UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09871
CULLEN FUNDS TRUST
(exact name of registrant as specified in charter)
645 Fifth Avenue, New York, NY 10022
(Address of principal executive offices) (Zip code)
Brooks Cullen
645 Fifth Avenue
New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code: 877-485-8586
Date of fiscal year end: June 30
Date of reporting period: July 1, 2020 – December 31, 2020
Item 1. | Report to Shareholders. | |
(a) |
SEMI-ANNUAL REPORT
DECEMBER 31, 2020
International High Dividend | High Dividend Equity | Small Cap Value
Value | Emerging Markets High Dividend | Enhanced Equity Income
TABLE OF CONTENTS
Cullen Funds Trust | Shareholder Letter |
December 31, 2020 (Unaudited) |
March 1, 2021
Retail Class Performance for the six months ended December 31, 2020 for the Cullen High Dividend Equity Fund (“High Dividend Fund”), Cullen International High Dividend Fund (“International High Dividend Fund”), Cullen Small Cap Value Fund (“Small Cap Fund”), Cullen Value Fund (“Value Fund”), Cullen Emerging Markets High Dividend Fund (“Emerging Markets High Dividend Fund”), and Cullen Enhanced Equity Income Fund (“Enhanced Equity Income Fund”) versus their respective benchmarks was as follows:
Fund/Benchmark | Performance |
Cullen High Dividend Equity Fund | 15.21% |
S&P 500 Index | 22.16% |
Cullen International High Dividend Fund | 16.96% |
MSCI EAFE Index | 21.61% |
Cullen Small Cap Value Fund | 41.06% |
Russell 2000 Value Index | 36.77% |
Cullen Value Fund | 17.27% |
S&P 500 Index | 22.16% |
Cullen Emerging Markets High Dividend Fund | 28.37% |
MSCI Emerging Markets Index | 31.14% |
Cullen Enhanced Equity Income Fund | 15.45% |
CBOE S&P 500 BuyWrite Index | 14.56% |
Please refer to the financial highlights for each Fund’s respective share class’ performance on pages 26-36 of this semi-annual report. Past performance is no guarantee of future results.
Portfolio Review - High Dividend Fund
The High Dividend Fund’s performance versus the S&P 500 Index during the period was primarily due to the Fund’s stock selection in Information Technology and Industrials as well as an overweight allocation to Energy which was the worst performing sector in the period. Stock selection within Consumer Discretionary and Utilities partially offset relative performance.
Portfolio Review - International High Dividend Fund
The International High Dividend Fund’s performance versus the MSCI EAFE Index during the period was primarily due to the Fund’s stock selection in Communication Services and Consumer Discretionary. Partially offsetting relative performance during the period was the Fund’s stock selection within Information Technology and Materials.
Portfolio Review - Small Cap Fund
The Small Cap Fund’s performance versus the Russell 2000 Value Index during the period was primarily due to stock selection within Industrials and Financials as well as the Fund’s underweight exposure to Utilities, a sector the Fund has no holdings in. Partially offsetting relative performance was the Fund’s stock selection in Consumer Discretionary and Information Technology.
Portfolio Review - Value Fund
The Value Fund’s performance versus the S&P 500 Index during the period was primarily due to stock selection in Industrials and Information Technology as well as an overweight allocation to Energy which was the worst performing sector in the period. The Fund’s stock selection in Communication Services along with an overweight allocation to Financials partially offset relative performance.
Portfolio Review - Emerging Markets High Dividend Fund
The Emerging Markets High Dividend Fund’s performance versus the MSCI Emerging Markets Index during the period was primarily due to stock selection within the Information Technology sector as well as an overweight allocation to Real Estate. Partially offsetting relative performance was the Fund’s stock selection in Industrials and Materials as well as an underweight allocation to Communication Services.
Portfolio Review - Enhanced Equity Income Fund
The Enhanced Equity Income Fund’s performance versus the CBOE S&P 500 BuyWrite Index during the period was primarily due to the Fund’s stock selection in Consumer Staples and Information Technology along with an underweight exposure in Information Technology. Stock selection within Real Estate and Financials slightly offset relative performance. The Fund’s use of covered call options1 during the period contributed premiums of approximately 4.0% of average net assets during the period.
Semi-Annual Report | December 31, 2020 | 1 |
Cullen Funds Trust | Shareholder Letter |
December 31, 2020 (Unaudited) |
Outlook
The hope for 2021 is that, despite the uneven global recovery, the Covid-19 pandemic will fade as vaccines are deployed and herd immunity is reached. In the meantime, the surge in global monetary and fiscal stimulus serves to offset economic weakness caused by new waves of Covid-19 cases and renewed regional lockdowns.
Several developments are emerging in the stock market which, coming together, may finally result in a swing back to value in 2021. History shows that after a long, extended up-market, a point is reached at the end of the cycle when speculative behavior becomes extreme with everyone piling into the same popular stocks. The highest P/E2 multiple stocks, averaging 49x earnings, were +21% while the lowest P/E multiples selling at 10x earnings were -37%. The huge 58% gap between growth and value is by far the widest differential on record. Even the highest dividend yielding stocks were down -27%. This shows just how extreme the behavior has become.
Record levels of stimulus and liquidity have fueled financial asset inflation across the board. Technology stocks with parabolic moves and initial public offerings and special purpose acquisition companies have been the direct beneficiaries of the extreme growth in money supply. Ten years of QE (quantitative easing) have suppressed bond yields in turn lifting equity valuations. A recent Societe Generale report which analyzes the impact of global central bank balance sheet expansion on equity prices estimates that the cumulative impact of the ten years of QE on the 10-year Treasury yield was approximately 1.8%. Without QE, the team estimates, using various macroeconomic variables, the NASDAQ would justifiably trade 60% lower and the S&P 500 in turn significantly lower than current levels. (Source: Societe Generale, 11/20). While global balance sheets are still expected to expand in 2021, liquidity is set to slow from record levels in 2020.
Recent performance trends bring 1999 to mind, when value was also extremely oversold. Growth was up +24% and value was down -5%. The difference of -29% was the biggest up to that point in market history. The next year the MARKET FLIPPED and value was up +24% and growth was -17% -- a whopping +41% gap. Value then went on to outperform for most of the next ten years.
After such a long period of underperformance by value, many believe that the world has changed and the popular growth stocks are bullet proof even in a downturn, thanks to how fast they are growing. And in every cycle, you get the same question: Is this time different? History shows that it usually is not, as similar extreme markets like the 1920s, the 1970s, or the Tech Bubble of the year 2000 demonstrated.
We believe earnings are poised to stage a major recovery in 2021 with a strong recovery anticipated for Value and Cyclical stocks. Given their extreme relative underperformance and inexpensive valuations, Value stocks should present an attractive opportunity in an otherwise expensive market. As economic uncertainty begins to fade, valuation extremes are anticipated to narrow and dividend sustainability is likely to be rewarded which could benefit Value and High Dividend stocks. Historically, Value cycles have lasted for a year (on average) and considerably longer in recession/recovery periods.
We have always believed the best way to avoid the extreme volatility of the stock market is to take a long term view (that is, five years) and invest with a price discipline. Also we believe we could be entering a period where earnings and dividend yield3 along with dividend growth4 become more important, following a five-year period when they were considered irrelevant.
Sincerely,
James P. Cullen
Chairman and Chief Executive Officer
1 | Covered call option is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset. |
2 | The Price-to-Earnings Ratio, or Price/Earnings, is a ratio that measures current share price relative to earnings per share. |
3 | A dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. |
4 | Dividend growth is the annualized percentage rate of growth that a particular stock's dividend undergoes over a period of time. |
The above outlook reflects the opinions of the authors, is subject to change, is not guaranteed, and should not be considered investment advice.
2 | www.cullenfunds.com |
Cullen Funds Trust | Shareholder Letter |
December 31, 2020 (Unaudited) |
The Cullen High Dividend Equity Fund, Cullen International High Dividend Fund, Cullen Value Fund, Cullen Emerging Markets High Dividend Fund, and Cullen Enhanced Equity Income Fund’s investment objectives are capital appreciation and current income. The Cullen Small Cap Value Fund’s objective is capital appreciation.
Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You can obtain performance data current to the most recent month end by calling 1-877-485-8586 or visiting our website: www.cullenfunds.com. The Cullen Funds impose a 2% redemption fee on shares held less than seven days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.
Mutual fund investing involves risk. Principal loss is possible. The Funds may also invest in medium- and small-capitalization companies, which will involve additional risks such as limited liquidity and greater volatility.
The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. The MSCI EAFE Index is an unmanaged index of common stocks in Europe, Australia, Asia and the Far East. The Russell 2000 Value Index is an unmanaged index commonly used to measure performance of small capitalization stocks. The MSCI Emerging Markets Index is an unmanaged index of common stocks of in global emerging economies. The MSCI Emerging Markets Index is an unmanaged index of common stocks of in global emerging economies. The CBOE S&P 500 BuyWrite Index is an unmanaged index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index, which itself is also unmanaged index commonly used to measure performance of U.S. stocks. It is not possible to invest directly in an index.
Fund holdings and/or sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to each Fund’s Schedule of Investments in the report for complete fund holdings information.
Current and future portfolio holdings are subject to risk.
Investment performance reflects fee waivers. In the absence of such waivers, total returns would be reduced.
Must be accompanied or preceded by a current prospectus.
The Cullen Funds are distributed by ALPS Distributors, Inc. (02/21)
Semi-Annual Report | December 31, 2020 | 3 |
Cullen Funds Trust | Disclosure of Fund Expenses |
December 31, 2020 (Unaudited) |
As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs; redemption fees; and exchange fees; and (2) ongoing costs, - including management fees; service fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 to December 31, 2020.
Actual Expenses
The first sets of lines of the tables below provide information about actual account values and actual expenses. Although the Funds charge no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by the Funds’ transfer agent. If you request that redemption be made by wire transfer, currently a $15.00 fee is charged by the Funds’ transfer agent. You will be charged a 2% redemption fee if you redeem or exchange shares of the Funds within seven (7) days of purchase. IRA accounts will be charged a $15.00 annual maintenance fee. The examples below include, but are not limited to, management fees, shareholder servicing fees, fund accounting, custody and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses. You may use the information within these lines, together with the amount you invested, to estimate the expenses that you paid over the six-month period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second set of lines within the tables below provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expenses Paid | ||||||||||||||||
Beginning | Ending | During Period | ||||||||||||||
Net Expense | Account Value | Account Value | July 1, 2020 to | |||||||||||||
Ratio(a) | July 1, 2020 | December 31, 2020 | December 31, 2020(b) | |||||||||||||
Cullen International High Dividend Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.25 | % | $ | 1,000.00 | $ | 1,169.60 | $ | 6.84 | ||||||||
Hypothetical (5% return before expenses) | 1.25 | % | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | ||||||||
Class C | ||||||||||||||||
Actual | 2.00 | % | $ | 1,000.00 | $ | 1,163.90 | $ | 10.91 | ||||||||
Hypothetical (5% return before expenses) | 2.00 | % | $ | 1,000.00 | $ | 1,015.12 | $ | 10.16 | ||||||||
Class I | ||||||||||||||||
Actual | 1.00 | % | $ | 1,000.00 | $ | 1,170.70 | $ | 5.47 | ||||||||
Hypothetical (5% return before expenses) | 1.00 | % | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||||
Class R1 | ||||||||||||||||
Actual | 1.75 | % | $ | 1,000.00 | $ | 1,166.30 | $ | 9.56 | ||||||||
Hypothetical (5% return before expenses) | 1.75 | % | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||||
Class R2 | ||||||||||||||||
Actual | 1.50 | % | $ | 1,000.00 | $ | 1,167.60 | $ | 8.20 | ||||||||
Hypothetical (5% return before expenses) | 1.50 | % | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 |
4 | www.cullenfunds.com |
Cullen Funds Trust | Disclosure of Fund Expenses |
December 31, 2020 (Unaudited) |
Expenses Paid | ||||||||||||||||
Beginning | Ending | During Period | ||||||||||||||
Net Expense | Account Value | Account Value | July 1, 2020 to | |||||||||||||
Ratio(a) | July 1, 2020 | December 31, 2020 | December 31, 2020(b) | |||||||||||||
Cullen High Dividend Equity Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.00 | % | $ | 1,000.00 | $ | 1,152.10 | $ | 5.42 | ||||||||
Hypothetical (5% return before expenses) | 1.00 | % | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||||
Class C | ||||||||||||||||
Actual | 1.75 | % | $ | 1,000.00 | $ | 1,147.70 | $ | 9.47 | ||||||||
Hypothetical (5% return before expenses) | 1.75 | % | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||||
Class I | ||||||||||||||||
Actual | 0.75 | % | $ | 1,000.00 | $ | 1,153.60 | $ | 4.07 | ||||||||
Hypothetical (5% return before expenses) | 0.75 | % | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||||
Class R1 | ||||||||||||||||
Actual | 1.50 | % | $ | 1,000.00 | $ | 1,149.70 | $ | 8.13 | ||||||||
Hypothetical (5% return before expenses) | 1.50 | % | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | ||||||||
Class R2 | ||||||||||||||||
Actual | 1.25 | % | $ | 1,000.00 | $ | 1,151.10 | $ | 6.78 | ||||||||
Hypothetical (5% return before expenses) | 1.25 | % | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | ||||||||
Cullen Small Cap Value Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.25 | % | $ | 1,000.00 | $ | 1,410.60 | $ | 7.60 | ||||||||
Hypothetical (5% return before expenses) | 1.25 | % | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | ||||||||
Class C | ||||||||||||||||
Actual | 2.00 | % | $ | 1,000.00 | $ | 1,404.20 | $ | 12.12 | ||||||||
Hypothetical (5% return before expenses) | 2.00 | % | $ | 1,000.00 | $ | 1,015.12 | $ | 10.16 | ||||||||
Class I | ||||||||||||||||
Actual | 1.00 | % | $ | 1,000.00 | $ | 1,411.40 | $ | 6.08 | ||||||||
Hypothetical (5% return before expenses) | 1.00 | % | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||||
Cullen Value Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.00 | % | $ | 1,000.00 | $ | 1,172.70 | $ | 5.48 | ||||||||
Hypothetical (5% return before expenses) | 1.00 | % | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||||
Class C | ||||||||||||||||
Actual | 1.75 | % | $ | 1,000.00 | $ | 1,169.00 | $ | 9.57 | ||||||||
Hypothetical (5% return before expenses) | 1.75 | % | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||||
Class I | ||||||||||||||||
Actual | 0.75 | % | $ | 1,000.00 | $ | 1,174.30 | $ | 4.11 | ||||||||
Hypothetical (5% return before expenses) | 0.75 | % | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 |
Semi-Annual Report | December 31, 2020 | 5 |
Cullen Funds Trust | Disclosure of Fund Expenses |
December 31, 2020 (Unaudited) |
Expenses Paid | ||||||||||||||||
Beginning | Ending | During Period | ||||||||||||||
Net Expense | Account Value | Account Value | July 1, 2020 to | |||||||||||||
Ratio(a) | July 1, 2020 | December 31, 2020 | December 31, 2020(b) | |||||||||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.25 | % | $ | 1,000.00 | $ | 1,283.70 | $ | 7.20 | ||||||||
Hypothetical (5% return before expenses) | 1.25 | % | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | ||||||||
Class C | ||||||||||||||||
Actual | 2.00 | % | $ | 1,000.00 | $ | 1,278.90 | $ | 11.49 | ||||||||
Hypothetical (5% return before expenses) | 2.00 | % | $ | 1,000.00 | $ | 1,015.12 | $ | 10.16 | ||||||||
Class I | ||||||||||||||||
Actual | 1.00 | % | $ | 1,000.00 | $ | 1,285.70 | $ | 5.76 | ||||||||
Hypothetical (5% return before expenses) | 1.00 | % | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||||
Cullen Enhanced Equity Income Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.00 | % | $ | 1,000.00 | $ | 1,154.50 | $ | 5.43 | ||||||||
Hypothetical (5% return before expenses) | 1.00 | % | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||||
Class C | ||||||||||||||||
Actual | 1.75 | % | $ | 1,000.00 | $ | 1,149.50 | $ | 9.48 | ||||||||
Hypothetical (5% return before expenses) | 1.75 | % | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||||
Class I | ||||||||||||||||
Actual | 0.75 | % | $ | 1,000.00 | $ | 1,156.00 | $ | 4.08 | ||||||||
Hypothetical (5% return before expenses) | 0.75 | % | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 |
(a) | Annualized, based on the Fund's most recent fiscal half year expenses. Such figures do not reflect acquired fund fees and expenses. |
(b) | Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), divided by 365. Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |
6 | www.cullenfunds.com |
Cullen International High Dividend Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 93.85% | ||||||||
Australia - 2.51% | ||||||||
Sonic Healthcare, Ltd. | 179,770 | $ | 4,454,132 | |||||
Brazil - 2.95% | ||||||||
Vale SA | 310,840 | 5,228,541 | ||||||
Canada - 4.52% | ||||||||
BCE, Inc. | 71,338 | 3,053,267 | ||||||
Manulife Financial Corp. | 278,848 | 4,969,071 | ||||||
8,022,338 | ||||||||
Finland - 2.71% | ||||||||
UPM-Kymmene Oyj | 128,621 | 4,796,460 | ||||||
France - 12.22% | ||||||||
BNP Paribas SA(a) | 104,661 | 5,525,250 | ||||||
Cie de Saint-Gobain(a) | 67,660 | 3,111,827 | ||||||
Cie Generale des Etablissements Michelin SCA | 38,646 | 4,975,907 | ||||||
Sanofi | 32,830 | 3,181,963 | ||||||
TOTAL SE - Sponsored ADR | 116,250 | 4,872,037 | ||||||
21,666,984 | ||||||||
Germany - 10.48% | ||||||||
Allianz SE | 11,069 | 2,719,338 | ||||||
Deutsche Post AG | 64,062 | 3,173,342 | ||||||
Deutsche Telekom AG | 206,625 | 3,771,421 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 13,045 | 3,875,988 | ||||||
Siemens AG | 35,024 | 5,045,053 | ||||||
18,585,142 | ||||||||
Ireland - 2.98% | ||||||||
Smurfit Kappa Group PLC | 113,650 | 5,281,461 | ||||||
Italy - 3.31% | ||||||||
Enel SpA | 576,922 | 5,869,993 | ||||||
Japan - 9.18% | ||||||||
Denka Co., Ltd. | 115,800 | 4,527,988 | ||||||
Nippon Telegraph & Telephone Corp. | 125,780 | 3,227,389 | ||||||
SoftBank Corp. | 196,945 | 2,472,053 | ||||||
Toyota Motor Corp. | 78,400 | 6,050,138 | ||||||
16,277,568 | ||||||||
Mexico - 1.50% | ||||||||
PLA Administradora Industrial S de RL de CV | 1,721,803 | 2,651,124 | ||||||
Netherlands - 2.62% | ||||||||
NN Group NV | 107,608 | 4,651,891 |
Value | ||||||||
Shares | (Note 2) | |||||||
Russia - 1.04% | ||||||||
MMC Norilsk Nickel PJSC - ADR | 58,740 | $ | 1,849,135 | |||||
Singapore - 4.75% | ||||||||
Ascendas Real Estate Investment Trust | 1,578,145 | 3,562,599 | ||||||
Singapore Telecommunications, Ltd. | 143,355 | 250,318 | ||||||
United Overseas Bank, Ltd. | 270,300 | 4,607,106 | ||||||
8,420,023 | ||||||||
Spain - 3.11% | ||||||||
Iberdrola SA | 384,193 | 5,520,934 | ||||||
Sweden - 1.89% | ||||||||
Svenska Handelsbanken AB(a) | 332,273 | 3,349,322 | ||||||
Switzerland - 13.10% | ||||||||
ABB, Ltd. - Sponsored ADR | 135,450 | 3,787,182 | ||||||
Nestle SA | 37,105 | 4,386,231 | ||||||
Novartis AG - Sponsored ADR | 37,920 | 3,580,785 | ||||||
Roche Holding AG | 5,435 | 1,893,003 | ||||||
UBS Group AG | 306,092 | 4,309,726 | ||||||
Zurich Insurance Group AG | 12,540 | 5,284,623 | ||||||
23,241,550 | ||||||||
Taiwan - 3.04% | ||||||||
ASE Technology Holding Co., Ltd. | 1,859,600 | 5,394,371 | ||||||
United Kingdom - 11.02% | ||||||||
BAE Systems PLC | 761,802 | 5,080,295 | ||||||
British American Tobacco PLC - Sponsored ADR | 86,800 | 3,254,132 | ||||||
Britvic PLC | 7,900 | 87,754 | ||||||
Diageo PLC | 9,700 | 383,818 | ||||||
GlaxoSmithKline PLC | 43,033 | 787,418 | ||||||
Imperial Brands PLC | 13,775 | 288,926 | ||||||
Persimmon PLC | 132,630 | 5,005,836 | ||||||
Unilever PLC - ADR | 77,276 | 4,664,379 | ||||||
19,552,558 | ||||||||
United States - 0.92% | ||||||||
Las Vegas Sands Corp. | 27,500 | 1,639,000 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $125,168,509) | 166,452,527 | |||||||
PREFERRED STOCK - 4.44% | ||||||||
South Korea - 4.44% | ||||||||
Samsung Electronics Co., Ltd. | 116,200 | 7,882,655 | ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $4,219,278) | 7,882,655 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 7 |
Cullen International High Dividend Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||
(Note 2) | ||||
TOTAL INVESTMENTS 98.29% | ||||
(Cost $129,387,787) | $ | 174,335,182 | ||
Other Assets In Excess Of Liabilities 1.71% | 3,033,114 | |||
NET ASSETS 100.00% | $ | 177,368,296 |
(a) | Non-Income Producing Security. |
ADR - American Depositary Receipt
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 22.15 | % | $ | 39,292,315 | ||||
Materials | 12.23 | 21,683,585 | ||||||
Industrials | 11.39 | 20,197,699 | ||||||
Consumer Discretionary | 9.96 | 17,670,881 | ||||||
Health Care | 7.84 | 13,897,301 | ||||||
Consumer Staples | 7.37 | 13,065,240 | ||||||
Communication Services | 7.20 | 12,774,448 | ||||||
Utilities | 6.42 | 11,390,927 | ||||||
Real Estate | 3.50 | 6,213,723 | ||||||
Information Technology | 3.04 | 5,394,371 | ||||||
Energy | 2.75 | 4,872,037 | ||||||
TOTAL COMMON STOCKS | 93.85 | 166,452,527 | ||||||
PREFERRED STOCK | ||||||||
Information Technology | 4.44 | 7,882,655 | ||||||
TOTAL PREFERRED STOCK | 4.44 | 7,882,655 | ||||||
TOTAL INVESTMENTS | 98.29 | % | $ | 174,335,182 | ||||
Other Assets In Excess Of | ||||||||
Liabilities | 1.71 | 3,033,114 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 177,368,296 |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements.
