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, 2018 – December 31, 2018
Item 1. | Report to Shareholders. |
SEMI-ANNUAL REPORT
DECEMBER 31, 2018
International High Dividend|High Dividend Equity|Small Cap Value
Value|Emerging Markets High Dividend|Enhanced Equity Income
TABLE OF CONTENTS |
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.cullenfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at www.cullenunds.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-877-485-8586 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.
Cullen Funds Trust | Shareholder Letter |
December 31, 2018 (Unaudited) |
February 28, 2019
Retail Class Performance for the six months ended December 31, 2018 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 | -2.08% | |
S&P 500 Index | -6.85% | |
Cullen International High Dividend Fund | 10.75% | |
MSCI EAFE Index | -11.35% | |
Cullen Small Cap Value Fund | -14.15% | |
Russell 2500 Value Index | -14.91% | |
Cullen Value Fund | -3.93% | |
S&P 500 Index | -6.85% | |
Cullen Emerging Markets High Dividend Fund | -9.66% | |
MSCI Emerging Markets Index | -8.48% | |
Cullen Enhanced Equity Income Fund | -1.22% | |
CBOE S&P 500 BuyWrite Index | -6.43% |
Please refer to the financial highlights for each Fund’s respective share class’ performance on pages 26 - 35 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 Health Care, Consumer Discretionary, and Information Technology. Stock selection within Industrials partially offset relative performance as did the fund’s overweight allocation to Energy.
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 Health Care and Financials and an underweight allocation to Information Technology. Stock selection within Industrials and Materials and an underweight allocation to the Utilities sector partially offset relative performance during the period.
Portfolio Review Small Cap Fund
The Small Cap Fund’s performance versus the Russell 2500 Value Index during the period was primarily due to stock selection within Consumer Discretionary and Health Care. Partially offsetting relative performance was the Fund’s stock selection in Industrials as well as an underweight allocation to Utilities and Real Estate.
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 Health Care, Information Technology and Communication Services and an overweight allocation to Health Care. The Fund’s overweight allocation to Energy as well as stock selection in the Consumer Discretionary sector 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 in the Financials and Energy sectors. Partially offsetting relative performance was stock selection in Communication Services and Health Care and underweight allocations in the Communication Services and Health Care sectors.
Portfolio Review-Enhanced Equity Income Fund
The Enhanced Equity Income Fund’s performance versus the CBOE S&P 500 Index during the period was primarily due to the Fund’s stock selection in Communication Services, Consumer Discretionary, and Information Technology. Stock selection within Materials slightly offset relative performance. The Fund’s use of covered call options1 during the period contributed premiums of approximately 3.8% of average net assets during the period.
Semi-Annual Report | December 31, 2018 | 1 |
Cullen Funds Trust | Shareholder Letter |
December 31, 2018 (Unaudited) |
Outlook
We feel history shows the best way to deal with the volatility of equities is to first, invest with a discipline and second, invest for the long term (i.e. five years). Investors always have a lot of things to worry about, but may be rewarded if they are disciplined enough to stay the course.
Strong US economic data and robust corporate earnings growth in Q4 took a backseat to the market’s increasing concerns on slowing global growth, the China trade war and normalizing monetary policy. The risk-off environment in 2018 resulted in 90% of major asset classes posting a negative return, versus the historical average of 29%, a pattern not experienced since 1921 (“Global Monetary Tightening Hurting Equities,” January 2019). While S&P 500 index earnings are expected to be up over 20% for 2018, with the index price decline, the Price/Earnings multiple fell 22%. Valuation multiples compressed the greatest for deep cyclicals (Energy, Financials, Industrials) and the least for stable sectors (Health Care, Utilities). The rapid market sell-off and elevated volatility have presented an increasing number of attractive investment opportunities not seen for quite some time. However, the dispersion in valuation multiples remains high – a number of industries are trading at recession-like multiples while Growth stock valuations remain high. In past cycles, heightened volatility has historically led to multiple compression driven by the highest multiple stocks (Bernstein Research, “US Portfolio Strategy”, December 2018.). Even with the recent underperformance of Growth relative to Value stocks, the valuation of Growth stocks are at extreme levels relative to historical averages.
