)

     14,400       387,360  

Packaging Corp. of America

     2,800       429,940  

 

     817,300  
         

Media - 4.60%

Comcast Corp., Class A

     14,300       634,062  

Walt Disney Co.(a)

     3,992       323,552  

 

     957,614  
         

Oil & Gas - 6.51%

Chevron Corp.

     4,044       681,899  

ConocoPhillips

     5,621       673,396  

 

     1,355,295  
         

Retail & Wholesale - Discretionary - 3.38%

Lowe's Cos., Inc.

     3,387       703,954  
         

Retail & Wholesale - Staples - 1.63%

Archer-Daniels-Midland Co.

     4,507       339,918  
         

Software & Tech Services - 3.31%

Oracle Corp.

     6,500       688,480  
         

Tech Hardware & Semiconductors - 9.91%

Applied Materials, Inc.

     4,800       664,560  

Arrow Electronics, Inc.(a)

     5,622       704,099  

Cisco Systems, Inc.

     12,901       693,558  

 

     2,062,217  

 

 

See Notes to Schedules of Investments

8

 

 

 

Cullen Value Fund

Schedule of Investments

September 30, 2023 (Continued)

 

 

  

Shares

    

Value
(Note 2)

  

Telecommunications - 1.88%

Verizon Communications, Inc.

     12,100     $ 392,161  
         

TOTAL COMMON STOCKS
(Cost $14,384,800)

     20,510,532  
         

TOTAL INVESTMENTS - 98.56%
(Cost $14,384,800)

   $ 20,510,532  

 

        

Other Assets In Excess of Liabilities - 1.44%

     300,245  
         

NET ASSETS - 100.00%

   $ 20,810,777  

 

(a)

Non-income producing security.

 

 

ADR - American Depositary Receipt

 

Sector Diversification

  

% of Net Assets

    

Value
(Note 2)

  

COMMON STOCKS

                

Financials

     19.48 %   $ 4,054,616  

Health Care

     17.54       3,650,474  

Industrials

     15.81       3,288,638  

Technology

     13.22       2,750,697  

Consumer Staples

     9.37       1,949,892  

Energy

     6.51       1,355,295  

Communications

     6.48       1,349,775  

Consumer Discretionary

     6.22       1,293,845  

Materials

     3.93       817,300  

TOTAL COMMON STOCKS

     98.56 %     20,510,532  
                 

TOTAL INVESTMENTS

     98.56       20,510,532  

Other Assets In Excess of Liabilities

     1.44       300,245  

NET ASSETS

     100.00 %   $ 20,810,777  

 

Percentages are stated as a percent of net assets.

 

 

See Notes to Schedules of Investments

9

 

 

 

Cullen Emerging Markets High Dividend Fund

Schedule of Investments

September 30, 2023

 

 

  

Shares

    

Value
(Note 2)

  

COMMON STOCKS - 88.84%

Brazil - 5.85%

Petroleo Brasileiro SA

     2,103,029     $ 15,785,635  

SLC Agricola SA

     1,598,441       12,503,745  

Vale SA

     30,055       403,540  

 

     28,692,920  
         

Chile - 0.08%

Sociedad Quimica y Minera de Chile SA - Sponsored ADR

     6,262       373,654  
         

China - 5.61%

Alibaba Group Holding Ltd.(a)

     1,007,450       10,922,961  

China Construction Bank Corp.

     4,359,300       2,450,591  

China Merchants Bank Co. Ltd.

     109,000       452,525  

Longfor Group Holdings Ltd.(b)(c)

     96,000       171,610  

Tencent Holdings Ltd.

     326,500       12,656,433  

Zijin Mining Group Co. Ltd.

     583,000       883,827  

 

     27,537,947  
         

Egypt - 0.15%

Integrated Diagnostics Holdings PLC(b)(c)

     1,919,630       739,058  
         

Greece - 9.09%

Eurobank Ergasias Services and Holdings SA(a)

     8,560,236       13,166,527  

Mytilineos SA

     470,740       17,326,886  

OPAP SA

     841,490       14,087,954  

 

     44,581,367  
         

Hong Kong - 4.47%

AIA Group Ltd.