8 | www.cullenfunds.com |
Cullen International High Equity Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 98.18% | ||||||||
Aerospace & Defense - 4.32% | ||||||||
General Dynamics Corp. | 103,100 | $ | 15,343,342 | |||||
Raytheon Technologies Corp. | 413,850 | 29,594,414 | ||||||
44,937,756 | ||||||||
Air Freight & Logistics - 1.67% | ||||||||
United Parcel Service, Inc., Class B | 103,224 | 17,382,922 | ||||||
Banks - 9.63% | ||||||||
Bank of America Corp. | 733,000 | 22,217,230 | ||||||
Citigroup, Inc. | 324,000 | 19,977,840 | ||||||
JPMorgan Chase & Co. | 298,800 | 37,968,516 | ||||||
Truist Financial Corp. | 419,350 | 20,099,445 | ||||||
100,263,031 | ||||||||
Beverages - 1.52% | ||||||||
Diageo PLC - Sponsored ADR | 99,400 | 15,785,714 | ||||||
Building Products - 2.75% | ||||||||
Johnson Controls International PLC | 614,995 | 28,652,617 | ||||||
Capital Markets - 3.54% | ||||||||
Morgan Stanley | 537,600 | 36,841,728 | ||||||
Chemicals - 2.21% | ||||||||
Dow, Inc. | 414,170 | 22,986,435 | ||||||
Communications Equipment - 1.95% | ||||||||
Cisco Systems, Inc. | 453,865 | 20,310,459 | ||||||
Distributors - 3.02% | ||||||||
Genuine Parts Co. | 313,335 | 31,468,234 | ||||||
Diversified Telecommunication Services - 5.37% | ||||||||
AT&T, Inc. | 960,825 | 27,633,327 | ||||||
BCE, Inc. | 660,470 | 28,268,116 | ||||||
55,901,443 | ||||||||
Electric Utilities - 5.01% | ||||||||
Duke Energy Corp. | 209,760 | 19,205,626 | ||||||
NextEra Energy, Inc. | 427,620 | 32,990,883 | ||||||
52,196,509 | ||||||||
Electronic Equipment, Instruments & Components - 0.30% | ||||||||
Corning, Inc. | 86,405 | 3,110,580 | ||||||
Equity Real Estate Investment Trusts (REITs) - 3.78% | ||||||||
Healthpeak Properties, Inc. | 712,850 | 21,549,455 | ||||||
Welltower, Inc. | 275,180 | 17,782,132 | ||||||
39,331,587 |
Value | ||||||||
Shares | (Note 2) | |||||||
Food & Staples Retailing - 0.98% | ||||||||
Walgreens Boots Alliance, Inc. | 256,400 | $ | 10,225,232 | |||||
Health Care Equipment & Supplies - 2.83% | ||||||||
Medtronic PLC | 251,431 | 29,452,627 | ||||||
Household Products - 2.68% | ||||||||
Kimberly-Clark Corp. | 207,000 | 27,909,810 | ||||||
Industrial Conglomerates - 5.12% | ||||||||
3M Co. | 149,760 | 26,176,550 | ||||||
Siemens AG - Sponsored ADR | 377,500 | 27,100,725 | ||||||
53,277,275 | ||||||||
Insurance - 4.54% | ||||||||
Chubb, Ltd. | 194,425 | 29,925,896 | ||||||
Travelers Cos., Inc. | 123,627 | 17,353,522 | ||||||
47,279,418 | ||||||||
Multiline Retail - 3.17% | ||||||||
Target Corp. | 186,950 | 33,002,284 | ||||||
Oil, Gas & Consumable Fuels - 4.73% | ||||||||
Chevron Corp. | 295,000 | 24,912,750 | ||||||
ConocoPhillips | 266,000 | 10,637,340 | ||||||
Exxon Mobil Corp. | 331,000 | 13,643,820 | ||||||
49,193,910 | ||||||||
Personal Products - 3.02% | ||||||||
Unilever PLC - ADR | 521,145 | 31,456,312 | ||||||
Pharmaceuticals - 12.87% | ||||||||
Eli Lilly and Co. | 106,243 | 17,938,068 | ||||||
Johnson & Johnson | 232,900 | 36,653,802 | ||||||
Merck & Co., Inc. | 289,548 | 23,685,026 | ||||||
Novartis AG - Sponsored ADR | 309,620 | 29,237,417 | ||||||
Pfizer, Inc. | 719,100 | 26,470,071 | ||||||
133,984,384 | ||||||||
Semiconductors & Semiconductor Equipment - 4.59% | ||||||||
Broadcom, Inc. | 54,668 | 23,936,384 | ||||||
Intel Corp. | 477,730 | 23,800,508 | ||||||
47,736,892 | ||||||||
Software - 1.61% | ||||||||
Microsoft Corp. | 75,517 | 16,796,491 | ||||||
Specialty Retail - 2.46% | ||||||||
Lowe's Cos., Inc. | 159,286 | 25,566,996 | ||||||
Tobacco - 4.51% | ||||||||
Altria Group, Inc. | 456,100 | 18,700,100 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 9 |
Cullen International High Equity Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
Tobacco (continued) | ||||||||
Philip Morris International, Inc. | 340,550 | $ | 28,194,134 | |||||
46,894,234 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $609,550,036) | 1,021,944,880 | |||||||
TOTAL INVESTMENTS 98.18% | ||||||||
(Cost $609,550,036) | $ | 1,021,944,880 | ||||||
Other Assets In Excess Of Liabilities 1.82% | 18,994,024 | |||||||
NET ASSETS 100.00% | $ | 1,040,938,904 |
ADR - American Depositary Receipt
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 17.71 | % | $ | 184,384,177 | ||||
Health Care | 15.70 | 163,437,011 | ||||||
Industrials | 13.86 | 144,250,570 | ||||||
Consumer Staples | 12.71 | 132,271,302 | ||||||
Consumer Discretionary | 8.65 | 90,037,514 | ||||||
Information Technology | 8.45 | 87,954,422 | ||||||
Communication Services | 5.37 | 55,901,443 | ||||||
Utilities | 5.01 | 52,196,509 | ||||||
Energy | 4.73 | 49,193,910 | ||||||
Real Estate | 3.78 | 39,331,587 | ||||||
Materials | 2.21 | 22,986,435 | ||||||
TOTAL COMMON STOCKS | 98.18 | 1,021,944,880 | ||||||
TOTAL INVESTMENTS | 98.18 | % | $ | 1,021,944,880 | ||||
Other Assets In Excess Of Liabilities | 1.82 | 18,994,024 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 1,040,938,904 |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements.
10 | www.cullenfunds.com |
Cullen Small Cap Value Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 95.35% | ||||||||
Aerospace & Defense - 7.68% | ||||||||
AAR Corp. | 8,320 | $ | 301,350 | |||||
Spirit AeroSystems Holdings, Inc., Class A | 7,840 | 306,466 | ||||||
607,816 | ||||||||
Airlines - 1.56% | ||||||||
Copa Holdings SA, Class A | 1,602 | 123,722 | ||||||
Banks - 21.17% | ||||||||
Ameris Bancorp | 7,505 | 285,715 | ||||||
Enterprise Financial Services Corp. | 6,240 | 218,088 | ||||||
First Bancorp/Southern Pines, NC | 2,025 | 68,506 | ||||||
First Horizon Corp. | 23,750 | 303,050 | ||||||
Great Western Bancorp, Inc. | 19,635 | 410,372 | ||||||
South State Corp. | 2,381 | 172,146 | ||||||
Spirit of Texas Bancshares, Inc. | 12,875 | 216,300 | ||||||
1,674,177 | ||||||||
Beverages - 2.41% | ||||||||
Coca-Cola Consolidated, Inc. | 715 | 190,383 | ||||||
Building Products - 0.63% | ||||||||
PGT Innovations, Inc.(a) | 2,450 | 49,833 | ||||||
Capital Markets - 2.42% | ||||||||
Lazard, Ltd., Class A | 4,525 | 191,408 | ||||||
Chemicals - 3.25% | ||||||||
Cabot Corp. | 2,735 | 122,747 | ||||||
Huntsman Corp. | 5,334 | 134,097 | ||||||
256,844 | ||||||||
Commercial Services & Supplies - 3.51% | ||||||||
Steelcase, Inc., Class A | 20,460 | 277,233 | ||||||
Communications Equipment - 4.49% | ||||||||
Comtech Telecommunications Corp. | 17,170 | 355,247 | ||||||
Construction & Engineering - 3.03% | ||||||||
Quanta Services, Inc. | 3,325 | 239,466 | ||||||
Electrical Equipment - 1.81% | ||||||||
Encore Wire Corp. | 2,370 | 143,551 | ||||||
Electronic Equipment, Instruments & Components - 0.57% | ||||||||
Sanmina Corp.(a) | 1,416 | 45,156 | ||||||
Equity Real Estate Investment Trusts (REITs) - 3.17% | ||||||||
Host Hotels & Resorts, Inc. | 17,138 | 250,729 |
Value | ||||||||
Shares | (Note 2) | |||||||
Health Care Providers & Services - 1.47% | ||||||||
Magellan Health, Inc.(a) | 1,405 | $ | 116,390 | |||||
Hotels, Restaurants & Leisure - 3.49% | ||||||||
Denny's Corp.(a) | 18,797 | 275,940 | ||||||
Household Durables - 0.61% | ||||||||
Taylor Morrison Home Corp.(a) | 1,880 | 48,222 | ||||||
IT Services - 2.44% | ||||||||
Sykes Enterprises, Inc.(a) | 5,125 | 193,059 | ||||||
Leisure Products - 1.30% | ||||||||
MasterCraft Boat Holdings, Inc.(a) | 4,145 | 102,962 | ||||||
Machinery - 9.70% | ||||||||
Crane Co. | 3,652 | 283,614 | ||||||
Mayville Engineering Co., Inc.(a) | 21,232 | 284,934 | ||||||
Timken Co. | 2,570 | 198,815 | ||||||
767,363 | ||||||||
Paper & Forest Products - 1.43% | ||||||||
Domtar Corp. | 3,580 | 113,307 | ||||||
Professional Services - 7.71% | ||||||||
Barrett Business Services, Inc. | 3,895 | 265,678 | ||||||
BG Staffing, Inc. | 25,530 | 344,400 | ||||||
610,078 | ||||||||
Real Estate Management & Development - 2.01% | ||||||||
Jones Lang LaSalle, Inc.(a) | 1,071 | 158,904 | ||||||
Semiconductors & Semiconductor Equipment - 2.16% | ||||||||
MKS Instruments, Inc. | 1,135 | 170,761 | ||||||
Textiles, Apparel & Luxury Goods - 2.99% | ||||||||
Columbia Sportswear Co. | 2,710 | 236,800 | ||||||
Thrifts & Mortgage Finance - 2.87% | ||||||||
Premier Financial Corp. | 9,867 | 226,941 | ||||||
Trading Companies & Distributors - 1.47% | ||||||||
Air Lease Corp. | 2,610 | 115,936 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $5,758,190) | 7,542,228 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 11 |
Cullen Small Cap Value Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
TOTAL INVESTMENTS 95.35% | ||||||||
(Cost $5,758,190) | $ | 7,542,228 | ||||||
Other Assets In Excess Of Liabilities 4.65% | 367,597 | |||||||
NET ASSETS 100.00% | $ | 7,909,825 |
(a) | Non-Income Producing Security. |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Industrials | 37.11 | % | $ | 2,934,998 | ||||
Financials | 26.45 | 2,092,526 | ||||||
Information Technology | 9.66 | 764,223 | ||||||
Consumer Discretionary | 8.39 | 663,924 | ||||||
Real Estate | 5.18 | 409,633 | ||||||
Materials | 4.68 | 370,151 | ||||||
Consumer Staples | 2.41 | 190,383 | ||||||
Health Care | 1.47 | 116,390 | ||||||
TOTAL COMMON STOCKS | 95.35 | 7,542,228 | ||||||
TOTAL INVESTMENTS | 95.35 | % | $ | 7,542,228 | ||||
Other Assets In Excess Of Liabilities | 4.65 | 367,597 | ||||||
TOTAL NET ASSETS | 100 .00% | $ | 7,909,825 |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements.
12 | www.cullenfunds.com |
Cullen Value Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 96.22% | ||||||||
Aerospace & Defense - 6.64% | ||||||||
Boeing Co. | 2,775 | $ | 594,016 | |||||
General Dynamics Corp. | 3,580 | 532,776 | ||||||
Raytheon Technologies Corp. | 8,183 | 585,166 | ||||||
1,711,958 | ||||||||
Auto Components - 1.04% | ||||||||
BorgWarner, Inc. | 6,905 | 266,809 | ||||||
Banks - 9.19% | ||||||||
Bank of America Corp. | 17,700 | 536,487 | ||||||
Citigroup, Inc. | 12,680 | 781,849 | ||||||
JPMorgan Chase & Co. | 8,270 | 1,050,869 | ||||||
2,369,205 | ||||||||
Capital Markets - 4.79% | ||||||||
Morgan Stanley | 18,025 | 1,235,253 | ||||||
Communications Equipment - 3.32% | ||||||||
Cisco Systems, Inc. | 19,125 | 855,844 | ||||||
Diversified Telecommunication Services - 1.95% | ||||||||
AT&T, Inc. | 17,500 | 503,300 | ||||||
Electrical Equipment - 2.35% | ||||||||
ABB, Ltd. - Sponsored ADR | 21,630 | 604,775 | ||||||
Electronic Equipment, Instruments & Components - 3.06% | ||||||||
Arrow Electronics, Inc.(a) | 8,100 | 788,130 | ||||||
Entertainment - 3.97% | ||||||||
Walt Disney Co.(a) | 5,645 | 1,022,761 | ||||||
Food Products - 2.24% | ||||||||
Mondelez International, Inc., Class A | 9,890 | 578,268 | ||||||
Health Care Equipment & Supplies - 3.18% | ||||||||
Medtronic PLC | 7,005 | 820,566 | ||||||
Industrial Conglomerates - 6.32% | ||||||||
3M Co. | 3,230 | 564,572 | ||||||
Siemens AG - Sponsored ADR | 14,815 | 1,063,569 | ||||||
1,628,141 | ||||||||
Insurance - 8.64% | ||||||||
Allstate Corp. | 6,950 | 764,014 | ||||||
Chubb, Ltd. | 6,046 | 930,600 | ||||||
Travelers Cos., Inc. | 3,800 | 533,406 | ||||||
2,228,020 | ||||||||
Life Sciences Tools & Services - 3.42% | ||||||||
Thermo Fisher Scientific, Inc. | 1,895 | 882,653 |
Value | ||||||||
Shares | (Note 2) | |||||||
Media - 2.72% | ||||||||
Comcast Corp., Class A | 13,400 | $ | 702,160 | |||||
Metals & Mining - 2.74% | ||||||||
Newmont Corp. | 11,770 | 704,905 | ||||||
Oil, Gas & Consumable Fuels - 3.63% | ||||||||
Chevron Corp. | 5,550 | 468,698 | ||||||
ConocoPhillips | 11,700 | 467,883 | ||||||
936,581 | ||||||||
Personal Products - 2.37% | ||||||||
Unilever PLC - ADR | 10,115 | 610,541 | ||||||
Pharmaceuticals - 17.97% | ||||||||
Bristol-Myers Squibb Co. | 14,420 | 894,473 | ||||||
GlaxoSmithKline PLC - Sponsored ADR | 13,800 | 507,840 | ||||||
Johnson & Johnson | 4,245 | 668,078 | ||||||
Merck & Co., Inc. | 11,980 | 979,964 | ||||||
Novartis AG - Sponsored ADR | 8,130 | 767,716 | ||||||
Pfizer, Inc. | 22,072 | 812,470 | ||||||
4,630,541 | ||||||||
Software - 4.13% | ||||||||
Microsoft Corp. | 1,085 | 241,326 | ||||||
Oracle Corp. | 12,705 | 821,886 | ||||||
1,063,212 | ||||||||
Specialty Retail - 2.55% | ||||||||
Lowe's Cos., Inc. | 4,091 | 656,646 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $15,228,679) | 24,800,269 | |||||||
TOTAL INVESTMENTS 96.22% | ||||||||
(Cost $15,228,679) | $ | 24,800,269 | ||||||
Other Assets In Excess Of | ||||||||
Liabilities 3.78% | 972,802 | |||||||
NET ASSETS 100.00% | $ | 25,773,071 |
(a) | Non-Income Producing Security. |
ADR - American Depositary Receipt
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 13 |
Cullen Value Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Health Care | 24.58 | % | $ | 6,333,760 | ||||
Financials | 22.63 | 5,832,478 | ||||||
Industrials | 15.31 | 3,944,874 | ||||||
Information Technology | 10.50 | 2,707,186 | ||||||
Communication Services | 8.65 | 2,228,221 | ||||||
Consumer Staples | 4.61 | 1,188,809 | ||||||
Energy | 3.63 | 936,581 | ||||||
Consumer Discretionary | 3.58 | 923,455 | ||||||
Materials | 2.74 | 704,905 | ||||||
TOTAL COMMON STOCKS | 96.22 | 24,800,269 | ||||||
TOTAL INVESTMENTS | 96.22 | % | $ | 24,800,269 | ||||
Other Assets In Excess Of Liabilities | 3.78 | 972,802 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 25,773,071 |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements.