A headwind to global equities has been the tightening of monetary policy by world central banks. At year-end 2018, 56% of developed and emerging market central banks were tightening policy (30+ countries), the largest proportion in seven years. Historically, equities tend to deliver lower returns when more than half of the world’s central banks are tightening policy (Ned Davis Research, “Global Monetary Tightening Hurting Equities”, December 2018). In addition, the Federal Reserve’s balance sheet run-off (quantitative tightening2) continues to drain excess liquidity with the real global monetary base currently contracting 1% and projected to further contract by 4%+ by December 2019 if the Fed’s current target of nearly $500B in assets roll off and the European Central Bank (ECB) and Bank of Japan (BOJ) maintain assets at current levels. However, with global growth decelerating, central banks are already looking to adjust monetary policy, helping to stabilize global equities.
In conclusion, our experience and studies suggest that a market participant who focused on a price discipline and invested for the long term did far better than one who reacted to the political and macro-economic headlines of the day. We believe it is an additionally good time to remind of the importance of a safety net, and history shows that an investment strategy that combines a low price/earnings price discipline3, high dividend yield4, and dividend growth5 are factors that can help when the market turns down.
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 | Quantitative tightening is a contractionary monetary policy applied by a central bank to decrease amount of liquidity within the economy. |
3 | The Price-to-Earnings Ratio, or Price/Earnings, is a ratio that measures current share price relative to earnings per share. |
4 | A dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. |
5 | 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.
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.
2 | www.cullenfunds.com |
Cullen Funds Trust | Shareholder Letter |
December 31, 2018 (Unaudited) |
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 2500 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. (02/19)
Semi-Annual Report | December 31, 2018 | 3 |
Cullen Funds Trust | Disclosure of Fund Expenses |
December 31, 2018 (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, 2018 to December 31, 2018.
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, 2018 to | |||||||||||||
Ratio(a) | July 1, 2018 | December 31, 2018 | December 31, 2018(b) | |||||||||||||
Cullen International High Dividend Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.25% | $ | 1,000.00 | $ | 893.50 | $ | 5.97 | |||||||||
Hypothetical (5% return before expenses) | 1.25% | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | |||||||||
Class C | ||||||||||||||||
Actual | 2.00% | $ | 1,000.00 | $ | 890.70 | $ | 9.53 | |||||||||
Hypothetical (5% return before expenses) | 2.00% | $ | 1,000.00 | $ | 1,015.12 | $ | 10.16 | |||||||||
Class I | ||||||||||||||||
Actual | 1.00% | $ | 1,000.00 | $ | 894.50 | $ | 4.78 | |||||||||
Hypothetical (5% return before expenses) | 1.00% | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | |||||||||
Class R1 | ||||||||||||||||
Actual | 1.73% | $ | 1,000.00 | $ | 891.50 | $ | 8.25 | |||||||||
Hypothetical (5% return before expenses) | 1.73% | $ | 1,000.00 | $ | 1,016.48 | $ | 8.79 | |||||||||
Class R2 | ||||||||||||||||
Actual | 1.48% | $ | 1,000.00 | $ | 892.50 | $ | 7.06 | |||||||||
Hypothetical (5% return before expenses) | 1.48% | $ | 1,000.00 | $ | 1,017.74 | $ | 7.53 |
4 | www.cullenfunds.com |
Cullen Funds Trust | Disclosure of Fund Expenses |
December 31, 2018 (Unaudited) |
Expenses Paid | ||||||||||||||||
Beginning | Ending | During Period | ||||||||||||||