     1,221,024       9,874,600  

BOC Aviation Ltd.(b)(c)

     766,020       5,336,984  

CIMC Enric Holdings Ltd.

     4,954,200       4,310,064  

Xinyi Glass Holdings Ltd.

     1,844,900       2,377,295  

 

     21,898,943  
         

India - 16.73%

ICICI Bank Ltd. - Sponsored ADR

     703,720       16,270,006  

NHPC Ltd.

     23,777,000       15,088,270  

Oil and Natural Gas Corp. Ltd.

     4,129,000       9,505,689  

Power Grid Corp. of India Ltd.

     5,942,000       14,262,573  

PowerGrid Infrastructure Investment Trust(b)(c)

     4,634,600       5,719,493  

REC Ltd.

     4,190,390       14,475,162  

RITES Ltd.

     1,135,023       6,718,237  

 

     82,039,430  

 

 

  

Shares

    

Value
(Note 2)

  

Indonesia - 3.38%

Bank Rakyat Indonesia Persero Tbk PT

     37,475,744     $ 12,656,792  

Telkom Indonesia Persero Tbk PT

     16,219,000       3,931,598  

 

     16,588,390  
         

Kazakhstan - 3.14%

Kaspi.kz Joint Stock Co. - GDR

     159,234       15,413,851  
         

Korea, South - 5.08%

Macquarie Korea Infrastructure Fund

     880,821       7,980,282  

Samsung Electronics Co., Ltd.

     329,479       16,656,526  

SK Telecom Co. Ltd.

     6,784       261,347  

 

     24,898,155  
         

Luxembourg - 1.48%

Samsonite International S.A.(a)(b)(c)

     2,129,600       7,282,650  
         

Mexico - 11.33%

Arca Continental, SAB de C.V.

     1,767,429       16,101,834  

Banco del Bajio SA(b)(c)

     1,859,746       5,827,613  

Coca-Cola FEMSA, SAB de C.V.

     1,208,110       9,436,117  

TF Administradora Industrial S de RL de CV

     5,577,995       9,874,115  

Prologis Property Mexico, SA de C.V.

     4,150,989       14,305,460  

 

     55,545,139  
         

Nigeria - 1.40%

Airtel Africa PLC(b)(c)

     4,486,700       6,858,832  
         

Panama - 1.51%

Copa Holdings, SA

     83,065       7,402,753  
         

Russia - 0.00%

Globaltrans Investment PLC - Sponsored GDR(a)(c)(d)

     25,467       –  
         

Saudi Arabia - 1.36%

Saudi Arabian Oil Co.(b)(c)

     717,000       6,679,635  
         

South Africa - 0.10%

Anglo American PLC

     9,197       252,547  

Mondi PLC

     14,950       249,764  

 

     502,311  

 

 

See Notes to Schedules of Investments

10

 

 

 

Cullen Emerging Markets High Dividend Fund

Schedule of Investments

September 30, 2023 (Continued)

 

 

  

Shares

    

Value
(Note 2)

  

Taiwan - 8.51%

Ase Technology Holding Co. Ltd.

     1,593,728     $ 5,440,130  

MediaTek, Inc.

     210,769       4,818,784  

Quanta Computer, Inc.

     567,000       4,243,491  

SINBON Electronics Co. Ltd.

     293,000       2,937,020  

Taiwan Semiconductor Manufacturing Co. Ltd. - Sponsored ADR

     152,468       13,249,469  

Unimicron Technology Corp.

     1,747,630       9,428,925  

Wiwynn Corp.

     34,710       1,618,550  

 

     41,736,369  
         

Thailand - 0.45%

Thai Beverage PCL

     5,273,000       2,216,361  
         

United Arab Emirates - 4.11%

Air Arabia PJSC

     1,675,000       1,281,428  

Aldar Properties PJSC

     2,150,000       3,372,277  

Emaar Development P.J.S.C.

     3,719,000       7,080,297  

Emaar Properties P.J.S.C

     3,846,000       8,416,724  

 

     20,150,726  
         

United Kingdom - 2.17%

Endeavour Mining PLC

     234,545       4,596,788  

Glencore PLC

     1,060,920       6,041,458  

 

     10,638,246  
         

Vietnam - 2.84%

Gemadept Corp.