14 | www.cullenfunds.com |
Cullen Emerging Markets High Dividend Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 89.99% | ||||||||
Brazil - 3.44% | ||||||||
AES Tiete Energia SA | 421,990 | $ | 1,353,501 | |||||
Vale SA | 463,390 | 7,794,537 | ||||||
9,148,038 | ||||||||
Chile - 2.01% | ||||||||
Enel Chile SA | 15,548,628 | 1,208,001 | ||||||
Vina Concha y Toro SA | 2,386,589 | 4,144,032 | ||||||
5,352,033 | ||||||||
China - 13.03% | ||||||||
China Construction Bank Corp., Class H | 7,819,300 | 5,897,934 | ||||||
China Yongda Automobiles Services Holdings, Ltd. | 3,731,100 | 6,187,038 | ||||||
CIFI Holdings Group Co., Ltd. | 3,023,000 | 2,561,714 | ||||||
KWG Group Holdings, Ltd. | 1,281,000 | 1,750,200 | ||||||
Ping An Insurance Group Co. of China, Ltd., Class H | 383,000 | 4,660,963 | ||||||
Saic Motor Corp Ltd | 1,062,890 | 3,972,145 | ||||||
Times China Holdings, Ltd. | 2,402,200 | 3,344,736 | ||||||
Zijin Mining Group Co., Ltd., Class H | 5,537,000 | 6,273,275 | ||||||
34,648,005 | ||||||||
Egypt - 1.41% | ||||||||
Integrated Diagnostics Holdings PLC(a)(b) | 3,413,860 | 3,755,246 | ||||||
Greece - 1.52% | ||||||||
OPAP SA | 302,488 | 4,044,224 | ||||||
Hong Kong - 11.83% | ||||||||
AIA Group, Ltd. | 675,000 | 8,225,633 | ||||||
BOC Aviation, Ltd.(a)(b) | 563,520 | 4,877,552 | ||||||
Nine Dragons Paper Holdings, Ltd. | 3,734,000 | 5,308,060 | ||||||
Power Assets Holdings, Ltd. | 10,000 | 54,156 | ||||||
Sands China, Ltd. | 827,850 | 3,615,552 | ||||||
WH Group, Ltd.(a)(b) | 2,409,500 | 2,020,491 | ||||||
Xinyi Glass Holdings, Ltd. | 2,634,700 | 7,369,368 | ||||||
31,470,812 | ||||||||
India - 7.76% | ||||||||
Ascendas India Trust | 3,700,980 | 3,863,777 | ||||||
Bharat Electronics, Ltd. | 2,503,100 | 4,120,199 | ||||||
Embassy Office Parks REIT | 930,200 | 4,390,175 | ||||||
ICICI Bank, Ltd. - Sponsored ADR(c) | 325,550 | 4,837,673 | ||||||
Power Grid Corp Of India Ltd. | 1,316,500 | 3,422,548 | ||||||
20,634,372 | ||||||||
Indonesia - 0.82% | ||||||||
Bank Rakyat Indonesia Persero Tbk PT | 7,343,500 | 2,183,248 |
Value | ||||||||
Shares | (Note 2) | |||||||
Mexico - 4.52% | ||||||||
PLA Administradora Industrial S de RL de CV | 3,957,010 | $ | 6,092,756 | |||||
Prologis Property Mexico SA de CV | 2,637,806 | 5,939,852 | ||||||
12,032,608 | ||||||||
Peru - 1.06% | ||||||||
Credicorp, Ltd. | 17,110 | 2,806,382 | ||||||
Russia - 7.61% | ||||||||
Globaltrans Investment PLC - Sponsored GDR(a) | 602,495 | 3,602,920 | ||||||
LSR Group PJSC | 288,120 | 3,387,070 | ||||||
LUKOIL PJSC - Sponsored ADR | 85,385 | 5,836,919 | ||||||
MMC Norilsk Nickel PJSC - ADR | 88,432 | 2,783,839 | ||||||
QIWI PLC - Sponsored ADR | 34,870 | 359,161 | ||||||
Sberbank of Russia PJSC - Sponsored ADR | 294,880 | 4,275,760 | ||||||
20,245,669 | ||||||||
Singapore - 0.02% | ||||||||
Singapore Telecommunications, Ltd. | 23,900 | 41,733 | ||||||
South Africa - 1.27% | ||||||||
Mondi PLC | 143,450 | 3,365,424 | ||||||
South Korea - 9.82% | ||||||||
KT&G Corp.(c) | 9,130 | 699,044 | ||||||
Macquarie Korea Infrastructure Fund | 641,400 | 6,293,073 | ||||||
Samsung Electronics Co., Ltd. | 201,900 | 15,076,987 | ||||||
SK Telecom Co., Ltd. | 18,400 | 4,043,687 | ||||||
26,112,791 | ||||||||
Taiwan - 16.32% | ||||||||
Accton Technology Corp. | 143,500 | 1,617,919 | ||||||
ASE Technology Holding Co., Ltd. | 1,754,928 | 5,090,736 | ||||||
Powertech Technology, Inc. | 78,500 | 265,915 | ||||||
Quanta Computer, Inc. | 2,134,600 | 6,159,220 | ||||||
Sinbon Electronics Co., Ltd. | 938,000 | 7,231,028 | ||||||
Sunonwealth Electric Machine Industry Co., Ltd. | 2,387,300 | 4,587,176 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 113,290 | 12,353,142 | ||||||
Taiwan Union Technology Corp. | 312,500 | 1,350,172 | ||||||
Wiwynn Corp. | 188,500 | 4,733,276 | ||||||
43,388,584 | ||||||||
Thailand - 3.01% | ||||||||
Ratch Group PCL | 84,797 | 149,757 | ||||||
Thai Beverage PCL | 6,519,000 | 3,629,079 | ||||||
Vinythai PCL | 3,958,800 | 4,232,367 | ||||||
8,011,203 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 15 |
Cullen Emerging Markets High Dividend Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Shares | Value (Note 2) | |||||||
United Kingdom - 1.97% | ||||||||
Anglo American PLC | 159,000 | $ | 5,250,545 | |||||
Vietnam - 2.57% | ||||||||
Ho Chi Minh City Securities Corp. | 3,325,000 | 4,530,419 | ||||||
SSI Securities Corp. | 1,597,034 | 2,295,740 | ||||||
6,826,159 | ||||||||
TOTAL COMMON STOCKS (Cost $167,551,051) | 239,317,076 | |||||||
PARTICIPATORY NOTES - 5.89% | ||||||||
China - 5.89% | ||||||||
Huayu Automotive Systems Co. Ltd. (Issued by CLSA Global Markets Pte. Ltd.), Expires 06/30/2024 | 1,529,670 | 6,741,046 | ||||||
Midea Group Co. Ltd. (Issued by CLSA Global Markets Pte. Ltd.), Expires 06/05/2023 | 593,300 | 8,930,617 | ||||||
15,671,663 | ||||||||
TOTAL PARTICIPATORY NOTES (Cost $9,122,467) | 15,671,663 | |||||||
PREFERRED STOCK - 1.86% | ||||||||
Brazil - 1.86% | ||||||||
Itau Unibanco Holding SA | 786,750 | 4,810,593 | ||||||
Telefonica Brasil SA - ADR | 14,820 | 131,157 | ||||||
4,941,750 | ||||||||
TOTAL PREFERRED STOCK (Cost $4,371,311) | 4,941,750 | |||||||
TOTAL INVESTMENTS 97.74% (Cost $181,044,829) | $ | 259,930,489 | ||||||
Other Assets In Excess Of Liabilities 2.26% | 6,006,874 | |||||||
NET ASSETS 100.00% | $ | 265,937,363 |
|
(a) | Securities were originally 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 securities 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 December 31, 2020, the aggregate value of those securities was $14,256,210, which represents 5.36% of net assets. |
(b) | Security 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 December 31, 2020 the aggregate value of those securities was $10,653,289, which represents 4.01% of net assets. |
(c) | Non-Income Producing Security. |
ADR | - American Depositary Receipt |
GDR | - Gross Depositary Receipt |
Sector Diversification (Unaudited) | % of Net Assets | Value (Note 2) | ||||||
COMMON STOCKS | ||||||||
Information Technology | 20.40 | % | $ | 54,237,556 | ||||
Financials | 17.30 | 46,006,825 | ||||||
Materials | 13.16 | 35,008,047 | ||||||
Real Estate | 11.78 | 31,330,280 | ||||||
Industrials | 9.23 | 24,557,215 | ||||||
Consumer Discretionary | 6.70 | 17,818,959 | ||||||
Consumer Staples | 3.95 | 10,492,646 | ||||||
Utilities | 2.33 | 6,187,963 | ||||||
Energy | 2.19 | 5,836,919 | ||||||
Communication Services | 1.54 | 4,085,420 | ||||||
Health Care | 1.41 | 3,755,246 | ||||||
TOTAL COMMON STOCKS | 89.99 | 239,317,076 | ||||||
PARTICIPATORY NOTES | ||||||||
Consumer Discretionary | 5.89 | 15,671,663 | ||||||
TOTAL PARTICIPATORY NOTES | 5.89 | 15,671,663 | ||||||
PREFERRED STOCK | ||||||||
Financials | 1.81 | 4,810,593 | ||||||
Communication Services | 0.05 | 131,157 | ||||||
TOTAL PREFERRED STOCK | 1.86 | 4,941,750 | ||||||
TOTAL INVESTMENTS | 97.74 | % | $ | 259,930,489 | ||||
Other Assets In Excess Of Liabilities | 2.26 | 6,006,874 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 265,937,363 |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements. | |
16 | www.cullenfunds.com |
Cullen Enhanced Equity Income Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 91.28% | ||||||||
Aerospace & Defense - 3.10% | ||||||||
Raytheon Technologies Corp.(a) | 23,575 | $ | 1,685,848 | |||||
Banks - 7.84% | ||||||||
Bank of America Corp.(a) | 38,086 | 1,154,387 | ||||||
Citigroup, Inc. | 49 | 3,021 | ||||||
JPMorgan Chase & Co. | 12,628 | 1,604,640 | ||||||
Truist Financial Corp. | 31,321 | 1,501,215 | ||||||
4,263,263 | ||||||||
Building Products - 3.04% | ||||||||
Johnson Controls International PLC(a) | 35,488 | 1,653,386 | ||||||
Capital Markets - 2.45% | ||||||||
Morgan Stanley(a) | 19,415 | 1,330,510 | ||||||
Chemicals - 4.90% | ||||||||
Dow, Inc.(a) | 24,336 | 1,350,648 | ||||||
DuPont de Nemours, Inc.(a) | 18,505 | 1,315,891 | ||||||
2,666,539 | ||||||||
Communications Equipment - 2.61% | ||||||||
Cisco Systems, Inc. | 31,750 | 1,420,813 | ||||||
Distributors - 2.61% | ||||||||
Genuine Parts Co. | 14,124 | 1,418,473 | ||||||
Diversified Telecommunication Services - 5.20% | ||||||||
BCE, Inc. | 21,985 | 940,958 | ||||||
Verizon Communications, Inc. | 32,130 | 1,887,638 | ||||||
2,828,596 | ||||||||
Electric Utilities - 6.16% | ||||||||
Duke Energy Corp. | 18,817 | 1,722,885 | ||||||
PPL Corp. | 57,750 | 1,628,550 | ||||||
3,351,435 | ||||||||
Electrical Equipment - 3.23% | ||||||||
Eaton Corp. PLC | 14,609 | 1,755,125 | ||||||
Equity Real Estate Investment Trusts (REITs) - 4.65% | ||||||||
Healthpeak Properties, Inc. | 44,268 | 1,338,222 | ||||||
Welltower, Inc. | 18,400 | 1,189,008 | ||||||
2,527,230 | ||||||||
Food & Staples Retailing - 2.41% | ||||||||
Walgreens Boots Alliance, Inc. | 32,835 | 1,309,460 | ||||||
Food Products - 5.44% | ||||||||
Conagra Brands, Inc.(a) | 43,654 | 1,582,894 |
Shares | Value (Note 2) | |||||||
Food Products (continued) | ||||||||
General Mills, Inc. | 23,330 | $ | 1,371,804 | |||||
2,954,698 | ||||||||
Health Care Equipment & Supplies - 2.80% | ||||||||
Medtronic PLC | 13,012 | 1,524,226 | ||||||
Insurance - 3.12% | ||||||||
Chubb, Ltd.(a) | 11,002 | 1,693,428 | ||||||
Oil, Gas & Consumable Fuels - 7.49% | ||||||||
Chevron Corp. | 14,550 | 1,228,747 | ||||||
ConocoPhillips | 39,035 | 1,561,010 | ||||||
Exxon Mobil Corp. | 31,100 | 1,281,942 | ||||||
4,071,699 | ||||||||
Pharmaceuticals - 11.98% | ||||||||
Bristol-Myers Squibb Co. | 29,100 | 1,805,073 | ||||||
Merck & Co., Inc. | 19,516 | 1,596,409 | ||||||
Novartis AG - Sponsored ADR | 16,505 | 1,558,567 | ||||||
Pfizer, Inc. | 42,225 | 1,554,302 | ||||||
6,514,351 | ||||||||
Semiconductors & Semiconductor Equipment - 5.36% | ||||||||
Broadcom, Inc. | 2,522 | 1,104,257 | ||||||
Intel Corp. | 36,329 | 1,809,911 | ||||||
2,914,168 | ||||||||
Specialty Retail - 1.87% | ||||||||
Lowe’s Cos., Inc. | 6,322 | 1,014,744 | ||||||
Tobacco - 5.02% | ||||||||
Altria Group, Inc. | 28,660 | 1,175,060 | ||||||
Philip Morris International, Inc. | 18,785 | 1,555,210 | ||||||
2,730,270 | ||||||||
TOTAL COMMON STOCKS (Cost $46,844,482) | 49,628,262 | |||||||
TOTAL INVESTMENTS 91.28% (Cost $46,844,482) | $ | 49,628,262 | ||||||
Other Assets In Excess Of Liabilities 8.72% | 4,741,195 | |||||||
NET ASSETS 100.00% | $ | 54,369,457 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2020 | 17 |
Cullen Enhanced Equity Income Fund | Schedule of Investments |
December 31, 2020 (Unaudited) |
SCHEDULE OF WRITTEN OPTIONS | Notional Amount | Number of Contracts | Value | |||||||||
CALL OPTIONS WRITTEN (0.18%) | ||||||||||||
Bank of America Corp., Expires January, 2021, Exercise Price $30.00 | $ | (578,921 | ) | (191 | ) | $ | (17,381 | ) | ||||
Chubb, Ltd., Expires January, 2021, Exercise Price $155.00 | (1,693,120 | ) | (110 | ) | (22,550 | ) | ||||||
Conagra Brands, Inc., Expires January, 2021, Exercise Price $38.00 | (1,580,936 | ) | (436 | ) | (15,260 | ) | ||||||
Dow, Inc., Expires January, 2021, Exercise Price $57.50 | (677,100 | ) | (122 | ) | (8,784 | ) | ||||||
DuPont de Nemours, Inc., Expires January, 2021, Exercise Price $74.00 | (661,323 | ) | (93 | ) | (5,673 | ) | ||||||
Johnson Controls International PLC, Expires January, 2021, Exercise Price $48.00 | (829,302 | ) | (178 | ) | (5,518 | ) | ||||||
Morgan Stanley, Expires January, 2021, Exercise Price $71.00 | (1,329,482 | ) | (194 | ) | (15,520 | ) | ||||||
Raytheon Technologies Corp., Expires January, 2021, Exercise Price $75.00 | (843,818 | ) | (118 | ) | (5,546 | ) | ||||||
TOTAL CALL OPTIONS WRITTEN (Premiums received $115,867) | (96,232 | ) | ||||||||||
TOTAL WRITTEN OPTIONS (Premiums received $115,867) | $ | (96,232 | ) |
(a) | Pledged security; a portion or all of the security is pledged as collateral for written options as of December 31, 2020. |
ADR | - American Depositary Receipt |
Sector Diversification (Unaudited) | % of Net Assets | Value (Note 2) | ||||||
COMMON STOCKS | ||||||||
Health Care | 14.79 | % | $ | 8,038,577 | ||||
Financials | 13.40 | 7,287,201 | ||||||
Consumer Staples | 12.86 | 6,994,428 | ||||||
Industrials | 9.37 | 5,094,359 | ||||||
Information Technology | 7.97 | 4,334,981 | ||||||
Energy | 7.49 | 4,071,699 | ||||||
Utilities | 6.16 | 3,351,435 | ||||||
Communication Services | 5.20 | 2,828,596 | ||||||
Materials | 4.90 | 2,666,539 | ||||||
Real Estate | 4.65 | 2,527,230 | ||||||
Consumer Discretionary | 4.48 | 2,433,217 | ||||||
TOTAL COMMON STOCKS | 91.28 | 49,628,262 | ||||||
TOTAL INVESTMENTS | 91.28 | % | $ | 49,628,262 | ||||
Other Assets In Excess Of Liabilities | 8.72 | 4,741,195 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 54,369,457 | ||||
CALL OPTIONS WRITTEN | ||||||||
Industrials | (0.02 | )% | $ | (11,064 | ) | |||
Materials | (0.03 | ) | (14,457 | ) | ||||
Consumer Staples | (0.03 | ) | (15,260 | ) | ||||
Financials | (0.10 | ) | (55,451 | ) | ||||
TOTAL CALL OPTIONS WRITTEN | (0.18 | ) | (96,232 | ) |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements. | |
18 | www.cullenfunds.com |
Cullen Funds Trust | Statements of Assets and Liabilities |
December 31, 2020 (Unaudited) |
Cullen International | Cullen Emerging Markets | Cullen Enhanced | ||||||||||||||||||||||
High | Cullen High | Cullen Small | High | Equity | ||||||||||||||||||||
Dividend | Dividend | Cap Value | Cullen Value | Dividend | Income | |||||||||||||||||||
Fund | Equity Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, at value | $ | 174,335,182 | $ | 1,021,944,880 | $ | 7,542,228 | $ | 24,800,269 | $ | 259,930,489 | $ | 49,628,262 | ||||||||||||
Cash | 1,829,411 | 8,012,893 | 555,110 | 976,125 | 5,019,857 | 3,556,094 | ||||||||||||||||||
Foreign currencies, at value (Cost $19,987, –,–, –, $266,898 and –, respectively) | 19,987 | – | – | – | 266,898 | – | ||||||||||||||||||
Receivable for investments sold | – | 8,224,875 | – | – | 860,291 | – | ||||||||||||||||||
Receivable for fund shares sold | 169,899 | 1,704,970 | – | – | 332,444 | 1,854,432 | ||||||||||||||||||
Dividends receivable | 1,304,735 | 3,519,419 | 7,195 | 48,475 | 737,673 | 151,611 | ||||||||||||||||||
Receivable due from Investment Advisor | – | – | 6,507 | – | – | – | ||||||||||||||||||
Prepaid expenses and other assets | 38,899 | 53,821 | 23,828 | 22,566 | 29,508 | 28,831 | ||||||||||||||||||
Total Assets | 177,698,113 | 1,043,460,858 | 8,134,868 | 25,847,435 | 267,177,160 | 55,219,230 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Written options, at value (Premiums received –, –, –, –, – and $115,867, respectively) | – | – | – | – | – | 96,232 | ||||||||||||||||||
Payable to Investment Advisor | 117,920 | 595,073 | – | 2,418 | 167,321 | 15,542 | ||||||||||||||||||
Payable for investments purchased | – | – | 153,999 | – | 632,328 | 651,060 | ||||||||||||||||||
Payable for shares redeemed | 81,451 | 1,695,460 | – | – | 272,141 | 48 | ||||||||||||||||||
Distribution fees payable | 1,998 | 55,518 | 544 | 618 | 3,608 | 4,147 | ||||||||||||||||||
Trustees’ fees and expenses payable | 20,318 | 20,318 | 20,318 | 20,318 | 20,318 | 20,318 | ||||||||||||||||||
Accrued expenses and other liabilities | 108,130 | 155,585 | 50,182 | 51,010 | 144,081 | 62,426 | ||||||||||||||||||
Total Liabilities | 329,817 | 2,521,954 | 225,043 | 74,364 | 1,239,797 | 849,773 | ||||||||||||||||||
NET ASSETS | $ | 177,368,296 | $ | 1,040,938,904 | $ | 7,909,825 | $ | 25,773,071 | $ | 265,937,363 | $ | 54,369,457 | ||||||||||||
NET ASSETS CONSIST OF | ||||||||||||||||||||||||
Paid-in capital | $ | 176,010,315 | $ | 570,338,723 | $ | 6,245,238 | $ | 15,658,559 | $ | 277,360,637 | $ | 56,380,068 | ||||||||||||
Total distributable earnings | 1,357,981 | 470,600,181 | 1,664,587 | 10,114,512 | (11,423,274 | ) | (2,010,611 | ) | ||||||||||||||||
NET ASSETS | $ | 177,368,296 | $ | 1,040,938,904 | $ | 7,909,825 | $ | 25,773,071 | $ | 265,937,363 | $ | 54,369,457 | ||||||||||||
INVESTMENTS, AT COST | $ | 129,387,787 | $ | 609,550,036 | $ | 5,758,190 | $ | 15,228,679 | $ | 181,044,829 | $ | 46,844,482 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2020 | 19 |
Cullen Funds Trust | Statements of Assets and Liabilities |
December 31, 2020 (Unaudited) |
Cullen International | Cullen Emerging Markets | Cullen Enhanced | ||||||||||||||||||||||
High | Cullen High | Cullen Small | High | Equity | ||||||||||||||||||||
Dividend | Dividend | Cap Value | Cullen Value | Dividend | Income | |||||||||||||||||||
Fund | Equity Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
PRICING OF SHARES | ||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 10.17 | $ | 14.73 | $ | 13.26 | $ | 14.06 | $ | 11.37 | $ | 10.02 | ||||||||||||
Net Assets | $ | 5,230,362 | $ | 120,214,340 | $ | 1,051,115 | $ | 1,935,693 | $ | 10,740,628 | $ | 1,958,294 | ||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 514,538 | 8,162,747 | 79,298 | 137,629 | 944,642 | 195,473 | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 10.13 | $ | 14.50 | $ | 12.02 | $ | 14.03 | $ | 11.22 | $ | 10.05 | ||||||||||||
Net Assets | $ | 1,028,307 | $ | 33,399,902 | $ | 391,555 | $ | 200,393 | $ | 1,673,800 | $ | 4,431,773 | ||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 101,480 | 2,303,273 | 32,584 | 14,287 | 149,118 | 441,045 | ||||||||||||||||||
Class I: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 10.25 | $ | 14.73 | $ | 13.63 | $ | 14.02 | $ | 11.45 | $ | 10.08 | ||||||||||||
Net Assets | $ | 171,089,059 | $ | 885,833,102 | $ | 6,467,155 | $ | 23,636,985 | $ | 253,522,935 | $ | 47,979,390 | ||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 16,694,001 | 60,118,609 | 474,379 | 1,685,689 | 22,138,454 | 4,759,574 | ||||||||||||||||||
Class R1: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 11.94 | $ | 12.11 | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Assets | $ | 16,349 | $ | 651,087 | N/A | N/A | N/A | N/A | ||||||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 1,369 | 53,778 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Class R2: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 11.84 | $ | 12.34 | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Assets | $ | 4,218 | $ | 840,473 | N/A | N/A | N/A | N/A | ||||||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 356 | 68,127 | N/A | N/A | N/A | N/A |
See Notes to Financial Statements. | |
20 | www.cullenfunds.com |
Cullen Funds Trust | Statements of Operations |
Six Months Ended December 31, 2020 (Unaudited) |
Cullen International | Cullen Emerging Markets | Cullen Enhanced | ||||||||||||||||||||||
High | Cullen High | Cullen Small | High | Equity | ||||||||||||||||||||
Dividend | Dividend | Cap Value | Cullen Value | Dividend | Income | |||||||||||||||||||
Fund | Equity Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||
Dividends* | $ | 2,596,841 | $ | 19,558,149 | $ | 37,846 | $ | 354,681 | $ | 5,462,343 | $ | 902,898 | ||||||||||||
Total Investment Income | 2,596,841 | 19,558,149 | 37,846 | 354,681 | 5,462,343 | 902,898 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Investment advisory fees (Note 6) | 785,204 | 5,344,427 | 25,643 | 122,584 | 1,266,050 | 244,249 | ||||||||||||||||||
Administrative fees | 40,903 | 198,378 | 7,985 | 11,461 | 59,584 | 17,431 | ||||||||||||||||||
Distribution fees (Note 7) | ||||||||||||||||||||||||
Retail | 6,530 | 151,849 | 614 | 2,007 | 11,925 | 2,463 | ||||||||||||||||||
Class C | 5,236 | 176,339 | 1,461 | 1,456 | 7,634 | 22,430 | ||||||||||||||||||
Class R1 | 36 | 1,508 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Class R2 | 5 | 1,167 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Shareholder services fees (Note 8) | ||||||||||||||||||||||||
Class R2 | N/A | 127 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Registration and filing fees | 34,832 | 44,115 | 22,445 | 22,275 | 25,487 | 22,846 | ||||||||||||||||||
Custody fees | 26,178 | 17,927 | 995 | 1,307 | 172,707 | 4,004 | ||||||||||||||||||
Transfer agent fees | 34,140 | 91,540 | 22,052 | 22,384 | 24,079 | 26,791 | ||||||||||||||||||
Legal fees | 18,299 | 18,299 | 18,299 | 18,299 | 18,299 | 18,299 | ||||||||||||||||||
Professional fees | 29,246 | 25,459 | 24,899 | 24,899 | 24,899 | 26,315 | ||||||||||||||||||
Shareholder reports | 5,524 | 40,822 | 539 | 894 | 8,465 | 1,690 | ||||||||||||||||||
Trustees’ fees | 40,318 | 40,318 | 40,318 | 40,318 | 40,318 | 40,318 | ||||||||||||||||||
Other expenses | 6,264 | 29,763 | 1,585 | 2,116 | 9,377 | 6,586 | ||||||||||||||||||
Total Expenses | 1,032,715 | 6,182,038 | 166,835 | 270,000 | 1,668,824 | 433,422 | ||||||||||||||||||
Less expenses reimbursed from Investment Advisor (Note 6) | ||||||||||||||||||||||||
Retail | (7,837 | ) | (209,696 | ) | (12,349 | ) | (11,414 | ) | (14,410 | ) | (9,080 | ) | ||||||||||||
Class C | (1,569 | ) | (60,906 | ) | (8,168 | ) | (2,077 | ) | (2,302 | ) | (20,684 | ) | ||||||||||||
Class I | (225,305 | ) | (1,570,479 | ) | (118,499 | ) | (161,063 | ) | (366,029 | ) | (195,429 | ) | ||||||||||||
Class R1 | (3 | ) | (284 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Class R2 | (2 | ) | (569 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Expenses | 797,999 | 4,340,104 | 27,819 | 95,446 | 1,286,083 | 208,229 | ||||||||||||||||||
NET INVESTMENT INCOME | 1,798,842 | 15,218,045 | 10,027 | 259,235 | 4,176,260 | 694,669 | ||||||||||||||||||
Net realized gain/(loss) on: | ||||||||||||||||||||||||
Investments | 2,974,878 | 97,063,618 | 200,250 | 728,013 | 12,336,065 | 336,927 | ||||||||||||||||||
Written options | – | – | – | – | – | 561,792 | ||||||||||||||||||
Foreign currency related transactions | (38,323 | ) | 544 | – | – | (51,250 | ) | (1,432 | ) | |||||||||||||||
Total Net Realized Gain/(Loss) | 2,936,555 | 97,064,162 | 200,250 | 728,013 | 12,284,815 | 897,287 | ||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||||||||||
Investments | 20,096,391 | 38,637,908 | 1,678,220 | 2,886,803 | 47,130,012 | 5,490,992 | ||||||||||||||||||
Written options | – | – | – | – | – | (15,564 | ) | |||||||||||||||||
Foreign currency related transactions | 80,968 | 9,206 | – | – | 14,942 | 29 | ||||||||||||||||||
Total net change in unrealized appreciation/(depreciation) | 20,177,359 | 38,647,114 | 1,678,220 | 2,886,803 | 47,144,954 | 5,475,457 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 23,113,914 | 135,711,276 | 1,878,470 | 3,614,816 | 59,429,769 | 6,372,744 | ||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 24,912,756 | $ | 150,929,321 | $ | 1,888,497 | $ | 3,874,051 | $ | 63,606,029 | $ | 7,067,413 | ||||||||||||
*Foreign taxes withheld on dividends | $ | 240,416 | $ | 244,088 | $ | – | $ | 2,682 | $ | 681,426 | $ | 4,235 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2020 | 21 |
Cullen Funds Trust | Statements of Changes in Net Assets |
Cullen International High Dividend Fund | Cullen High Dividend Equity Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
December 31, 2020 | Year Ended | December 31, 2020 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2020 | (Unaudited) | June 30, 2020 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,798,842 | $ | 3,360,444 | $ | 15,218,045 | $ | 34,959,727 | ||||||||
Net realized gain/(loss) | 2,936,555 | (2,451,266 | ) | 97,064,162 | 118,466,829 | |||||||||||
Net change in unrealized appreciation/(depreciation) | 20,177,359 | (8,409,021 | ) | 38,647,114 | (316,070,466 | ) | ||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 24,912,756 | (7,499,843 | ) | 150,929,321 | (162,643,910 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
From distributable earnings | ||||||||||||||||
Retail | (53,183 | ) | (187,721 | ) | (11,140,101 | ) | (10,516,185 | ) | ||||||||
Class C | (8,428 | ) | (47,937 | ) | (3,071,249 | ) | (2,910,700 | ) | ||||||||
Class I | (1,708,906 | ) | (4,682,337 | ) | (83,217,223 | ) | (84,372,939 | ) | ||||||||
Class R1 | (109 | ) | (299 | ) | (68,269 | ) | (46,668 | ) | ||||||||
Class R2 | (32 | ) | (85 | ) | (88,978 | ) | (77,244 | ) | ||||||||
Net Decrease in Net Assets from Distributions | (1,770,658 | ) | (4,918,379 | ) | (97,585,820 | ) | (97,923,736 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (NOTE 3) | ||||||||||||||||
Shares sold | ||||||||||||||||
Retail | 419,837 | 1,882,614 | 5,211,404 | 21,141,379 | ||||||||||||
Class C | 40,568 | 415,500 | 318,123 | 3,954,212 | ||||||||||||
Class I | 26,886,452 | 45,438,341 | 66,130,385 | 197,375,018 | ||||||||||||
Class R1 | 880 | 1,950 | 19,164 | 42,786 | ||||||||||||
Class R2 | 77 | 366 | 23,641 | 80,412 | ||||||||||||
Dividends reinvested | ||||||||||||||||
Retail | 51,049 | 179,141 | 10,771,950 | 10,217,237 | ||||||||||||
Class C | 7,224 | 43,763 | 3,005,763 | 2,831,947 | ||||||||||||
Class I | 835,357 | 2,466,297 | 68,242,201 | 67,054,774 | ||||||||||||
Class R1 | 109 | 299 | 68,269 | 46,667 | ||||||||||||
Class R2 | 32 | 85 | 88,979 | 77,244 | ||||||||||||
Shares redeemed | ||||||||||||||||
Retail | (1,447,935 | ) | (3,250,449 | ) | (24,400,323 | ) | (60,103,132 | ) | ||||||||
Class C | (253,363 | ) | (1,690,342 | ) | (7,170,993 | ) | (17,258,700 | ) | ||||||||
Class I | (15,897,371 | ) | (47,675,768 | ) | (210,168,717 | ) | (489,904,626 | ) | ||||||||
Class R1 | (17 | ) | (1,826 | ) | (12,814 | ) | (51,380 | ) | ||||||||
Class R2 | (6 | ) | (41,157 | ) | (232,995 | ) | (241,245 | ) | ||||||||
Redemption fees | ||||||||||||||||
Retail | 45 | – | 210 | – | ||||||||||||
Class C | – | – | 16 | – | ||||||||||||
Class I | – | 30 | 4,701 | 146 | ||||||||||||
Class R1 | – | – | – | – | ||||||||||||
Class R2 | – | 2 | – | 6 | ||||||||||||
Net Increase/(Decrease) in Net Assets Derived from Capital Share Transactions | 10,642,938 | (2,231,154 | ) | (88,101,036 | ) | (264,737,255 | ) | |||||||||
Net Increase/(Decrease) in Net Assets | 33,785,036 | (14,649,376 | ) | (34,757,535 | ) | (525,304,901 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 143,583,260 | 158,232,636 | 1,075,696,439 | 1,601,001,340 | ||||||||||||
End of period | $ | 177,368,296 | $ | 143,583,260 | $ | 1,040,938,904 | $ | 1,075,696,439 |
See Notes to Financial Statements. | |
22 | www.cullenfunds.com |
Cullen Funds Trust | Statements of Changes in Net Assets |
Cullen Small Cap Value Fund | Cullen Value Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
December 31, 2020 | Year Ended | December 31, 2020 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2020 | (Unaudited) | June 30, 2020 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 10,027 | $ | 30,476 | $ | 259,235 | $ | 628,392 | ||||||||
Net realized gain/(loss) | 200,250 | (297,963 | ) | 728,013 | 5,059,583 | |||||||||||
Net change in unrealized appreciation/(depreciation) | 1,678,220 | (416,127 | ) | 2,886,803 | (6,717,700 | ) | ||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 1,888,497 | (683,614 | ) | 3,874,051 | (1,029,725 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
From distributable earnings | ||||||||||||||||
Retail | – | (12,970 | ) | (257,133 | ) | (121,473 | ) | |||||||||
Class C | – | (1,822 | ) | (26,991 | ) | (47,001 | ) | |||||||||
Class I | (12,981 | ) | (129,696 | ) | (3,219,292 | ) | (3,465,770 | ) | ||||||||
Net Decrease in Net Assets from Distributions | (12,981 | ) | (144,488 | ) | (3,503,416 | ) | (3,634,244 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (NOTE 3) | ||||||||||||||||
Shares sold | ||||||||||||||||
Retail | 650,834 | 119,600 | 359,173 | 673,852 | ||||||||||||
Class C | 76,881 | 328,012 | 20,000 | – | ||||||||||||
Class I | 1,442,671 | 634,322 | 542,024 | 1,919,225 | ||||||||||||
Dividends reinvested | ||||||||||||||||
Retail | – | 12,324 | 256,649 | 121,018 | ||||||||||||
Class C | – | 1,822 | 22,249 | 31,783 | ||||||||||||
Class I | 12,922 | 129,696 | 3,219,292 | 3,465,770 | ||||||||||||
Shares redeemed | ||||||||||||||||
Retail | (69,801 | ) | (241,097 | ) | (42,940 | ) | (54,385 | ) | ||||||||
Class C | (178,766 | ) | – | (222,096 | ) | (6,348 | ) | |||||||||
Class I | (136,870 | ) | (202,581 | ) | (2,114,563 | ) | (18,431,164 | ) | ||||||||
Redemption fees | ||||||||||||||||
Retail | – | – | – | – | ||||||||||||
Class C | – | – | – | – | ||||||||||||
Class I | 1 | – | – | – | ||||||||||||
Net Increase/(Decrease) in Net Assets Derived from Capital Share Transactions | 1,797,872 | 782,098 | 2,039,788 | (12,280,249 | ) | |||||||||||
Net Increase/(Decrease) in Net Assets | 3,673,388 | (46,004 | ) | 2,410,423 | (16,944,218 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 4,236,437 | 4,282,441 | 23,362,648 | 40,306,866 | ||||||||||||
End of period | $ | 7,909,825 | $ | 4,236,437 | $ | 25,773,071 | $ | 23,362,648 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2020 | 23 |
Cullen Funds Trust | Statements of Changes in Net Assets |
Cullen Emerging Markets High Dividend Fund | Cullen Enhanced Equity Income Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
December 31, 2020 | Year Ended | December 31, 2020 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2020 | (Unaudited) | June 30, 2020 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 4,176,260 | $ | 9,297,826 | $ | 694,669 | $ | 1,288,148 | ||||||||
Net realized gain/(loss) | 12,284,815 | (35,149,857 | ) | 897,287 | (3,237,868 | ) | ||||||||||
Net change in unrealized appreciation/(depreciation) | 47,144,954 | (12,438,876 | ) | 5,475,457 | (2,228,076 | ) | ||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 63,606,029 | (38,290,907 | ) | 7,067,413 | (4,177,796 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
From distributable earnings | ||||||||||||||||
Retail | (92,487 | ) | (486,057 | ) | (58,408 | ) | (74,084 | ) | ||||||||
Class C | (10,816 | ) | (53,076 | ) | (117,905 | ) | (149,008 | ) | ||||||||
Class I | (2,702,625 | ) | (11,385,902 | ) | (1,336,691 | ) | (1,449,876 | ) | ||||||||
From tax return of capital | ||||||||||||||||
Retail | – | – | – | (54,526 | ) | |||||||||||
Class C | – | – | – | (109,672 | ) | |||||||||||
Class I | – | – | – | (1,067,117 | ) | |||||||||||
Net Decrease in Net Assets from Distributions | (2,805,928 | ) | (11,925,035 | ) | (1,513,004 | ) | (2,904,283 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (NOTE 3) | ||||||||||||||||
Shares sold | ||||||||||||||||
Retail | 927,778 | 5,260,204 | 178,428 | 936,775 | ||||||||||||
Class C | – | 200 | 689,355 | 732,914 | ||||||||||||
Class I | 28,765,183 | 72,524,832 | 7,065,233 | 18,653,351 | ||||||||||||
Dividends reinvested | ||||||||||||||||
Retail | 89,334 | 465,738 | 55,689 | 125,335 | ||||||||||||
Class C | 10,816 | 53,076 | 72,067 | 161,295 | ||||||||||||
Class I | 2,575,197 | 10,910,718 | 1,186,053 | 2,164,630 | ||||||||||||
Shares redeemed | ||||||||||||||||
Retail | (2,858,782 | ) | (9,322,818 | ) | (396,589 | ) | (1,102,275 | ) | ||||||||
Class C | (175,500 | ) | (366,270 | ) | (1,122,962 | ) | (1,099,366 | ) | ||||||||
Class I | (73,104,846 | ) | (130,394,364 | ) | (4,819,641 | ) | (20,022,847 | ) | ||||||||
Redemption fees | ||||||||||||||||
Retail | 1 | 58 | – | – | ||||||||||||
Class C | – | – | – | – | ||||||||||||
Class I | – | 2 | – | – | ||||||||||||
Net Increase/(Decrease) in Net Assets Derived from Capital Share Transactions | (43,770,819 | ) | (50,868,624 | ) | 2,907,633 | 549,812 | ||||||||||
Net Increase/(Decrease) in Net Assets | 17,029,282 | (101,084,566 | ) | 8,462,042 | (6,532,267 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 248,908,081 | 349,992,647 | 45,907,415 | 52,439,682 | ||||||||||||
End of period | $ | 265,937,363 | $ | 248,908,081 | $ | 54,369,457 | $ | 45,907,415 |
See Notes to Financial Statements. | |
24 | www.cullenfunds.com |
Page Intentionally Left Blank
Year or Period End | Net Asset Value Beginning of Period | Net Investment Income/(Loss)(a) | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Investment Operations | Distributions from Net Investment Income | Total Distributions | Net Asset Value End of Period | ||||||||||||||||||||||
Cullen International High Dividend Fund | |||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.79 | 0.10 | 1.38 | 1.48 | (0.10 | ) | (0.10 | ) | $ | 10.17 | ||||||||||||||||||
6/30/2020 | $ | 9.55 | 0.19 | (0.66 | ) | (0.47 | ) | (0.29 | ) | (0.29 | ) | $ | 8.79 | ||||||||||||||||
6/30/2019 | $ | 9.88 | 0.26 | (0.27 | ) | (0.01 | ) | (0.32 | ) | (0.32 | ) | $ | 9.55 | ||||||||||||||||
6/30/2018 | $ | 10.30 | 0.20 | (0.36 | ) | (0.16 | ) | (0.26 | ) | (0.26 | ) | $ | 9.88 | ||||||||||||||||
6/30/2017 | $ | 9.37 | 0.26 | 0.92 | 1.18 | (0.25 | ) | (0.25 | ) | $ | 10.30 | ||||||||||||||||||
6/30/2016 | $ | 10.22 | 0.22 | (0.85 | ) | (0.63 | ) | (0.22 | ) | (0.22 | ) | $ | 9.37 | ||||||||||||||||
Class C | |||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.78 | 0.06 | 1.37 | 1.43 | (0.08 | ) | (0.08 | ) | $ | 10.13 | ||||||||||||||||||
6/30/2020 | $ | 9.53 | 0.11 | (0.65 | ) | (0.54 | ) | (0.21 | ) | (0.21 | ) | $ | 8.78 | ||||||||||||||||
6/30/2019 | $ | 9.85 | 0.20 | (0.27 | ) | (0.07 | ) | (0.25 | ) | (0.25 | ) | $ | 9.53 | ||||||||||||||||
6/30/2018 | $ | 10.27 | 0.18 | (0.41 | ) | (0.23 | ) | (0.19 | ) | (0.19 | ) | $ | 9.85 | ||||||||||||||||
6/30/2017 | $ | 9.34 | 0.17 | 0.93 | 1.10 | (0.17 | ) | (0.17 | ) | $ | 10.27 | ||||||||||||||||||
6/30/2016 | $ | 10.19 | 0.16 | (0.85 | ) | (0.69 | ) | (0.16 | ) | (0.16 | ) | $ | 9.34 | ||||||||||||||||
Class I | |||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.86 | 0.11 | 1.39 | 1.50 | (0.11 | ) | (0.11 | ) | $ | 10.25 | ||||||||||||||||||
6/30/2020 | $ | 9.63 | 0.21 | (0.67 | ) | (0.46 | ) | (0.31 | ) | (0.31 | ) | $ | 8.86 | ||||||||||||||||
6/30/2019 | $ | 9.95 | 0.29 | (0.26 | ) | 0.03 | (0.35 | ) | (0.35 | ) | $ | 9.63 | |||||||||||||||||
6/30/2018 | $ | 10.37 | 0.30 | (0.43 | ) | (0.13 | ) | (0.29 | ) | (0.29 | ) | $ | 9.95 | ||||||||||||||||
6/30/2017 | $ | 9.43 | 0.27 | 0.94 | 1.21 | (0.27 | ) | (0.27 | ) | $ | 10.37 | ||||||||||||||||||
6/30/2016 | $ | 10.29 | 0.25 | (0.86 | ) | (0.61 | ) | (0.25 | ) | (0.25 | ) | $ | 9.43 | ||||||||||||||||
Class R1 | |||||||||||||||||||||||||||||
12/31/2020(d) | $ | 10.32 | 0.08 | 1.62 | 1.70 | (0.08 | ) | (0.08 | ) | $ | 11.94 | ||||||||||||||||||
6/30/2020 | $ | 11.17 | 0.17 | (0.79 | ) | (0.62 | ) | (0.23 | ) | (0.23 | ) | $ | 10.32 | ||||||||||||||||
6/30/2019 | $ | 11.49 | 0.27 | (0.32 | ) | (0.05 | ) | (0.27 | ) | (0.27 | ) | $ | 11.17 | ||||||||||||||||
6/30/2018 | $ | 11.90 | 0.18 | (0.41 | ) | (0.23 | ) | (0.18 | ) | (0.18 | ) | $ | 11.49 | ||||||||||||||||
6/30/2017 | $ | 10.79 | 0.24 | 1.06 | 1.30 | (0.19 | ) | (0.19 | ) | $ | 11.90 | ||||||||||||||||||
6/30/2016 | $ | 11.72 | 0.19 | (0.95 | ) | (0.76 | ) | (0.17 | ) | (0.17 | ) | $ | 10.79 | ||||||||||||||||
Class R2 | |||||||||||||||||||||||||||||
12/31/2020(d) | $ | 10.23 | 0.10 | 1.60 | 1.70 | (0.09 | ) | (0.09 | ) | $ | 11.84 | ||||||||||||||||||
6/30/2020 | $ | 11.06 | 0.17 | (0.75 | ) | (0.58 | ) | (0.25 | ) | (0.25 | ) | $ | 10.23 | ||||||||||||||||
6/30/2019 | $ | 11.38 | 0.28 | (0.30 | ) | (0.02 | ) | (0.30 | ) | (0.30 | ) | $ | 11.06 | ||||||||||||||||
6/30/2018 | $ | 11.82 | 0.24 | (0.45 | ) | (0.21 | ) | (0.23 | ) | (0.23 | ) | $ | 11.38 | ||||||||||||||||
6/30/2017 | $ | 10.71 | 0.26 | 1.07 | 1.33 | (0.22 | ) | (0.22 | ) | $ | 11.82 | ||||||||||||||||||
6/30/2016 | $ | 11.64 | 0.25 | (0.98 | ) | (0.73 | ) | (0.20 | ) | (0.20 | ) | $ | 10.71 |
(a) | Average share method used. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return calculated for a period of less than one year is not annualized. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor. |
(c) | Expense ratios after reimbursements do not reflect acquired fund fees and expenses. |
(d) | Six months ended December 31, 2020 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
See Notes to Financial Statements.