     3,083,700       8,391,093  

Ho Chi minh City Securities Corp.

     4,416,000       5,528,747  

 

     13,919,840  
         

TOTAL COMMON STOCKS
(Cost $368,595,293)

     435,696,577  
         

PARTICIPATORY NOTES - 3.77%

China - 2.77%

Midea Group Co. Ltd.

     1,789,013       13,588,985  
         

Saudi Arabia - 1.00%

Saudi Arabian Oil Co.(b)(c)

     527,500       4,922,735  
         

TOTAL PARTICIPATORY NOTES
(Cost $18,541,187)

     18,511,720  

 

 

  

Shares

    

Value
(Note 2)

  

PREFERRED STOCKS - 1.40%

Brazil - 1.40%

Itau Unibanco Holding SA

     1,266,100     $ 6,843,648  
         

TOTAL PREFERRED STOCKS
(Cost $7,260,691)

     6,843,648  
         

TOTAL INVESTMENTS - 94.01%
(Cost $394,397,171)

   $ 461,051,945  

 

        

Other Assets In Excess of Liabilities - 5.99%

     29,361,229  
         

NET ASSETS - 100.00%

   $ 490,413,174  

 

(a)

Non-income producing security.

(b)

All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of September 30, 2023, these securities had an aggregate value of $43,538,610 or 8.88% of net assets.

(c)

Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of September 30, 2023, the aggregate market value of these securities was $43,538,610, representing 8.88% of net assets.

(d)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

 

 

ADR - American Depositary Receipt

 

GDR - Global Depositary Receipt

 

 

See Notes to Schedules of Investments

11

 

 

 

Cullen Emerging Markets High Dividend Fund

Schedule of Investments

September 30, 2023 (Continued)

 

Sector Diversification

  

% of Net Assets

    

Value
(Note 2)

  

COMMON STOCKS

                

Financials

     19.18 %   $ 94,019,829  

Technology

     15.05       73,806,746  

Real Estate

     9.97       48,939,976  

Utilities

     9.52       46,677,729  

Consumer Staples

     8.21       40,258,057  

Energy

     7.40       36,281,023  

Consumer Discretionary

     6.58       32,293,565  

Industrials

     4.85       23,793,511  

Communications

     4.83       23,708,210  

Materials

     3.10       15,178,873  

Health Care

     0.15       739,058  

TOTAL COMMON STOCKS

     88.84 %     435,696,577  
                 

PARTICIPATORY NOTES

                

Consumer Discretionary

     2.77       13,588,985  

Energy

     1.00       4,922,735  

TOTAL PARTICIPATORY NOTES

     3.77 %     18,511,720  
                 

PREFERRED STOCKS

                

Financials

     1.40       6,843,648  

TOTAL PREFERRED STOCKS

     1.40 %     6,843,648  
                 

TOTAL INVESTMENTS

     94.01       461,051,945  

Other Assets In Excess of Liabilities

     5.99       29,361,229  

NET ASSETS

     100.00 %   $ 490,413,174  

 

 

Percentages are stated as a percent of net assets.

 

 

See Notes to Schedules of Investments

12

 

 

 

Cullen Enhanced Equity Income Fund

Schedule of Investments

September 30, 2023

 

 

  

Shares

    

Value
(Note 2)

  

COMMON STOCKS - 97.78%

Banking - 7.31%

Citigroup, Inc.

     106,520     $ 4,381,167  

JPMorgan Chase & Co.

     24,544       3,559,371  

Truist Financial Corp.

     179,549       5,136,897  

 

     13,077,435  
         

Consumer Staple Products - 14.90%

Altria Group, Inc.

     104,576       4,397,421  

Conagra Brands, Inc.

     212,489       5,826,448  

Kenvue, Inc.

     258,800       5,196,704  

Philip Morris International, Inc.

     63,670       5,894,569  

Unilever PLC - Sponsored ADR

     108,000       5,335,200  

 

     26,650,342  
         

Financial Services - 2.94%

Morgan Stanley

     64,306       5,251,871  
         

Health Care - 13.72%

Baxter International, Inc.

     143,608       5,419,766  

Bristol-Myers Squibb Co.