26 | www.cullenfunds.com |
Financial Highlights
For a Share Outstanding Throughout Periods Presented
Total Return(b) | Net Assets, End of Period (000) | Ratio of Expenses Before Reimbursements to Average Net Assets | Ratio of Expenses After Reimbursements to Average Net Assets(c) | Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements | Ratio of Net Investment Income/(Loss) to Average Net Assets after Reimbursements | Portfolio Turnover Rate | ||||||||||||||||||||
16.96 | % | $ | 5,230 | 1.55 | %(e) | 1.25 | %(e) | 1.78 | %(e) | 2.08 | %(e) | 31 | %(f) | |||||||||||||
(4.99 | %) | $ | 5,438 | 1.55 | % | 1.25 | % | 1.71 | % | 2.01 | % | 64 | % | |||||||||||||
(0.04 | %) | $ | 7,202 | 1.54 | % | 1.25 | % | 2.45 | % | 2.74 | % | 39 | % | |||||||||||||
(1.60 | %) | $ | 9,761 | 1.46 | % | 1.25 | % | 1.68 | % | 1.89 | % | 31 | % | |||||||||||||
12.72 | % | $ | 41,377 | 1.48 | % | 1.25 | % | 2.43 | % | 2.66 | % | 41 | % | |||||||||||||
(6.09 | %) | $ | 34,175 | 1.44 | % | 1.25 | % | 2.10 | % | 2.29 | % | 38 | % | |||||||||||||
16.39 | % | $ | 1,028 | 2.30 | %(e) | 2.00 | %(e) | 1.05 | %(e) | 1.35 | %(e) | 31 | %(f) | |||||||||||||
(5.71 | %) | $ | 1,084 | 2.29 | % | 2.00 | % | 0.92 | % | 1.21 | % | 64 | % | |||||||||||||
(0.70 | %) | $ | 2,556 | 2.29 | % | 2.00 | % | 1.80 | % | 2.09 | % | 39 | % | |||||||||||||
(2.34 | %) | $ | 3,047 | 2.21 | % | 2.00 | % | 1.55 | % | 1.76 | % | 31 | % | |||||||||||||
11.90 | % | $ | 2,902 | 2.22 | % | 2.00 | % | 1.59 | % | 1.82 | % | 41 | % | |||||||||||||
(6.79 | %) | $ | 3,218 | 2.19 | % | 2.00 | % | 1.45 | % | 1.64 | % | 38 | % | |||||||||||||
17.07 | % | $ | 171,089 | 1.30 | %(e) | 1.00 | %(e) | 2.00 | %(e) | 2.30 | %(e) | 31 | %(f) | |||||||||||||
(4.81 | %) | $ | 137,044 | 1.30 | % | 1.00 | % | 1.99 | % | 2.29 | % | 64 | % | |||||||||||||
0.34 | % | $ | 148,416 | 1.29 | % | 1.00 | % | 2.71 | % | 3.00 | % | 39 | % | |||||||||||||
(1.34 | %) | $ | 234,350 | 1.22 | % | 1.00 | % | 2.60 | % | 2.82 | % | 31 | % | |||||||||||||
13.02 | % | $ | 194,201 | 1.22 | % | 1.00 | % | 2.53 | % | 2.75 | % | 41 | % | |||||||||||||
(5.90 | %) | $ | 194,432 | 1.19 | % | 1.00 | % | 2.41 | % | 2.61 | % | 38 | % | |||||||||||||
16.63 | % | $ | 16 | 1.79 | %(e) | 1.75 | %(e) | 1.50 | %(e) | 1.54 | %(e) | 31 | %(f) | |||||||||||||
(5.55 | %) | $ | 13 | 1.80 | % | 1.75 | % | 1.49 | % | 1.54 | % | 64 | % | |||||||||||||
(0.43 | %) | $ | 14 | 1.80 | % | 1.75 | % | 2.41 | % | 2.46 | % | 39 | % | |||||||||||||
(2.03 | %) | $ | 11 | 1.71 | % | 1.71 | % | 1.52 | % | 1.52 | % | 31 | % | |||||||||||||
12.17 | % | $ | 66 | 1.72 | % | 1.72 | % | 2.12 | % | 2.12 | % | 41 | % | |||||||||||||
(6.45 | %) | $ | 59 | 1.69 | % | 1.69 | % | 1.72 | % | 1.72 | % | 38 | % | |||||||||||||
16.76 | % | $ | 4 | 1.60 | %(e) | 1.50 | %(e) | 1.70 | %(e) | 1.80 | %(e) | 31 | %(f) | |||||||||||||
(5.24 | %) | $ | 4 | 1.54 | % | 1.50 | % | 1.51 | % | 1.55 | % | 64 | % | |||||||||||||
(0.19 | %) | $ | 45 | 1.54 | % | 1.50 | % | 2.57 | % | 2.61 | % | 39 | % | |||||||||||||
(1.80 | %) | $ | 62 | 1.46 | % | 1.46 | % | 1.97 | % | 1.97 | % | 31 | % | |||||||||||||
12.52 | % | $ | 121 | 1.47 | % | 1.47 | % | 2.35 | % | 2.35 | % | 41 | % | |||||||||||||
(6.23 | %) | $ | 165 | 1.44 | % | 1.44 | % | 2.28 | % | 2.28 | % | 38 | % |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 27 |
Cullen Funds Trust
Year or Period End | Net Asset Value Beginning of Period | Net Investment Income/(Loss)(a) | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Net Asset Value End of Period | |||||||||||||||||||||||||
Cullen High Dividend Equity Fund | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 14.07 | 0.20 | 1.90 | 2.10 | (0.20 | ) | (1.24 | ) | (1.44 | ) | $ | 14.73 | ||||||||||||||||||||
6/30/2020 | $ | 16.91 | 0.37 | (2.13 | ) | (1.76 | ) | (0.37 | ) | (0.71 | ) | (1.08 | ) | $ | 14.07 | ||||||||||||||||||
6/30/2019 | $ | 17.68 | 0.38 | 1.08 | 1.46 | (0.37 | ) | (1.86 | ) | (2.23 | ) | $ | 16.91 | ||||||||||||||||||||
6/30/2018 | $ | 18.61 | 0.38 | 0.52 | 0.90 | (0.37 | ) | (1.46 | ) | (1.83 | ) | $ | 17.68 | ||||||||||||||||||||
6/30/2017 | $ | 17.56 | 0.40 | 1.53 | 1.93 | (0.41 | ) | (0.47 | ) | (0.88 | ) | $ | 18.61 | ||||||||||||||||||||
6/30/2016 | $ | 16.64 | 0.40 | 1.38 | 1.78 | (0.41 | ) | (0.45 | ) | (0.86 | ) | $ | 17.56 | ||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 13.87 | 0.14 | 1.87 | 2.01 | (0.14 | ) | (1.24 | ) | (1.38 | ) | $ | 14.50 | ||||||||||||||||||||
6/30/2020 | $ | 16.69 | 0.25 | (2.10 | ) | (1.85 | ) | (0.26 | ) | (0.71 | ) | (0.97 | ) | $ | 13.87 | ||||||||||||||||||
6/30/2019 | $ | 17.50 | 0.25 | 1.05 | 1.30 | (0.25 | ) | (1.86 | ) | (2.11 | ) | $ | 16.69 | ||||||||||||||||||||
6/30/2018 | $ | 18.46 | 0.24 | 0.52 | 0.76 | (0.26 | ) | (1.46 | ) | (1.72 | ) | $ | 17.50 | ||||||||||||||||||||
6/30/2017 | $ | 17.44 | 0.27 | 1.51 | 1.78 | (0.29 | ) | (0.47 | ) | (0.76 | ) | $ | 18.46 | ||||||||||||||||||||
6/30/2016 | $ | 16.53 | 0.28 | 1.37 | 1.65 | (0.29 | ) | (0.45 | ) | (0.74 | ) | $ | 17.44 | ||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 14.07 | 0.22 | 1.90 | 2.12 | (0.22 | ) | (1.24 | ) | (1.46 | ) | $ | 14.73 | ||||||||||||||||||||
6/30/2020 | $ | 16.92 | 0.41 | (2.14 | ) | (1.73 | ) | (0.41 | ) | (0.71 | ) | (1.12 | ) | $ | 14.07 | ||||||||||||||||||
6/30/2019 | $ | 17.69 | 0.42 | 1.08 | 1.50 | (0.41 | ) | (1.86 | ) | (2.27 | ) | $ | 16.92 | ||||||||||||||||||||
6/30/2018 | $ | 18.62 | 0.43 | 0.52 | 0.95 | (0.42 | ) | (1.46 | ) | (1.88 | ) | $ | 17.69 | ||||||||||||||||||||
6/30/2017 | $ | 17.57 | 0.45 | 1.52 | 1.97 | (0.45 | ) | (0.47 | ) | (0.92 | ) | $ | 18.62 | ||||||||||||||||||||
6/30/2016 | $ | 16.64 | 0.45 | 1.38 | 1.83 | (0.45 | ) | (0.45 | ) | (0.90 | ) | $ | 17.57 | ||||||||||||||||||||
Class R1 | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 11.79 | 0.14 | 1.59 | 1.73 | (0.17 | ) | (1.24 | ) | (1.41 | ) | $ | 12.11 | ||||||||||||||||||||
6/30/2020 | $ | 14.34 | 0.24 | (1.78 | ) | (1.54 | ) | (0.30 | ) | (0.71 | ) | (1.01 | ) | $ | 11.79 | ||||||||||||||||||
6/30/2019 | $ | 15.35 | 0.26 | 0.89 | 1.15 | (0.30 | ) | (1.86 | ) | (2.16 | ) | $ | 14.34 | ||||||||||||||||||||
6/30/2018 | $ | 16.39 | 0.25 | 0.47 | 0.72 | (0.30 | ) | (1.46 | ) | (1.76 | ) | $ | 15.35 | ||||||||||||||||||||
6/30/2017 | $ | 15.57 | 0.30 | 1.32 | 1.62 | (0.33 | ) | (0.47 | ) | (0.80 | ) | $ | 16.39 | ||||||||||||||||||||
6/30/2016 | $ | 14.84 | 0.28 | 1.23 | 1.51 | (0.33 | ) | (0.45 | ) | (0.78 | ) | $ | 15.57 | ||||||||||||||||||||
Class R2 | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 11.99 | 0.15 | 1.62 | 1.77 | (0.18 | ) | (1.24 | ) | (1.42 | ) | $ | 12.34 | ||||||||||||||||||||
6/30/2020 | $ | 14.57 | 0.28 | (1.82 | ) | (1.54 | ) | (0.33 | ) | (0.71 | ) | (1.04 | ) | $ | 11.99 | ||||||||||||||||||
6/30/2019 | $ | 15.55 | 0.29 | 0.92 | 1.21 | (0.33 | ) | (1.86 | ) | (2.19 | ) | $ | 14.57 | ||||||||||||||||||||
6/30/2018 | $ | 16.57 | 0.27 | 0.50 | 0.77 | (0.33 | ) | (1.46 | ) | (1.79 | ) | $ | 15.55 | ||||||||||||||||||||
6/30/2017 | $ | 15.73 | 0.32 | 1.35 | 1.67 | (0.36 | ) | (0.47 | ) | (0.83 | ) | $ | 16.57 | ||||||||||||||||||||
6/30/2016 | $ | 14.98 | 0.33 | 1.24 | 1.57 | (0.37 | ) | (0.45 | ) | (0.82 | ) | $ | 15.73 |
(a) | Average share method used. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return calculated for a period of less than one year is not annualized. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor. |
(c) | Expense ratios after reimbursements do not reflect acquired fund fees and expenses. |
(d) | Six months ended December 31, 2020 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
See Notes to Financial Statements.