     105,613       6,129,779  

Medtronic PLC

     86,473       6,776,024  

Merck & Co., Inc.

     60,413       6,219,518  

 

     24,545,087  
         

Industrial Products - 7.09%

General Dynamics Corp.

     16,112       3,560,269  

Johnson Controls International PLC

     70,872       3,771,099  

Raytheon Technologies Corp.

     74,335       5,349,890  

 

     12,681,258  
         

Industrial Services - 1.87%

Union Pacific Corp.

     16,414       3,342,383  
         

Insurance - 3.62%

Allstate Corp.

     58,160       6,479,606  
         

Materials - 4.62%

Dow, Inc.

     84,745       4,369,452  

Rio Tinto PLC - Sponsored ADR

     61,336       3,903,423  

 

     8,272,875  
         

Media - 2.45%

Comcast Corp., Class A

     98,861       4,383,497  

 

 

  

Shares

    

Value
(Note 2)

  

Oil & Gas - 10.48%

Chevron Corp.

     37,040     $ 6,245,685  

EOG Resources, Inc.

     56,631       7,178,546  

Exxon Mobil Corp.

     45,316       5,328,255  

 

     18,752,486  
         

Real Estate - 7.01%

Healthpeak Properties, Inc.

     297,285       5,458,153  

VICI Properties, Inc.

     243,214       7,077,527  

 

     12,535,680  
         

Retail & Wholesale - Discretionary - 0.95%

Genuine Parts Co.

     11,782       1,701,085  
         

Tech Hardware & Semiconductors - 6.20%

Cisco Systems, Inc.

     107,315       5,769,254  

Qualcomm, Inc.

     47,835       5,312,555  

 

     11,081,809  
         

Telecommunications - 6.86%

BCE, Inc.

     135,397       5,168,103  

Verizon Communications, Inc.

     219,300       7,107,513  

 

     12,275,616  
         

Utilities - 7.76%

Duke Energy Corp.

     75,381       6,653,127  

PPL Corp.

     306,943       7,231,577  

 

     13,884,704  
         

TOTAL COMMON STOCKS
(Cost $187,355,364)

     174,915,734  
         

TOTAL INVESTMENTS - 97.78%
(Cost $187,355,364)

   $ 174,915,734  

 

        

Other Assets In Excess of Liabilities - 2.22%

     3,978,151  
         

NET ASSETS - 100.00%

   $ 178,893,885  

 

 

ADR - American Depositary Receipt

 

 

See Notes to Schedules of Investments

13

 

 

 

Cullen Enhanced Equity Income Fund

Schedule of Investments

September 30, 2023 (Continued)

 

Schedule of Call Options Written

  

Notional Amount

    

Number of Contracts

    

Value

  

WRITTEN OPTIONS - (0.06%)

        

Allstate Corp, Expires October, 2023, Exercise Price $120.00

   $ (6,472,921 )     (581 )   $ (24,983 )

Duke Energy Corp, Expires October, 2023, Exercise Price $95.00

     (6,645,978 )     (753 )     (9,036 )

Medtronic PLC, Expires October, 2023, Exercise Price $84.00

     (3,737,772 )     (477 )     (6,678 )

Merck & Co Inc, Expires October, 2023, Exercise Price $110.00

     (6,125,525 )     (595 )     (10,115 )

Morgan Stanley, Expires October, 2023, Exercise Price $87.50

     (5,251,381 )     (643 )     (30,221 )

Qualcom, Inc., Expires October, 2023, Exercise Price $118.00

     (5,308,668 )     (478 )     –  

Rio Tinto PLC - Sponsored ADR, Expires October, 2023, Exercise Price $67.50

     (3,901,132 )     (613 )     (25,746 )

TOTAL WRITTEN OPTIONS
(Premiums received $507,313)

           $ (106,779 )

 

Sector Diversification

  

% of Net Assets

    

Value
(Note 2)

  

COMMON STOCKS

                

Consumer Staples

     14.90 %   $ 26,650,342  

Financials

     13.87       24,808,912  

Health Care

     13.72       24,545,087  

Energy

     10.48       18,752,486  

Communications

     9.31       16,659,113  

Industrials

     8.96       16,023,641  

Utilities

     7.76       13,884,704  

Real Estate

     7.01       12,535,680  

Technology

     6.20       11,081,809  

Materials

     4.62       8,272,875  

Consumer Discretionary

     0.95       1,701,085  

TOTAL COMMON STOCKS

     97.78 %     174,915,734  
                 

TOTAL INVESTMENTS

     97.78       174,915,734  

Other Assets In Excess of Liabilities

     2.22       3,978,151  

NET ASSETS

     100.00 %   $ 178,893,885  
                 

 

Percentages are stated as a percent of net assets.