28 | www.cullenfunds.com |
Financial Highlights
For a Share Outstanding Throughout Periods Presented
Total Return(b) | Net Assets, End of Period (000) | Ratio of Expenses Before Reimbursements to Average Net Assets | Ratio of Expenses After Reimbursements to Average Net Assets(c) | Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements | Ratio of Net Investment Income/(Loss) to Average Net Assets after Reimbursements | Portfolio Turnover Rate | ||||||||||||||||||||
15.21 | % | $ | 120,214 | 1.35 | %(e) | 1.00 | %(e) | 2.31 | %(e) | 2.66 | %(e) | 39 | %(f) | |||||||||||||
(11.27 | %) | $ | 122,691 | 1.33 | % | 1.00 | % | 1.99 | % | 2.32 | % | 41 | % | |||||||||||||
9.74 | % | $ | 180,108 | 1.32 | % | 1.00 | % | 1.88 | % | 2.20 | % | 41 | % | |||||||||||||
4.61 | % | $ | 203,509 | 1.32 | % | 1.00 | % | 1.69 | % | 2.01 | % | 16 | % | |||||||||||||
11.35 | % | $ | 339,568 | 1.32 | % | 1.00 | % | 1.93 | % | 2.24 | % | 20 | % | |||||||||||||
11.03 | % | $ | 336,775 | 1.32 | % | 1.00 | % | 2.10 | % | 2.42 | % | 12 | % | |||||||||||||
14.77 | % | $ | 33,400 | 2.10 | %(e) | 1.75 | %(e) | 1.57 | %(e) | 1.92 | %(e) | 39 | %(f) | |||||||||||||
(11.94 | %) | $ | 35,533 | 2.08 | % | 1.75 | % | 1.24 | % | 1.57 | % | 41 | % | |||||||||||||
8.88 | % | $ | 54,940 | 2.07 | % | 1.75 | % | 1.12 | % | 1.44 | % | 41 | % | |||||||||||||
3.85 | % | $ | 62,291 | 2.07 | % | 1.75 | % | 0.95 | % | 1.27 | % | 16 | % | |||||||||||||
10.51 | % | $ | 87,142 | 2.07 | % | 1.75 | % | 1.18 | % | 1.50 | % | 20 | % | |||||||||||||
10.28 | % | $ | 94,658 | 2.07 | % | 1.75 | % | 1.37 | % | 1.69 | % | 12 | % | |||||||||||||
15.36 | % | $ | 885,833 | 1.09 | %(e) | 0.75 | %(e) | 2.57 | %(e) | 2.91 | %(e) | 39 | %(f) | |||||||||||||
(11.10 | %) | $ | 915,992 | 1.08 | % | 0.75 | % | 2.24 | % | 2.57 | % | 41 | % | |||||||||||||
10.02 | % | $ | 1,364,116 | 1.07 | % | 0.75 | % | 2.13 | % | 2.45 | % | 41 | % | |||||||||||||
4.87 | % | $ | 1,426,692 | 1.07 | % | 0.75 | % | 1.96 | % | 2.28 | % | 16 | % | |||||||||||||
11.63 | % | $ | 1,405,326 | 1.07 | % | 0.75 | % | 2.18 | % | 2.50 | % | 20 | % | |||||||||||||
11.37 | % | $ | 1,504,654 | 1.07 | % | 0.75 | % | 2.37 | % | 2.69 | % | 12 | % | |||||||||||||
14.97 | % | $ | 651 | 1.59 | %(e) | 1.50 | %(e) | 2.07 | %(e) | 2.16 | %(e) | 39 | %(f) | |||||||||||||
(11.72 | %) | $ | 560 | 1.58 | % | 1.50 | % | 1.76 | % | 1.84 | % | 41 | % | |||||||||||||
9.14 | % | $ | 646 | 1.57 | % | 1.50 | % | 1.70 | % | 1.77 | % | 41 | % | |||||||||||||
4.09 | % | $ | 374 | 1.57 | % | 1.50 | % | 1.46 | % | 1.53 | % | 16 | % | |||||||||||||
10.81 | % | $ | 496 | 1.57 | % | 1.50 | % | 1.85 | % | 1.92 | % | 20 | % | |||||||||||||
10.53 | % | $ | 2,981 | 1.57 | % | 1.50 | % | 1.83 | % | 1.90 | % | 12 | % | |||||||||||||
15.11 | % | $ | 840 | 1.37 | %(e) | 1.25 | %(e) | 2.31 | %(e) | 2.43 | %(e) | 39 | %(f) | |||||||||||||
(11.53 | %) | $ | 920 | 1.58 | % | 1.25 | % | 1.75 | % | 2.08 | % | 41 | % | |||||||||||||
9.45 | % | $ | 1,191 | 1.57 | % | 1.25 | % | 1.64 | % | 1.96 | % | 41 | % | |||||||||||||
4.38 | % | $ | 1,179 | 1.57 | % | 1.25 | % | 1.29 | % | 1.61 | % | 16 | % | |||||||||||||
11.04 | % | $ | 3,604 | 1.57 | % | 1.25 | % | 1.67 | % | 1.98 | % | 20 | % | |||||||||||||
10.84 | % | $ | 3,664 | 1.57 | % | 1.25 | % | 1.88 | % | 2.20 | % | 12 | % |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 29 |
Cullen Funds Trust
Year or Period End | Net Asset Value Beginning of Period | Net Investment Income/(Loss)(a) | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Net Asset Value End of Period | |||||||||||||||||||||||||
Cullen Small Cap Value Fund | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 9.40 | 0.01 | 3.85 | 3.86 | – | – | – | $ | 13.26 | |||||||||||||||||||||||
6/30/2020 | $ | 11.36 | 0.05 | (1.65 | ) | (1.60 | ) | (0.03 | ) | (0.33 | ) | (0.36 | ) | $ | 9.40 | ||||||||||||||||||
6/30/2019 | $ | 12.35 | (0.02 | ) | (0.36 | ) | (0.38 | ) | – | (0.61 | ) | (0.61 | ) | $ | 11.36 | ||||||||||||||||||
6/30/2018 | $ | 13.88 | (0.07 | ) | 0.98 | 0.91 | – | (2.44 | ) | (2.44 | ) | $ | 12.35 | ||||||||||||||||||||
6/30/2017 | $ | 11.56 | (0.04 | ) | 2.44 | 2.40 | (0.00 | )(j) | (0.08 | ) | (0.08 | ) | $ | 13.88 | |||||||||||||||||||
6/30/2016 | $ | 14.15 | (0.01 | ) | (2.26 | ) | (2.27 | ) | – | (0.32 | ) | (0.32 | ) | $ | 11.56 | ||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.56 | (0.03 | ) | 3.49 | 3.46 | – | – | – | $ | 12.02 | ||||||||||||||||||||||
6/30/2020 | $ | 10.41 | (0.02 | ) | (1.50 | ) | (1.52 | ) | – | (0.33 | ) | (0.33 | ) | $ | 8.56 | ||||||||||||||||||
6/30/2019 | $ | 11.46 | (0.10 | ) | (0.34 | ) | (0.44 | ) | – | (0.61 | ) | (0.61 | ) | $ | 10.41 | ||||||||||||||||||
6/30/2018 | $ | 13.14 | (0.16 | ) | 0.92 | 0.76 | – | (2.44 | ) | (2.44 | ) | $ | 11.46 | ||||||||||||||||||||
6/30/2017 | $ | 11.03 | (0.14 | ) | 2.33 | 2.19 | – | (0.08 | ) | (0.08 | ) | $ | 13.14 | ||||||||||||||||||||
6/30/2016 | $ | 13.62 | (0.10 | ) | (2.17 | ) | (2.27 | ) | – | (0.32 | ) | (0.32 | ) | $ | 11.03 | ||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 9.68 | 0.03 | 3.95 | 3.98 | (0.03 | ) | – | (0.03 | ) | $ | 13.63 | |||||||||||||||||||||
6/30/2020 | $ | 11.66 | 0.08 | (1.69 | ) | (1.61 | ) | (0.04 | ) | (0.33 | ) | (0.37 | ) | $ | 9.68 | ||||||||||||||||||
6/30/2019 | $ | 12.63 | 0.01 | (0.37 | ) | (0.36 | ) | – | (0.61 | ) | (0.61 | ) | $ | 11.66 | |||||||||||||||||||
6/30/2018 | $ | 14.11 | (0.04 | ) | 1.00 | 0.96 | – | (2.44 | ) | (2.44 | ) | $ | 12.63 | ||||||||||||||||||||
6/30/2017 | $ | 11.73 | (0.01 | ) | 2.48 | 2.47 | (0.01 | ) | (0.08 | ) | (0.09 | ) | $ | 14.11 | |||||||||||||||||||
6/30/2016 | $ | 14.32 | 0.02 | (2.29 | ) | (2.27 | ) | – | (0.32 | ) | (0.32 | ) | $ | 11.73 | |||||||||||||||||||
Cullen Value Fund | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 13.87 | 0.14 | 2.20 | 2.34 | (0.14 | ) | (2.01 | ) | (2.15 | ) | $ | 14.06 | ||||||||||||||||||||
6/30/2020 | $ | 16.56 | 0.26 | (0.93 | ) | (0.67 | ) | (0.28 | ) | (1.74 | ) | (2.02 | ) | $ | 13.87 | ||||||||||||||||||
6/30/2019 | $ | 15.35 | 0.23 | 1.21 | 1.44 | (0.23 | ) | – | (0.23 | ) | $ | 16.56 | |||||||||||||||||||||
6/30/2018 | $ | 15.30 | 0.20 | 1.03 | 1.23 | (0.19 | ) | (0.99 | ) | (1.18 | ) | $ | 15.35 | ||||||||||||||||||||
6/30/2017 | $ | 13.46 | 0.20 | 1.96 | 2.16 | (0.22 | ) | (0.10 | ) | (0.32 | ) | $ | 15.30 | ||||||||||||||||||||
6/30/2016 | $ | 13.82 | 0.13 | 0.11 | 0.24 | (0.57 | ) | (0.03 | ) | (0.60 | ) | $ | 13.46 | ||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 13.85 | 0.09 | 2.20 | 2.29 | (0.10 | ) | (2.01 | ) | (2.11 | ) | $ | 14.03 | ||||||||||||||||||||
6/30/2020 | $ | 16.55 | 0.15 | (0.93 | ) | (0.78 | ) | (0.18 | ) | (1.74 | ) | (1.92 | ) | $ | 13.85 | ||||||||||||||||||
6/30/2019 | $ | 15.34 | 0.12 | 1.20 | 1.32 | (0.11 | ) | – | (0.11 | ) | $ | 16.55 | |||||||||||||||||||||
6/30/2018 | $ | 15.28 | 0.09 | 1.04 | 1.13 | (0.08 | ) | (0.99 | ) | (1.07 | ) | $ | 15.34 | ||||||||||||||||||||
6/30/2017 | $ | 13.44 | 0.09 | 1.95 | 2.04 | (0.10 | ) | (0.10 | ) | (0.20 | ) | $ | 15.28 | ||||||||||||||||||||
6/30/2016 | $ | 13.79 | 0.03 | 0.12 | 0.15 | (0.47 | ) | (0.03 | ) | (0.50 | ) | $ | 13.44 | ||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 13.84 | 0.16 | 2.20 | 2.36 | (0.17 | ) | (2.01 | ) | (2.18 | ) | $ | 14.02 | ||||||||||||||||||||
6/30/2020 | $ | 16.55 | 0.31 | (0.93 | ) | (0.62 | ) | (0.35 | ) | (1.74 | ) | (2.09 | ) | $ | 13.84 | ||||||||||||||||||
6/30/2019 | $ | 15.34 | 0.27 | 1.21 | 1.48 | (0.27 | ) | – | (0.27 | ) | $ | 16.55 | |||||||||||||||||||||
6/30/2018 | $ | 15.29 | 0.24 | 1.03 | 1.27 | (0.23 | ) | (0.99 | ) | (1.22 | ) | $ | 15.34 | ||||||||||||||||||||
6/30/2017 | $ | 13.44 | 0.24 | 1.96 | 2.20 | (0.25 | ) | (0.10 | ) | (0.35 | ) | $ | 15.29 | ||||||||||||||||||||
6/30/2016 | $ | 13.80 | 0.16 | 0.11 | 0.27 | (0.60 | ) | (0.03 | ) | (0.63 | ) | $ | 13.44 |
See Notes to Financial Statements.
30 | www.cullenfunds.com |
Financial Highlights
For a Share Outstanding Throughout Periods Presented
Total Return(b) | Net Assets, End of Period (000) | Ratio of Expenses Before Reimbursements to Average Net Assets | Ratio of Expenses After Reimbursements to Average Net Assets(c) | Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements | Ratio of Net Investment Income/(Loss) to Average Net Assets after Reimbursements | Portfolio Turnover Rate | ||||||||||||||||||||
41.06 | % | $ | 1,051 | 6.23 | %(e) | 1.25 | %(e) | (4.75 | %)(e) | 0.23 | %(e) | 22 | %(f) | |||||||||||||
(14.79 | %) | $ | 267 | 7.38 | % | 1.25 | % | (5.65 | %) | 0.48 | % | 111 | % | |||||||||||||
(2.28 | %) | $ | 415 | 7.67 | %(g)(h) | 1.25 | % | (6.63 | %)(g)(i) | (0.21 | %) | 140 | % | |||||||||||||
7.38 | % | $ | 440 | 8.02 | % | 1.25 | % | (7.34 | %) | (0.57 | %) | 34 | % | |||||||||||||
20.81 | % | $ | 471 | 6.05 | % | 1.25 | % | (5.10 | %) | (0.30 | %) | 85 | % | |||||||||||||
(16.15 | %) | $ | 863 | 5.53 | % | 1.25 | % | (4.37 | %) | (0.10 | %) | 42 | % | |||||||||||||
40.42 | % | $ | 392 | 7.59 | %(e) | 2.00 | %(e) | (6.19 | %)(e) | (0.60 | %)(e) | 22 | %(f) | |||||||||||||
(15.32 | %) | $ | 399 | 7.22 | % | 2.00 | % | (5.49 | %) | (0.27 | %) | 111 | % | |||||||||||||
(3.01 | %) | $ | 58 | 8.30 | %(g)(h) | 2.00 | % | (7.26 | %)(g)(i) | (0.96 | %) | 140 | % | |||||||||||||
6.56 | % | $ | 55 | 8.79 | % | 2.00 | % | (8.11 | %) | (1.32 | %) | 34 | % | |||||||||||||
19.89 | % | $ | 65 | 6.94 | % | 2.00 | % | (6.02 | %) | (1.09 | %) | 85 | % | |||||||||||||
(16.79 | %) | $ | 75 | 6.29 | % | 2.00 | % | (5.13 | %) | (0.84 | %) | 42 | % | |||||||||||||
41.14 | % | $ | 6,467 | 6.43 | %(e) | 1.00 | %(e) | (4.96 | %)(e) | 0.47 | %(e) | 22 | %(f) | |||||||||||||
(14.49 | %) | $ | 3,570 | 7.57 | % | 1.00 | % | (5.80 | %) | 0.77 | % | 111 | % | |||||||||||||
(2.07 | %) | $ | 3,810 | 7.50 | %(g)(h) | 1.00 | % | (6.45 | %)(g)(i) | 0.05 | % | 140 | % | |||||||||||||
7.62 | % | $ | 3,684 | 7.81 | % | 1.00 | % | (7.13 | %) | (0.32 | %) | 34 | % | |||||||||||||
21.11 | % | $ | 3,314 | 5.88 | % | 1.00 | % | (4.96 | %) | (0.08 | %) | 85 | % | |||||||||||||
(15.96 | %) | $ | 4,686 | 5.28 | % | 1.00 | % | (4.13 | %) | 0.15 | % | 42 | % | |||||||||||||
17.27 | % | $ | 1,936 | 2.42 | %(e) | 1.00 | %(e) | 0.50 | %(e) | 1.92 | %(e) | 37 | %(f) | |||||||||||||
(5.38 | %) | $ | 1,358 | 2.25 | % | 1.00 | % | 0.50 | % | 1.75 | % | 18 | % | |||||||||||||
9.48 | % | $ | 792 | 1.97 | %(g)(k) | 1.00 | % | 0.49 | %(g)(l) | 1.46 | % | 5 | % | |||||||||||||
7.97 | % | $ | 626 | 2.04 | % | 1.00 | % | 0.24 | % | 1.28 | % | 2 | % | |||||||||||||
16.19 | % | $ | 595 | 1.99 | % | 1.00 | % | 0.43 | % | 1.42 | % | 18 | % | |||||||||||||
2.02 | % | $ | 814 | 2.19 | % | 1.00 | % | (0.20 | %) | 0.99 | % | 3 | % | |||||||||||||
16.90 | % | $ | 200 | 3.18 | %(e) | 1.75 | %(e) | (0.24 | %)(e) | 1.19 | %(e) | 37 | %(f) | |||||||||||||
(6.11 | %) | $ | 360 | 2.93 | % | 1.75 | % | (0.20 | %) | 0.98 | % | 18 | % | |||||||||||||
8.64 | % | $ | 404 | 2.65 | %(g)(k) | 1.75 | % | (0.13 | %)(g)(l) | 0.77 | % | 5 | % | |||||||||||||
7.25 | % | $ | 203 | 2.78 | % | 1.75 | % | (0.49 | %) | 0.54 | % | 2 | % | |||||||||||||
15.30 | % | $ | 445 | 2.74 | % | 1.75 | % | (0.33 | %) | 0.66 | % | 18 | % | |||||||||||||
1.29 | % | $ | 401 | 2.96 | % | 1.75 | % | (0.97 | %) | 0.24 | % | 3 | % | |||||||||||||
17.43 | % | $ | 23,637 | 2.17 | %(e) | 0.75 | %(e) | 0.72 | %(e) | 2.14 | %(e) | 37 | %(f) | |||||||||||||
(5.12 | %) | $ | 21,644 | 1.88 | % | 0.75 | % | 0.84 | % | 1.97 | % | 18 | % | |||||||||||||
9.74 | % | $ | 39,111 | 1.74 | %(g)(k) | 0.75 | % | 0.73 | %(g)(l) | 1.72 | % | 5 | % | |||||||||||||
8.25 | % | $ | 35,213 | 1.80 | % | 0.75 | % | 0.47 | % | 1.52 | % | 2 | % | |||||||||||||
16.53 | % | $ | 31,968 | 1.74 | % | 0.75 | % | 0.68 | % | 1.67 | % | 18 | % | |||||||||||||
2.25 | % | $ | 29,327 | 1.95 | % | 0.75 | % | 0.04 | % | 1.24 | % | 3 | % |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 31 |
Cullen Funds Trust
(a) | Average share method used. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return calculated for a period of less than one year is not annualized. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor. |
(c) | Expense ratios after reimbursements do not reflect acquired fund fees and expenses. |
(d) | Six months ended December 31, 2020 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
(g) | In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios. |
(h) | Revised from 9.51% for Retail class, 10.29% for Class C and 9.30% for Class I. |
(i) | Revised from (8.47%) for Retail class, (9.25%) for Class C and (8.25%) for Class I. |
(j) | Less than $0.01. |
(k) | Revised from 2.18% for Retail class, 2.94% for Class C and 1.93% for Class I. |
(l) | Revised from 0.28% for Retail class, (0.42%) for Class C and 0.54% for Class I. |
See Notes to Financial Statements.
32 | www.cullenfunds.com |
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Cullen Funds Trust
Year or Period End | Net Asset Value Beginning of Period | Net Investment Income/(Loss)(a) | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Capital Gains | Return of Capital | Total Distributions | |||||||||||||||||||||||||
Cullen Emerging Markets High Dividend Fund | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.95 | 0.15 | 2.37 | 2.52 | (0.10 | ) | – | – | (0.10 | ) | ||||||||||||||||||||||
6/30/2020 | $ | 10.26 | 0.27 | (1.23 | ) | (0.96 | ) | (0.35 | ) | – | – | (0.35 | ) | ||||||||||||||||||||
6/30/2019 | $ | 10.55 | 0.42 | (0.35 | ) | 0.07 | (0.36 | ) | – | – | (0.36 | ) | |||||||||||||||||||||
6/30/2018 | $ | 10.67 | 0.33 | (0.05 | ) | 0.28 | (0.40 | ) | – | – | (0.40 | ) | |||||||||||||||||||||
6/30/2017 | $ | 9.44 | 0.29 | 1.28 | 1.57 | (0.34 | ) | – | – | (0.34 | ) | ||||||||||||||||||||||
6/30/2016 | $ | 10.87 | 0.28 | (1.32 | ) | (1.04 | ) | (0.39 | ) | – | – | (0.39 | ) | ||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.84 | 0.11 | 2.34 | 2.45 | (0.07 | ) | – | – | (0.07 | ) | ||||||||||||||||||||||
6/30/2020 | $ | 10.14 | 0.19 | (1.21 | ) | (1.02 | ) | (0.28 | ) | – | – | (0.28 | ) | ||||||||||||||||||||
6/30/2019 | $ | 10.45 | 0.34 | (0.35 | ) | (0.01 | ) | (0.30 | ) | – | – | (0.30 | ) | ||||||||||||||||||||
6/30/2018 | $ | 10.57 | 0.24 | (0.05 | ) | 0.19 | (0.31 | ) | – | – | (0.31 | ) | |||||||||||||||||||||
6/30/2017 | $ | 9.37 | 0.19 | 1.29 | 1.48 | (0.28 | ) | – | – | (0.28 | ) | ||||||||||||||||||||||
6/30/2016 | $ | 10.80 | 0.20 | (1.30 | ) | (1.10 | ) | (0.33 | ) | – | – | (0.33 | ) | ||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 9.01 | 0.17 | 2.38 | 2.55 | (0.11 | ) | – | – | (0.11 | ) | ||||||||||||||||||||||
6/30/2020 | $ | 10.33 | 0.29 | (1.23 | ) | (0.94 | ) | (0.38 | ) | – | – | (0.38 | ) | ||||||||||||||||||||
6/30/2019 | $ | 10.61 | 0.45 | (0.35 | ) | 0.10 | (0.38 | ) | – | – | (0.38 | ) | |||||||||||||||||||||
6/30/2018 | $ | 10.73 | 0.37 | (0.07 | ) | 0.30 | (0.42 | ) | – | – | (0.42 | ) | |||||||||||||||||||||
6/30/2017 | $ | 9.50 | 0.32 | 1.27 | 1.59 | (0.36 | ) | – | – | (0.36 | ) | ||||||||||||||||||||||
6/30/2016 | $ | 10.91 | 0.31 | (1.31 | ) | (1.00 | ) | (0.41 | ) | – | – | (0.41 | ) | ||||||||||||||||||||
Cullen Enhanced Equity Income Fund | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.95 | 0.13 | 1.23 | 1.36 | (0.29 | ) | – | – | (0.29 | ) | ||||||||||||||||||||||
6/30/2020 | $ | 10.15 | 0.25 | (0.86 | ) | (0.61 | ) | (0.32 | ) | (0.06 | ) | (0.21 | ) | (0.59 | ) | ||||||||||||||||||
6/30/2019 | $ | 9.87 | 0.24 | 0.60 | 0.84 | (0.25 | ) | (0.31 | ) | – | (0.56 | ) | |||||||||||||||||||||
6/30/2018 | $ | 10.66 | 0.23 | (0.27 | ) | (0.04 | ) | (0.26 | ) | (0.49 | ) | – | (0.75 | ) | |||||||||||||||||||
6/30/2017 | $ | 10.48 | 0.25 | 0.81 | 1.06 | (0.28 | ) | (0.60 | ) | – | (0.88 | ) | |||||||||||||||||||||
6/30/2016(j) | $ | 10.00 | 0.16 | 0.50 | 0.66 | (0.18 | ) | – | – | (0.18 | ) | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 8.98 | 0.09 | 1.23 | 1.32 | (0.25 | ) | – | – | (0.25 | ) | ||||||||||||||||||||||
6/30/2020 | $ | 10.17 | 0.17 | (0.85 | ) | (0.68 | ) | (0.28 | ) | (0.05 | ) | (0.18 | ) | (0.51 | ) | ||||||||||||||||||
6/30/2019 | $ | 9.89 | 0.16 | 0.60 | 0.76 | (0.21 | ) | (0.27 | ) | – | (0.48 | ) | |||||||||||||||||||||
6/30/2018 | $ | 10.67 | 0.15 | (0.26 | ) | (0.11 | ) | (0.24 | ) | (0.43 | ) | – | (0.67 | ) | |||||||||||||||||||
6/30/2017 | $ | 10.52 | 0.16 | 0.81 | 0.97 | (0.26 | ) | (0.56 | ) | – | (0.82 | ) | |||||||||||||||||||||
6/30/2016(j) | $ | 10.00 | 0.13 | 0.50 | 0.63 | (0.11 | ) | – | – | (0.11 | ) | ||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||
12/31/2020(d) | $ | 9.00 | 0.14 | 1.24 | 1.38 | (0.30 | ) | – | – | (0.30 | ) | ||||||||||||||||||||||
6/30/2020 | $ | 10.21 | 0.28 | (0.88 | ) | (0.60 | ) | (0.32 | ) | (0.07 | ) | (0.22 | ) | (0.61 | ) | ||||||||||||||||||
6/30/2019 | $ | 9.92 | 0.26 | 0.61 | 0.87 | (0.26 | ) | (0.32 | ) | – | (0.58 | ) | |||||||||||||||||||||
6/30/2018 | $ | 10.70 | 0.26 | (0.27 | ) | (0.01 | ) | (0.27 | ) | (0.50 | ) | – | (0.77 | ) | |||||||||||||||||||
6/30/2017 | $ | 10.52 | 0.28 | 0.80 | 1.08 | (0.28 | ) | (0.62 | ) | – | (0.90 | ) | |||||||||||||||||||||
6/30/2016(j) | $ | 10.00 | 0.18 | 0.50 | 0.68 | (0.16 | ) | – | – | (0.16 | ) |
See Notes to Financial Statements.