 

See Notes to Schedules of Investments

14

 

 

 

Cullen Funds

Notes to Schedules of Investments

September 30, 2023

 
 

 

NOTE 1 - ORGANIZATION

 

The Cullen Funds Trust (the “Trust”) is an open end management investment company created as a Delaware business trust on March 25, 2000 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers six separate series to investors: the Cullen International High Dividend Fund, the Cullen High Dividend Equity Fund, the Cullen Small Cap Value Fund, the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund (each a “Fund” and collectively, the “Funds”). The Funds are open end, diversified management investment companies registered under the 1940 Act. The investment objectives of the Cullen International High Dividend Fund, the Cullen High Dividend Equity Fund, the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund are long-term capital appreciation and current income. The investment objective of the Cullen Small Cap Value Fund is long-term capital appreciation.

 

NOTE 2 - VALUATION OF SECURITIES

 

Securities that are primarily traded on a national or foreign securities exchange are valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the National Association of Securities Dealers Automated Quotation (“NASDAQ”) National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Money market mutual funds are valued at the net asset value (“NAV”) of shares held by the Funds on the day of valuation. Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee of the Funds’ Board of Trustees under supervision of the full Board. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates at the time of valuation. Exchange rates are provided daily by recognized independent pricing agents.

 

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Funds' adviser, Cullen Capital Management, LLC, as the valuation designee with respect to the fair valuation of each Fund's portfolio securities, subject to oversight by and periodic reporting to the Board of Trustees. Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the valuation designee. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates at the time of valuation. Exchange rates are provided daily by recognized independent pricing agents.

 

Option Contracts – Option contracts shall typically be valued using reliable market quotations from the primary exchange on which the respective options are traded on the day of valuation or, if there has been no trade on such day, at the mean between the bid and asked prices. Any options for which market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee of the Funds’ Board of Trustees under supervision of the Board, which may include a Black-Scholes model, the Cox- Rubenstein Binomial Option Pricing Model, or other appropriate option pricing model deemed appropriate. As of September 30, 2023, all written option contracts held are exchange-traded.

 

Participatory Notes/Warrants – The Funds may gain exposure to securities in certain foreign markets through investments in participatory notes (“P-notes”). The Funds may purchase P-notes pending ability to invest directly in a foreign market due to restrictions applicable to foreign investors or other market factors. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying security. P-notes involve transaction costs, which may be higher than those applicable to the equity securities. An investment in a P-note may involve risks, including counterparty risk, beyond those normally associated with a direct investment in the underlying security. The Funds must rely on the creditworthiness of the counterparty and would have no rights against the issuer of the underlying security. Furthermore, the P-note’s performance may differ from that of the underlying security. The holder of the P-note is entitled to receive from the bank or broker-dealer an amount equal to dividends paid by the issuer of the underlying security; however, the holder is not entitled to the same rights (e.g. voting rights) as an owner of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security. P-notes are generally valued based upon the value of a related underlying security that trades actively in the market.

 

Portfolio securities that are primarily traded on foreign securities exchanges are generally valued at the last reported trade or closing price of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair value of those securities is determined in good faith through consideration of other factors in accordance with procedures established by, and under the general supervision of, the Board of Trustees. The Funds use a fair valuation model provided by independent pricing vendors, which is intended to reflect fair value when a security’s value is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day of the New York Stock Exchange (“NYSE”). The Funds’ procedures set forth certain triggers that instruct when to use the fair valuation model. The value assigned to a security by the fair valuation model is a determination of fair value made under the Funds’ valuation procedures and under the supervision of the Board of Trustees. In such a case, a Fund’s value for a security may be different from the last sales price (or the latest closing price) and there is no guarantee that a fair valued security will be sold at the price at which a Fund is valuing the security. In such a circumstance, the affected securities would be considered level 2.

 

The Trust follows the authoritative guidance for fair value measurements. FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation approaches used to measure fair value.

 

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 – unadjusted quoted prices in active markets for identical securities.

 

Level 2 – other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).

 

15

 

 

 

Cullen Funds

Notes to Schedules of Investments

September 30, 2023 (Continued)

 
 

 

The Trust’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. The portfolio may hold securities which are periodically fair valued in accordance with the Trust’s fair value procedures. This may result in movements between levels 1, 2 and 3 throughout the period. Pursuant to the Trust’s fair value procedures noted previously, equity securities (including exchange traded securities and open-end regulated investment companies), exchange traded derivatives (i.e. options) and money market instruments are generally categorized as level 1 securities in the fair value hierarchy. Fixed income securities and non-exchange traded derivatives are generally categorized as level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. Provided pre-defined triggers have been met, the Board of Trustees has approved independent pricing vendors that calculate fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. These valuations are typically categorized as level 2 or level 3 securities in the fair value hierarchy.

 

The following is a summary of the inputs used as of September 30, 2023 in valuing each Fund’s assets carried at fair value:

 

Investments in Securities at Value(a)

  

Level 1 - Unadjusted Quoted Prices

    

Level 2 - Other Significant Observable Inputs

    

Level 3 - Significant Unobservable Inputs

    

Total

  

Cullen International High Dividend Fund

                        

Common Stocks

                                

Communications

   $ 1,193,347     $ 23,041,084     $ –     $ 24,234,431  

Consumer Discretionary

     –       17,858,321       –       17,858,321  

Consumer Staples

     18,529,640       7,822,083       –       26,351,723  

Energy

     4,557,497       9,507,308       –       14,064,805  

Financials

     2,990,034       39,914,216       –       42,904,250  

Health Care

     8,075,970       11,840,722       –       19,916,692  

Industrials

     –       27,866,166       –       27,866,166  

Materials

     –       16,467,530       –       16,467,530  

Real Estate

     5,647,709       4,031,615       –       9,679,324  

Technology

     –       11,980,405       –       11,980,405  

Utilities

     –       9,406,769       –       9,406,769  

Preferred Stocks

     –       8,038,923       –       8,038,923  

Total

   $ 40,994,197     $ 187,775,142     $ –     $ 228,769,339  

 

Investments in Securities at Value(a)

  

Level 1 - Unadjusted Quoted Prices

    

Level 2 - Other Significant Observable Inputs

    

Level 3 - Significant Unobservable Inputs

    

Total

  

Cullen High Dividend Equity Fund

                        

Common Stocks

                                

Communications

   $ 58,963,513     $ –     $ –     $ 58,963,513  

Consumer Discretionary

     46,537,641       –       –       46,537,641  

Consumer Staples

     107,762,347       –       –       107,762,347  

Energy

     78,121,533       –       –       78,121,533  

Financials

     137,848,484       –       –       137,848,484  

Health Care

     114,146,845       –       –       114,146,845  

Industrials

     96,247,679       –       –       96,247,679  

Materials

     22,915,327       –       –       22,915,327  

Real Estate

     43,441,483       –       –       43,441,483  

Technology

     78,302,379       –       –       78,302,379  

Utilities

     42,042,206       –       –       42,042,206  

Total

   $ 826,329,437     $ –     $ –     $ 826,329,437  

 

Investments in Securities at Value(a)

  

Level 1 - Unadjusted Quoted Prices

    

Level 2 - Other Significant Observable Inputs

    

Level 3 - Significant Unobservable Inputs

    

Total

  

Cullen Small Cap Value Fund

                        

Common Stocks

                                

Consumer Discretionary

   $ 1,812,021     $ –     $ –     $ 1,812,021  

Consumer Staples

     366,974       –       –       366,974  

Energy

     1,992,188       –       –       1,992,188  

Financials

     2,291,560       –       –       2,291,560  

Health Care

     1,043,858       –       –       1,043,858  

Industrials

     1,830,626       –       –       1,830,626  

Materials

     859,372       –       –       859,372  

Real Estate

     567,714       –       –       567,714  

Technology

     712,977       –       –       712,977  

Utilities

     390,968       –       –       390,968  

Total

   $ 11,868,258     $ –     $ –     $ 11,868,258  

 