34 | www.cullenfunds.com |
Financial Highlights
For a Share Outstanding Throughout Periods Presented
Net Asset Value End of Period | Total Return(b) | Net Assets, End of Period (000) | Ratio of Expenses Before Reimbursements to Average Net Assets | Ratio of Expenses After Reimbursements to Average Net Assets(c) | Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements | Ratio of Net Investment Income/(Loss) to Average Net Assets after Reimbursements | Portfolio Turnover Rate | |||||||||||||||||||||||
$ | 11.37 | 28.37 | % | $ | 10,741 | 1.55 | %(e) | 1.25 | %(e) | 2.69 | %(e) | 2.99 | %(e) | 37 | %(f) | |||||||||||||||
$ | 8.95 | (9.47 | %) | $ | 10,199 | 1.49 | % | 1.25 | % | 2.51 | % | 2.75 | % | 70 | % | |||||||||||||||
$ | 10.26 | 0.66 | % | $ | 15,576 | 1.43 | % | 1.25 | % | 4.01 | % | 4.19 | % | 77 | % | |||||||||||||||
$ | 10.55 | 2.48 | % | $ | 14,749 | 1.52 | % | 1.25 | % | 2.59 | % | 2.86 | % | 48 | % | |||||||||||||||
$ | 10.67 | 16.96 | % | $ | 16,755 | 1.57 | % | 1.25 | % | 2.58 | % | 2.89 | % | 52 | % | |||||||||||||||
$ | 9.44 | (9.34 | %) | $ | 12,496 | 1.60 | % | 1.25 | % | 2.68 | % | 3.03 | % | 69 | % | |||||||||||||||
$ | 11.22 | 27.89 | % | $ | 1,674 | 2.30 | %(e) | 2.00 | %(e) | 1.93 | %(e) | 2.23 | %(e) | 37 | %(f) | |||||||||||||||
$ | 8.84 | (10.20 | %) | $ | 1,467 | 2.24 | % | 2.00 | % | 1.75 | % | 1.99 | % | 70 | % | |||||||||||||||
$ | 10.14 | (0.08 | %) | $ | 2,039 | 2.18 | % | 2.00 | % | 3.22 | % | 3.40 | % | 77 | % | |||||||||||||||
$ | 10.45 | 1.71 | % | $ | 2,412 | 2.28 | % | 2.00 | % | 1.85 | % | 2.13 | % | 48 | % | |||||||||||||||
$ | 10.57 | 16.02 | % | $ | 2,999 | 2.31 | % | 2.00 | % | 1.67 | % | 1.98 | % | 52 | % | |||||||||||||||
$ | 9.37 | (9.95 | %) | $ | 3,165 | 2.35 | % | 2.00 | % | 1.84 | % | 2.20 | % | 69 | % | |||||||||||||||
$ | 11.45 | 28.57 | % | $ | 253,523 | 1.30 | %(e) | 1.00 | %(e) | 3.01 | %(e) | 3.31 | %(e) | 37 | %(f) | |||||||||||||||
$ | 9.01 | (9.26 | %) | $ | 237,242 | 1.24 | % | 1.00 | % | 2.73 | % | 2.97 | % | 70 | % | |||||||||||||||
$ | 10.33 | 0.93 | % | $ | 332,377 | 1.18 | % | 1.00 | % | 4.22 | % | 4.40 | % | 77 | % | |||||||||||||||
$ | 10.61 | 2.72 | % | $ | 393,127 | 1.28 | % | 1.00 | % | 2.93 | % | 3.21 | % | 48 | % | |||||||||||||||
$ | 10.73 | 17.14 | % | $ | 304,710 | 1.32 | % | 1.00 | % | 2.84 | % | 3.16 | % | 52 | % | |||||||||||||||
$ | 9.50 | (8.91 | %) | $ | 209,368 | 1.36 | % | 1.00 | % | 2.93 | % | 3.30 | % | 69 | % | |||||||||||||||
$ | 10.02 | 15.45 | % | $ | 1,958 | 1.92 | %(e) | 1.00 | %(e) | 1.75 | %(e) | 2.67 | %(e) | 66 | %(f) | |||||||||||||||
$ | 8.95 | (6.08 | %) | $ | 1,899 | 1.94 | % | 1.00 | % | 1.66 | % | 2.60 | % | 170 | % | |||||||||||||||
$ | 10.15 | 8.69 | % | $ | 2,243 | 1.86 | %(g)(h) | 1.00 | % | 1.48 | %(g)(i) | 2.34 | % | 192 | % | |||||||||||||||
$ | 9.87 | (0.51 | %) | $ | 2,064 | 2.05 | % | 1.00 | % | 1.17 | % | 2.22 | % | 157 | % | |||||||||||||||
$ | 10.66 | 10.59 | % | $ | 1,932 | 3.83 | % | 1.00 | % | (0.51 | %) | 2.32 | % | 154 | % | |||||||||||||||
$ | 10.48 | 6.69 | % | $ | 581 | 7.62 | %(e) | 1.00 | %(e) | (3.86 | %)(e) | 2.76 | %(e) | 86 | %(f) | |||||||||||||||
$ | 10.05 | 14.95 | % | $ | 4,432 | 2.67 | %(e) | 1.75 | %(e) | 1.02 | %(e) | 1.94 | %(e) | 66 | %(f) | |||||||||||||||
$ | 8.98 | (6.72 | %) | $ | 4,311 | 2.67 | % | 1.75 | % | 0.88 | % | 1.80 | % | 170 | % | |||||||||||||||
$ | 10.17 | 7.86 | % | $ | 5,216 | 2.56 | %(g)(h) | 1.75 | % | 0.78 | %(g)(i) | 1.59 | % | 192 | % | |||||||||||||||
$ | 9.89 | (1.17 | %) | $ | 4,961 | 2.80 | % | 1.75 | % | 0.42 | % | 1.47 | % | 157 | % | |||||||||||||||
$ | 10.67 | 9.66 | % | $ | 2,540 | 4.57 | % | 1.75 | % | (1.29 | %) | 1.53 | % | 154 | % | |||||||||||||||
$ | 10.52 | 6.31 | % | $ | 533 | 8.56 | %(e) | 1.75 | %(e) | (4.39 | %)(e) | 2.42 | %(e) | 86 | %(f) | |||||||||||||||
$ | 10.08 | 15.60 | % | $ | 47,979 | 1.67 | %(e) | 0.75 | %(e) | 2.02 | %(e) | 2.94 | %(e) | 66 | %(f) | |||||||||||||||
$ | 9.00 | (5.92 | %) | $ | 39,697 | 1.68 | % | 0.75 | % | 1.91 | % | 2.84 | % | 170 | % | |||||||||||||||
$ | 10.21 | 9.03 | % | $ | 44,980 | 1.64 | %(g)(h) | 0.75 | % | 1.69 | %(g)(i) | 2.58 | % | 192 | % | |||||||||||||||
$ | 9.92 | (0.24 | %) | $ | 39,675 | 1.80 | % | 0.75 | % | 1.42 | % | 2.47 | % | 157 | % | |||||||||||||||
$ | 10.70 | 10.79 | % | $ | 20,080 | 3.50 | % | 0.75 | % | (0.16 | %) | 2.59 | % | 154 | % | |||||||||||||||
$ | 10.52 | 6.88 | % | $ | 4,275 | 7.56 | %(e) | 0.75 | %(e) | (3.39 | %)(e) | 3.42 | %(e) | 86 | %(f) |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2020 | 35 |
Cullen Funds Trust
(a) | Average share method used. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividend distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return calculated for a period of less than one year is not annualized. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor. |
(c) | Expense ratios after reimbursements do not reflect acquired fund fees and expenses. |
(d) | Six months ended December 31, 2020 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
(g) | In 2019, Custody fees were overstated due to an error in accounting. Due to the expense limitation agreements in place for each affected Fund, net asset values were not affected by this error and accordingly, management concluded the previously issued financial statements were not materially misstated. However, the Ratio of Expenses Before Reimbursements to Average Net Assets and Ratio of Net Investment Income/(Loss) to Average Net Assets before Reimbursements on the financial highlights were revised to reflect the corrected ratios. |
(h) | Revised from 2.03% for Retail class, 2.78% for Class C and 1.78% for Class I. |
(i) | Revised from 1.31% for Retail class, 0.56% for Class C and 1.55% for Class I. |
(j) | Commencement of operations was December 15, 2015. |
See Notes to Financial Statements.
36 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
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.
The Trust offers Retail Class, Class C, Class I, Class R1 and Class R2 Shares, except the Cullen Value Fund, the Cullen Emerging Markets High Dividend Fund and the Cullen Enhanced Equity Income Fund, which offer only Retail Class, Class C and Class I shares. However, the Cullen Small Cap Value Fund has not experienced any subscriptions in Class R1 and R2 shares since inception. Each class of shares differs principally in its respective distribution expenses and shareholder servicing expenses. Each class of shares has identical rights to earnings, assets, and voting privileges, except for the class specific expenses and exclusive rights to vote on matters affecting only individual classes.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States (“GAAP”). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946).
a) | 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. |
b) | 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 December 31, 2020, all written option contracts held are exchange-traded. |
c) | 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. |
d) | 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 |
Semi-Annual Report | December 31, 2020 | 37 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
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 as discussed in (e) below.
e) | 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). |
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.
38 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
The following is a summary of the inputs used as of December 31, 2020 in valuing each Fund’s assets carried at fair value:
Investments in Securities at Value(1) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs(2) | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Cullen International High Dividend Fund | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | – | $ | 4,454,132 | $ | – | $ | 4,454,132 | ||||||||
Finland | – | 4,796,460 | – | 4,796,460 | ||||||||||||
France | 4,872,037 | 16,794,947 | – | 21,666,984 | ||||||||||||
Germany | – | 18,585,142 | – | 18,585,142 | ||||||||||||
Italy | – | 5,869,993 | – | 5,869,993 | ||||||||||||
Japan | – | 16,277,568 | – | 16,277,568 | ||||||||||||
Netherlands | – | 4,651,891 | – | 4,651,891 | ||||||||||||
Singapore | – | 8,420,023 | – | 8,420,023 | ||||||||||||
Spain | – | 5,520,934 | – | 5,520,934 | ||||||||||||
Sweden | – | 3,349,322 | – | 3,349,322 | ||||||||||||
Switzerland | 7,367,967 | 15,873,583 | – | 23,241,550 | ||||||||||||
Taiwan | – | 5,394,371 | – | 5,394,371 | ||||||||||||
United Kingdom | 7,918,511 | 11,634,047 | – | 19,552,558 | ||||||||||||
Other | 24,671,599 | – | – | 24,671,599 | ||||||||||||
Preferred Stock | – | 7,882,655 | – | 7,882,655 | ||||||||||||
Total | $ | 44,830,114 | $ | 129,505,068 | $ | – | $ | 174,335,182 |
Investments in Securities at Value(1) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Cullen High Dividend Equity Fund | ||||||||||||||||
Common Stocks | $ | 1,021,944,880 | $ | – | $ | – | $ | 1,021,944,880 | ||||||||
Total | $ | 1,021,944,880 | $ | – | $ | – | $ | 1,021,944,880 |
Investments in Securities at Value(1) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Cullen Small Cap Value Fund | ||||||||||||||||
Common Stocks | $ | 7,542,228 | $ | – | $ | – | $ | 7,542,228 | ||||||||
Total | $ | 7,542,228 | $ | – | $ | – | $ | 7,542,228 |
Investments in Securities at Value(1) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Cullen Value Fund | ||||||||||||||||
Common Stocks | $ | 24,800,269 | $ | – | $ | – | $ | 24,800,269 | ||||||||
Total | $ | 24,800,269 | $ | – | $ | – | $ | 24,800,269 |
Semi-Annual Report | December 31, 2020 | 39 |
Cullen Funds | Trust Notes to Financial Statements |
December 31, 2020 (Unaudited)
Investments in Securities at Value(1) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs(2) | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||||||
Common Stocks | ||||||||||||||||
China | $ | – | $ | 34,648,005 | $ | – | $ | 34,648,005 | ||||||||
Greece | – | 4,044,224 | – | 4,044,224 | ||||||||||||
Hong Kong | – | 31,470,812 | – | 31,470,812 | ||||||||||||
India | 4,837,673 | 15,796,699 | – | 20,634,372 | ||||||||||||
Indonesia | – | 2,183,248 | – | 2,183,248 | ||||||||||||
Russia | 16,858,599 | 3,387,070 | – | 20,245,669 | ||||||||||||
Singapore | – | 41,733 | – | 41,733 | ||||||||||||
South Africa | – | 3,365,424 | – | 3,365,424 | ||||||||||||
South Korea | – | 26,112,791 | – | 26,112,791 | ||||||||||||
Taiwan | 12,353,142 | 31,035,442 | – | 43,388,584 | ||||||||||||
Thailand | – | 8,011,203 | – | 8,011,203 | ||||||||||||
United Kingdom | – | 5,250,545 | – | 5,250,545 | ||||||||||||
Vietnam | – | 6,826,159 | – | 6,826,159 | ||||||||||||
Other | 33,094,307 | – | – | 33,094,307 | ||||||||||||
Participatory Notes(3) | – | 15,671,663 | – | 15,671,663 | ||||||||||||
Preferred Stock | 4,941,750 | – | – | 4,941,750 | ||||||||||||
Total | $ | 72,085,471 | $ | 187,845,018 | $ | – | $ | 259,930,489 |
Investments in Securities at Value(1) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Cullen Enhanced Equity Income Fund | ||||||||||||||||
Common Stocks | $ | 49,628,262 | $ | – | $ | – | $ | 49,628,262 | ||||||||
Total | $ | 49,628,262 | $ | – | $ | – | $ | 49,628,262 | ||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Written Options | $ | (96,232 | ) | – | – | $ | (96,232 | ) | ||||||||
Total | $ | (96,232 | ) | – | – | $ | (96,232 | ) |
(1) | For detailed descriptions of country, sector and/or industry, see the accompanying Schedule of Investments. |
(2) | As discussed in d) above, the triggers in place were affected on the date of these financial statements. |
(3) | 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. |
f) | Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for the Cullen International High Dividend 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 and monthly for the Cullen High Dividend Equity Fund. Distributions from realized capital gains, if any, are declared and paid at least annually. |
g) | Federal Income Taxes – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and plan to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds. Therefore, no federal income or excise tax provision is recorded. |
As of and during the six months ended December 31, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
h) | Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates. |
40 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
i) | Guarantees and Indemnification – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Based on experience, however, the Funds expect the risk of loss to be remote. |
j) | Income and Expenses – Within each Fund, dividend income is recognized on the ex-dividend date or as soon as information is available. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its respective net assets. |
k) | Foreign Exchange Contracts – As the Funds may invest in securities traded on markets outside the United States, each Fund may enter into foreign currency commitments or foreign currency exchange transactions. Purchased contracts are only used to acquire foreign currencies to facilitate purchases and sales of investment securities. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date. |
l) | Foreign Currency Transactions – The Funds isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations in foreign exchange rates are included with the net realized and unrealized gain or loss from foreign currency related transactions. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s accounts and the U.S. dollar equivalent of the amounts actually received or paid. |
m) | Other – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds on a specific identification cost basis. |
The effect of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2020:
Liability Derivatives | ||||||
Statements of Assets and Liabilities Location | Fair Value | |||||
Cullen Enhanced Equity Income Fund | ||||||
Equity Contracts (Written Options) | Written options, at value | $ | (96,232 | ) | ||
Total | $ | (96,232 | ) |
Semi-Annual Report | December 31, 2020 | 41 |
Cullen Funds | Trust Notes to Financial Statements |
December 31, 2020 (Unaudited)
The effect of derivatives instruments on the Statements of Operations for the six months ended December 31, 2020:
Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income | |||||||
Cullen Enhanced Equity Income Fund | ||||||||||
Equity Contracts (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/(depreciation) on written options | $ | 561,792 | $ | (15,564 | ) | ||||
Total | $ | 561,792 | $ | (15,564 | ) |
The Cullen Emerging Markets High Dividend Fund had the following monthly average rights market value during the six months ended December 31, 2020:
Fund | Monthly Average Rights Market Value | |||
Cullen Emerging Markets High Dividend Fund | $ | 1,160 |
The Cullen Enhanced Equity Income Fund had the following monthly average written call option notional value during the six months ended December 31, 2020:
Fund | Monthly Average Written Option Notional Value | |||
Cullen Enhanced Equity Income Fund | $ | 8,271,894 |
42 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
3. CAPITAL SHARE TRANSACTIONS
Share transactions were as follows:
Six Months Ended December 31, 2020 (Unaudited) | Year Ended June 30, 2020 | |||||||
Cullen International High Dividend Fund | ||||||||
Retail | ||||||||
Shares sold | 45,353 | 213,068 | ||||||
Dividends reinvested | 5,775 | 19,872 | ||||||
Shares redeemed | (155,218 | ) | (368,118 | ) | ||||
Net decrease in shares outstanding | (104,090 | ) | (135,178 | ) | ||||
Class C | ||||||||
Shares sold | 4,602 | 41,395 | ||||||
Dividends reinvested | 818 | 4,856 | ||||||
Shares redeemed | (27,456 | ) | (190,939 | ) | ||||
Net decrease in shares outstanding | (22,036 | ) | (144,688 | ) | ||||
Class I | ||||||||
Shares sold | 2,858,035 | 5,083,060 | ||||||
Dividends reinvested | 93,305 | 271,839 | ||||||
Shares redeemed | (1,723,896 | ) | (5,303,724 | ) | ||||
Net increase in shares outstanding | 1,227,444 | 51,175 | ||||||
Class R1 | ||||||||
Shares sold | 79 | 181 | ||||||
Dividends reinvested | 11 | 28 | ||||||
Shares redeemed | (2 | ) | (160 | ) | ||||
Net increase in shares outstanding | 88 | 49 | ||||||
Class R2 | ||||||||
Shares sold | 7 | 34 | ||||||
Dividends reinvested | 3 | 8 | ||||||
Shares redeemed | (1 | ) | (3,728 | ) | ||||
Net increase/(decrease) in shares outstanding | 9 | (3,686 | ) |
Semi-Annual Report | December 31, 2020 | 43 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
Six Months Ended December 31, 2020 (Unaudited) | Year Ended June 30, 2020 | |||||||
Cullen High Dividend Equity Fund | ||||||||
Retail | ||||||||
Shares sold | 350,767 | 1,424,783 | ||||||
Dividends reinvested | 743,512 | 619,270 | ||||||
Shares redeemed | (1,653,309 | ) | (3,973,130 | ) | ||||
Net decrease in shares outstanding | (559,030 | ) | (1,929,077 | ) | ||||
Class C | ||||||||
Shares sold | 21,606 | 247,469 | ||||||
Dividends reinvested | 210,722 | 173,095 | ||||||
Shares redeemed | (490,862 | ) | (1,149,895 | ) | ||||
Net decrease in shares outstanding | (258,534 | ) | (729,331 | ) | ||||
Class I | ||||||||
Shares sold | 4,486,125 | 12,986,884 | ||||||
Dividends reinvested | 4,709,614 | 4,065,841 | ||||||
Shares redeemed | (14,159,530 | ) | (32,595,673 | ) | ||||
Net decrease in shares outstanding | (4,963,791 | ) | (15,542,948 | ) | ||||
Class R1 | ||||||||
Shares sold | 1,551 | 3,237 | ||||||
Dividends reinvested | 5,725 | 3,364 | ||||||
Shares redeemed | (1,014 | ) | (4,103 | ) | ||||
Net increase in shares outstanding | 6,262 | 2,498 | ||||||
Class R2 | ||||||||
Shares sold | 1,880 | 5,980 | ||||||
Dividends reinvested | 7,319 | 5,479 | ||||||
Shares redeemed | (17,754 | ) | (16,524 | ) | ||||
Net decrease in shares outstanding | (8,555 | ) | (5,065 | ) | ||||
Cullen Small Cap Value Fund | ||||||||
Retail | ||||||||
Shares sold | 56,331 | 12,413 | ||||||
Dividends reinvested | – | 1,033 | ||||||
Shares redeemed | (5,418 | ) | (21,563 | ) | ||||
Net increase/(decrease) in shares outstanding | 50,913 | (8,117 | ) | |||||
Class C | ||||||||
Shares sold | 7,287 | 40,869 | ||||||
Dividends reinvested | – | 167 | ||||||