16

 

 

 

Cullen Funds

Notes to Schedules of Investments

September 30, 2023 (Continued)

 
 

 

Investments in Securities at Value(a)

  

Level 1 - Unadjusted Quoted Prices

    

Level 2 - Other Significant Observable Inputs

    

Level 3 - Significant Unobservable Inputs

    

Total

  

Cullen Value Fund

                        

Common Stocks

                                

Communications

   $ 1,349,775     $ –     $ –     $ 1,349,775  

Consumer Discretionary

     1,293,845       –       –       1,293,845  

Consumer Staples

     1,949,892       –       –       1,949,892  

Energy

     1,355,295       –       –       1,355,295  

Financials

     4,054,616       –       –       4,054,616  

Health Care

     3,650,474       –       –       3,650,474  

Industrials

     3,288,638       –       –       3,288,638  

Materials

     817,300       –       –       817,300  

Technology

     2,750,697       –       –       2,750,697  

Total

   $ 20,510,532     $ –     $ –     $ 20,510,532  

 

Investments in Securities at Value(a)

  

Level 1 - Unadjusted Quoted Prices

    

Level 2 - Other Significant Observable Inputs

    

Level 3 - Significant Unobservable Inputs

    

Total

  

Cullen Emerging Markets High Dividend Fund

                        

Common Stocks

                                

Communications

   $ –     $ 23,708,210     $ –     $ 23,708,210  

Consumer Discretionary

     –       32,293,565       –       32,293,565  

Consumer Staples

     38,041,696       2,216,361       –       40,258,057  

Energy

     15,785,635       20,495,388       –       36,281,023  

Financials

     22,097,619       71,922,210       –       94,019,829  

Health Care

     739,058       –       –       739,058  

Industrials

     8,684,181       15,109,330       –       23,793,511  

Materials

     5,373,982       9,804,891       –       15,178,873  

Real Estate

     29,899,068       19,040,908       –       48,939,976  

Technology

     28,663,320       45,143,426       –       73,806,746  

Utilities

     –       46,677,729       –       46,677,729  

Participatory Notes(b)

     –       18,511,720       –       18,511,720  

Preferred Stocks

     6,843,648       –       –       6,843,648  

Total

   $ 156,128,207     $ 304,923,738     $ –     $ 461,051,945  

 

Investments in Securities at Value(a)

  

Level 1 - Unadjusted Quoted Prices

    

Level 2 - Other Significant Observable Inputs

    

Level 3 - Significant Unobservable Inputs

    

Total

  

Cullen Enhanced Equity Income Fund

                        

Common Stocks

                                

Communications

   $ 16,659,113     $ –     $ –     $ 16,659,113  

Consumer Discretionary

     1,701,085       –       –       1,701,085  

Consumer Staples

     26,650,342       –       –       26,650,342  

Energy

     18,752,486       –       –       18,752,486  

Financials

     24,808,912       –       –       24,808,912  

Health Care

     24,545,087       –       –       24,545,087  

Industrials

     16,023,641       –       –       16,023,641  

Materials

     8,272,875       –       –       8,272,875  

Real Estate

     12,535,680       –       –       12,535,680  

Technology

     11,081,809       –       –       11,081,809  

Utilities

     13,884,704       –       –       13,884,704  

Total

   $ 174,915,734     $ –     $ –     $ 174,915,734  

Other Financial Instruments(c)

                                

Written Options

   $ (106,779 )   $ –     $ –     $ (106,779 )

Total

   $ (106,779 )   $ –     $ –     $ (106,779 )

 

(a)

For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.

(b)

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as level 2 in the fair value hierarchy.

(c)

Other financial instruments are derivative instruments reflected in the Schedule of Investments.

 

NOTE 3 - FOREIGN INVESTMENT RISK

 

The Funds may invest in securities traded on exchanges outside the United States. Further, each Fund may invest in securities issued by companies domiciled outside the United States, which may be subject to political, social and economic uncertainty to a greater extent and may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices in some countries; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends.

 

17

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