Shares redeemed | (21,340 | ) | – | |||||
Net increase/(decrease) in shares outstanding | (14,053 | ) | 41,036 | |||||
Class I | ||||||||
Shares sold | 117,412 | 53,150 | ||||||
Dividends reinvested | 1,042 | 10,582 | ||||||
Shares redeemed | (12,768 | ) | (21,641 | ) | ||||
Net increase in shares outstanding | 105,686 | 42,091 |
44 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
Six Months Ended December 31, 2020 (Unaudited) | Year Ended June 30, 2020 | |||||||
Cullen Value Fund | ||||||||
Retail | ||||||||
Shares sold | 24,004 | 46,171 | ||||||
Dividends reinvested | 18,632 | 7,722 | ||||||
Shares redeemed | (2,963 | ) | (3,758 | ) | ||||
Net increase in shares outstanding | 39,673 | 50,135 | ||||||
Class C | ||||||||
Shares sold | 1,447 | – | ||||||
Dividends reinvested | 1,619 | 2,015 | ||||||
Shares redeemed | (14,756 | ) | (464 | ) | ||||
Net increase/(decrease) in shares outstanding | (11,690 | ) | 1,551 | |||||
Class I | ||||||||
Shares sold | 36,012 | 127,113 | ||||||
Dividends reinvested | 234,328 | 220,143 | ||||||
Shares redeemed | (148,984 | ) | (1,145,456 | ) | ||||
Net increase/(decrease) in shares outstanding | 121,356 | (798,200 | ) | |||||
Cullen Emerging Markets High Dividend Fund | ||||||||
Retail | ||||||||
Shares sold | 95,899 | 538,348 | ||||||
Dividends reinvested | 9,449 | 48,846 | ||||||
Shares redeemed | (300,811 | ) | (965,370 | ) | ||||
Net decrease in shares outstanding | (195,463 | ) | (378,176 | ) | ||||
Class C | ||||||||
Shares sold | – | 20 | ||||||
Dividends reinvested | 1,178 | 5,600 | ||||||
Shares redeemed | (17,992 | ) | (40,853 | ) | ||||
Net decrease in shares outstanding | (16,814 | ) | (35,233 | ) | ||||
Class I | ||||||||
Shares sold | 2,908,605 | 7,384,309 | ||||||
Dividends reinvested | 269,027 | 1,141,456 | ||||||
Shares redeemed | (7,372,099 | ) | (14,365,058 | ) | ||||
Net decrease in shares outstanding | (4,194,467 | ) | (5,839,293 | ) | ||||
Cullen Enhanced Equity Income Fund | ||||||||
Retail | ||||||||
Shares sold | 18,698 | 101,021 | ||||||
Dividends reinvested | 5,963 | 13,535 | ||||||
Shares redeemed | (41,422 | ) | (123,256 | ) | ||||
Net decrease in shares outstanding | (16,761 | ) | (8,700 | ) | ||||
Class C | ||||||||
Shares sold | 71,861 | 77,872 | ||||||
Dividends reinvested | �� | 7,698 | 17,256 | |||||
Shares redeemed | (118,852 | ) | (127,468 | ) | ||||
Net decrease in shares outstanding | (39,293 | ) | (32,340 | ) | ||||
Class I | ||||||||
Shares sold | 734,967 | 1,995,609 | ||||||
Dividends reinvested | 125,880 | 232,352 | ||||||
Shares redeemed | (510,627 | ) | (2,224,620 | ) | ||||
Net increase in shares outstanding | 350,220 | 3,341 |
Semi-Annual Report | December 31, 2020 | 45 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
4. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term investments, for the six months ended December 31, 2020 were as follows:
Fund | Purchases of Securities | Proceeds from Sales of Securities | ||||||
Cullen International High Dividend Fund | $ | 61,408,870 | $ | 45,741,828 | ||||
Cullen High Dividend Equity Fund | 399,925,907 | 572,043,184 | ||||||
Cullen Small Cap Value Fund | 2,540,156 | 1,113,129 | ||||||
Cullen Value Fund | 8,774,319 | 10,490,434 | ||||||
Cullen Emerging Markets High Dividend Fund | 89,690,489 | 133,023,246 | ||||||
Cullen Enhanced Equity Income Fund | 30,421,251 | 30,453,830 |
5. FEDERAL TAX INFORMATION
As of June 30, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gain/(Loss) | Unrealized Appreciation/ | Total | |||||||||||||
Cullen International High Dividend Fund | $ | 368,563 | $ | (44,469,054 | ) | $ | 22,316,375 | $ | (21,784,116 | ) | ||||||
Cullen High Dividend Equity Fund | – | 44,255,794 | 373,000,886 | 417,256,680 | ||||||||||||
Cullen Small Cap Value Fund | – | (305,974 | ) | 95,045 | (210,929 | ) | ||||||||||
Cullen Value Fund | 146,143 | 3,098,109 | 6,499,625 | 9,743,877 | ||||||||||||
Cullen Emerging Markets High Dividend Fund | – | (97,576,624 | ) | 26,441,180 | (71,135,444 | ) | ||||||||||
Cullen Enhanced Equity Income Fund | – | (2,711,583 | ) | (4,853,436 | ) | (7,565,019 | ) |
As of December 31, 2020 the costs of investments for federal tax purposes and accumulated net unrealized appreciation/(depreciation) in investments were as follows:
Gross Appreciation (excess of value over tax cost) | Gross Depreciation | Net Unrealized Appreciation/ | Cost of Investments for Income Tax Purposes* | |||||||||||||
Cullen International High Dividend Fund | $ | 43,386,289 | $ | (513,200 | ) | $ | 42,873,089 | $ | 131,462,093 | |||||||
Cullen High Dividend Equity Fund | 414,727,313 | (3,082,842 | ) | 411,644,471 | 610,300,409 | |||||||||||
Cullen Small Cap Value Fund | 1,898,868 | (131,882 | ) | 1,766,986 | 5,775,242 | |||||||||||
Cullen Value Fund | 9,662,350 | (117,166 | ) | 9,545,184 | 15,255,085 | |||||||||||
Cullen Emerging Markets High Dividend Fund | 78,975,912 | (2,444,010 | ) | 76,531,902 | 183,398,587 | |||||||||||
Cullen Enhanced Equity Income Fund | 3,901,714 | (1,595,806 | ) | 2,305,908 | 47,341,989 |
* | Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences. Those differences primarily relate to wash sale and passive foreign investment company adjustments for the Funds. |
46 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
The Funds may periodically make reclassifications among certain of their capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations, which may differ from GAAP. These principles require that permanent financial reporting and tax differences be reclassified in the capital accounts. For the Funds’ most recent year end, as a result of permanent book-to-tax differences arising primarily from the treatment of foreign currency, passive foreign investment companies, taxable overdistribution and the use of tax equalization, reclassification adjustments were made to increase (decrease) the amounts listed below:
Fund | Paid-in Capital | Undistributed Net Investment | Accumulated Net Realized Gain/(Loss) | |||||||||
Cullen International High Dividend Fund | $ | – | $ | – | $ | – | ||||||
Cullen High Dividend Equity Fund | 24,218,240 | – | (24,218,240 | ) | ||||||||
Cullen Small Cap Value Fund | (5,548 | ) | – | 5,548 | ||||||||
Cullen Value Fund | – | – | – | |||||||||
Cullen Emerging Markets High Dividend Fund | (1 | ) | – | 1 | ||||||||
Cullen Enhanced Equity Income Fund | (3,773 | ) | – | 3,773 |
At June 30, 2020, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code (the “Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:
Fund | No Expiration Short-Term | No Expiration Long-Term | Total | |||||||||
Cullen International High Dividend Fund | $ | 37,956,092 | $ | 4,144,990 | $ | 42,101,082 | ||||||
Cullen High Dividend Equity Fund | – | – | – | |||||||||
Cullen Small Cap Value Fund | – | – | – | |||||||||
Cullen Value Fund | – | – | – | |||||||||
Cullen Emerging Markets High Dividend Fund | 59,716,927 | 13,676,796 | 73,393,723 | |||||||||
Cullen Enhanced Equity Income Fund | – | – | – |
Capital Losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer the recognition of these losses. When this election is made, any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal capital loss carry forwards as described above.
The Cullen International High Dividend Fund, Cullen Small Cap Value Fund, Cullen Emerging Markets High Dividend Fund and Cullen Enhanced Equity Income Fund elected to treat post-October capital losses of $2,367,972, $305,974, $24,182,901 and $2,711,583, respectively, as having been incurred in the following fiscal year June 30, 2021.
The Cullen Emerging Markets High Dividend Fund elected to defer to the period ending June 30, 2021, late year ordinary losses in the amount of $1,087,931.
The tax composition of dividends paid during the year ended June 30, 2020 was as follows:
Fund | Ordinary Income | Long-Term Capital Gain | Return of Capital | |||||||||
Cullen International High Dividend Fund | $ | 4,918,379 | $ | – | $ | – | ||||||
Cullen High Dividend Equity Fund | 34,678,075 | 63,245,661 | – | |||||||||
Cullen Small Cap Value Fund | 49,114 | 95,374 | 5,548 | |||||||||
Cullen Value Fund | 656,816 | 2,977,428 | – | |||||||||
Cullen Emerging Markets High Dividend Fund | 11,925,035 | – | – | |||||||||
Cullen Enhanced Equity Income Fund | 1,672,968 | – | 1,231,315 |
Semi-Annual Report | December 31, 2020 | 47 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
The tax composition of dividends paid during the year ended June 30, 2019 was as follows:
Fund | Ordinary Income | Long-Term Capital Gain | ||||||
Cullen International High Dividend Fund | $ | 7,004,750 | $ | – | ||||
Cullen High Dividend Equity Fund | 37,882,218 | 167,604,277 | ||||||
Cullen Small Cap Value Fund | 102,324 | 106,334 | ||||||
Cullen Value Fund | 633,656 | – | ||||||
Cullen Emerging Markets High Dividend Fund | 13,726,865 | – | ||||||
Cullen Enhanced Equity Income Fund | 2,702,804 | 47,560 |
6. INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Trust has an agreement with Cullen Capital Management, LLC (the “Investment Advisor”), with which certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the agreement, the Funds will compensate the Investment Advisor for its management services at the annual rate of 1.00% of each Fund’s average daily net assets. Through October 31, 2021, the Investment Advisor has agreed to absorb expenses to the extent that the Cullen International High Dividend Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the Retail Class, Class C, Class I, Class R1 and Class R2 net assets, respectively; the Cullen High Dividend Equity Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.00%, 1.75%, 0.75%, 1.50% and 1.25% of the Retail Class, Class C, Class I, Class R1 and Class R2 net assets, respectively; and the Cullen Small Cap Value Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.25%, 2.00%, 1.00%, 1.75% and 1.50% of the Retail Class, Class C, Class I, Class R1 and Class R2 net assets, respectively; the Cullen Value Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.00%, 1.75% and 0.75% of the Retail Class, Class C and Class I net assets, respectively; the Cullen Emerging Markets High Dividend Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.25%, 2.00% and 1.00% of the Retail Class, Class C, and Class I net assets, respectively; and the Cullen Enhanced Equity Income Fund’s total annual operating expenses (excluding taxes and acquired funds fees and expenses) exceed 1.00%, 1.75% and 0.75% of the Retail Class, Class C and Class I net assets, respectively. For a period of three years after the year in which the Investment Advisor reimburses expenses, the Investment Advisor may seek reimbursement on a class-by-class basis from the respective Fund to the extent that total annual individual Fund operating expenses are less than the expense limitation in effect at the time of the reimbursement.
48 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
As of December 31, 2020, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:
Expiring June 30, | ||||||||||||
Fund/Class | 2021 | 2022 | 2023 | |||||||||
Cullen International High Dividend Fund | ||||||||||||
Retail | $ | 36,440 | $ | 23,838 | $ | 18,401 | ||||||
Class C | 6,769 | 8,188 | 6,277 | |||||||||
Class I | 505,336 | 547,846 | 417,603 | |||||||||
Class R1 | – | 6 | 7 | |||||||||
Class R2 | – | 27 | 2 | |||||||||
Total | $ | 548,545 | $ | 579,905 | $ | 442,290 | ||||||
Cullen High Dividend Equity Fund | ||||||||||||
Retail | $ | 817,204 | $ | 589,880 | $ | 508,920 | ||||||
Class C | 244,321 | 182,163 | 156,076 | |||||||||
Class I | 4,778,420 | 4,434,785 | 3,886,846 | |||||||||
Class R1 | 326 | 319 | 480 | |||||||||
Class R2 | 5,196 | 3,882 | 3,332 | |||||||||
Total | $ | 5,845,467 | $ | 5,211,029 | $ | 4,555,654 | ||||||
Cullen Small Cap Value Fund | ||||||||||||
Retail | $ | 31,934 | $ | 33,957 | $ | 19,199 | ||||||
Class C | 3,710 | 4,740 | 4,374 | |||||||||
Class I | 230,527 | 302,130 | 250,340 | |||||||||
Total | $ | 266,171 | $ | 340,827 | $ | 273,913 | ||||||
Cullen Value Fund | ||||||||||||
Retail | $ | 6,697 | $ | 9,085 | $ | 12,692 | ||||||
Class C | 4,271 | 3,850 | 4,566 | |||||||||
Class I | 349,176 | 431,378 | 347,984 | |||||||||
Total | $ | 360,144 | $ | 444,313 | $ | 365,242 | ||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||
Retail | $ | 46,120 | $ | 26,735 | $ | 31,944 | ||||||
Class C | 7,770 | 3,864 | 4,422 | |||||||||
Class I | 997,088 | 644,374 | 718,933 | |||||||||
Total | $ | 1,050,978 | $ | 674,973 | $ | 755,299 | ||||||
Cullen Enhanced Equity Income Fund | ||||||||||||
Retail | $ | 26,674 | $ | 20,624 | $ | 20,282 | ||||||
Class C | 47,424 | 53,061 | 45,707 | |||||||||
Class I | 318,314 | 429,931 | 373,623 | |||||||||
Total | $ | 392,412 | $ | 503,616 | $ | 439,612 |
ALPS Fund Services, Inc. serves as the Funds’ administrator and fund accountant. Brown Brothers Harriman serves as the Funds’ custodian.
Semi-Annual Report | December 31, 2020 | 49 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2020 (Unaudited)
7. DISTRIBUTION PLAN
The Funds have adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Funds in connection with the distribution of shares at an annual rate, as determined from time to time by the Board of Trustees, of up to 0.25%, 1.00%, 0.50% and 0.25% of the average daily net assets of Retail Class, Class C, Class R1, and Class R2, respectively. Amounts paid under the Plan to the Funds’ distributor, ALPS Distributors, Inc., compensate the distributor for any activities or expenses primarily intended to result in the sale of shares of the Funds. This may include, but is not limited to, advertising, compensation for sales and marketing activities of financial institutions and others such as dealers and distributors, shareholder account servicing, the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature. The expenses of the Plan are reflected as distribution fees in the Statement of Operations.
8. SHAREHOLDER SERVICES FEE
The Trust has adopted a Shareholder Servicing Plan (the “Servicing Plan”) with respect to the Funds’ Class R1 and Class R2 shares. For providing certain account administration services to participants in retirement plans that are beneficial owners of such shares, the Servicing Plan authorizes each Fund to compensate plan administrators or other intermediaries up to 0.25% of the average daily net assets of Class R1 and Class R2. The expenses of the Servicing Plan are reflected as shareholder services fees in the Statement of Operations.
9. FOREIGN INVESTMENT RISK
The Trust invests in securities traded on exchanges outside the United States. Further, each Fund invests 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.
10. SIGNIFICANT SHAREHOLDERS
At December 31, 2020, the Cullen Small Cap Value Fund had two affiliated shareholders who held 41.84% and 8.13% of the Fund’s outstanding shares, the Cullen Value Fund had two affiliated shareholders who held 31.08% and 11.55% of the Fund’s outstanding shares, and the Cullen Enhanced Equity Income Fund had one affiliated shareholder who held 7.80% of the Fund’s outstanding shares. Investment activities of these shareholders could have a material effect on the respective Funds.
50 | www.cullenfunds.com |
Cullen Funds Trust | Additional Information |
December 31, 2020 (Unaudited)
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report may be distributed to others only if preceded or accompanied by a current prospectus. The Funds are distributed by ALPS Distributors, Inc., a member of the FINRA.
How to Obtain a Copy of the Funds Proxy Voting Policy
A description of the policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities is available (1) without charge upon request by calling 1-877-485-8586; (2) at www.cullenfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. The Funds’ proxy voting record is available on the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ended June 30.
Quarterly Filings on Form N-PORT
The Funds files their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Information included in the Funds’ N-PORT will also be available upon request by calling 1-877-485-8586.
Semi-Annual Report | December 31, 2020 | 51 |
INVESTMENT ADVISOR
Cullen Capital Management LLC
645 Fifth Avenue
New York, NY 10022
DISTRIBUTOR
ALPS Distributors, Inc.
1290 Broadway, Suite 1000
Denver, CO 80203
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
1900 16th Street, Suite 1600
Denver, CO 80202
LEGAL COUNSEL
Sidley Austin LLP
One South Dearborn Street
Chicago, IL 60603
ADMINISTRATOR, ACCOUNTANT, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
ALPS Fund Services, Inc.
1290 Broadway, Suite 1000
Denver, CO 80203
CUSTODIAN
Brown Brothers Harriman
50 Post Office Square
Boston, MA 02110
Must be accompanied or preceded by a prospectus.
ALPS Distributors, Inc. is the Distributor for Cullen Funds.
(b) | Not applicable. |
Item 2. | Code of Ethics. |
Not applicable to semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
(a) | The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form. |
(b) | Not Applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the Registrant.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the Registrant.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the Registrant.
Item 10. | Submission of Matters to Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) | The Registrant’s principal executive officer and principal financial officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date. |
(b) | There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
None.
Item 13. | Exhibits. |
(a)(1) | Not applicable to semi-annual report. |
(a)(2) | Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as EX-99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CULLEN FUNDS TRUST
By: | /s/ James P. Cullen | |
James P. Cullen | ||
Chief Executive Officer | ||
Date: | March 10, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James P. Cullen | |
James P. Cullen | ||
Chief Executive Officer | ||
Date: | March 10, 2021 |
By: | /s/ Jeffrey T. Battaglia | |
Jeffrey T. Battaglia | ||
Treasurer | ||
Date: | March 10, 2021 |