Net Expense | Account Value | Account Value | July 1, 2018 to | |||||||||||||
Ratio(a) | July 1, 2018 | December 31, 2018 | December 31, 2018(b) | |||||||||||||
Cullen High Dividend Equity Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.00% | $ | 1,000.00 | $ | 979.70 | $ | 4.99 | |||||||||
Hypothetical (5% return before expenses) | 1.00% | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | |||||||||
Class C | ||||||||||||||||
Actual | 1.75% | $ | 1,000.00 | $ | 975.70 | $ | 8.71 | |||||||||
Hypothetical (5% return before expenses) | 1.75% | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | |||||||||
Class I | ||||||||||||||||
Actual | 0.75% | $ | 1,000.00 | $ | 981.10 | $ | 3.75 | |||||||||
Hypothetical (5% return before expenses) | 0.75% | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | |||||||||
Class R1 | ||||||||||||||||
Actual | 1.50% | $ | 1,000.00 | $ | 976.90 | $ | 7.47 | |||||||||
Hypothetical (5% return before expenses) | 1.50% | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | |||||||||
Class R2 | ||||||||||||||||
Actual | 1.25% | $ | 1,000.00 | $ | 978.30 | $ | 6.23 | |||||||||
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 | $ | 859.30 | $ | 5.86 | |||||||||
Hypothetical (5% return before expenses) | 1.25% | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | |||||||||
Class C | ||||||||||||||||
Actual | 2.00% | $ | 1,000.00 | $ | 856.20 | $ | 9.36 | |||||||||
Hypothetical (5% return before expenses) | 2.00% | $ | 1,000.00 | $ | 1,015.12 | $ | 10.16 | |||||||||
Class I | ||||||||||||||||
Actual | 1.00% | $ | 1,000.00 | $ | 860.10 | $ | 4.69 | |||||||||
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 | $ | 960.70 | $ | 4.94 | |||||||||
Hypothetical (5% return before expenses) | 1.00% | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | |||||||||
Class C | ||||||||||||||||
Actual | 1.75% | $ | 1,000.00 | $ | 957.30 | $ | 8.63 | |||||||||
Hypothetical (5% return before expenses) | 1.75% | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | |||||||||
Class I | ||||||||||||||||
Actual | 0.75% | $ | 1,000.00 | $ | 962.30 | $ | 3.71 | |||||||||
Hypothetical (5% return before expenses) | 0.75% | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 |
Semi-Annual Report | December 31, 2018 | 5 |
Cullen Funds Trust | Disclosure of Fund Expenses |
December 31, 2018 (Unaudited) |
Expenses Paid | ||||||||||||||||
Beginning | Ending | During Period | ||||||||||||||
Net Expense | Account Value | Account Value | July 1, 2018 to | |||||||||||||
Ratio(a) | July 1, 2018 | December 31, 2018 | December 31, 2018(b) | |||||||||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||||||
Retail | ||||||||||||||||
Actual | 1.25% | $ | 1,000.00 | $ | 903.40 | $ | 6.00 | |||||||||
Hypothetical (5% return before expenses) | 1.25% | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | |||||||||
Class C | ||||||||||||||||
Actual | 2.00% | $ | 1,000.00 | $ | 899.80 | $ | 9.58 | |||||||||
Hypothetical (5% return before expenses) | 2.00% | $ | 1,000.00 | $ | 1,015.12 | $ | 10.16 | |||||||||
Class I | ||||||||||||||||
Actual | 1.00% | $ | 1,000.00 | $ | 904.50 | $ | 4.80 | |||||||||
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 | $ | 987.80 | $ | 5.01 | |||||||||
Hypothetical (5% return before expenses) | 1.00% | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | |||||||||
Class C | ||||||||||||||||
Actual | 1.75% | $ | 1,000.00 | $ | 983.90 | $ | 8.75 | |||||||||
Hypothetical (5% return before expenses) | 1.75% | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | |||||||||
Class I | ||||||||||||||||
Actual | 0.75% | $ | 1,000.00 | $ | 989.20 | $ | 3.76 | |||||||||
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 (181), 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, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 92.90% | ||||||||
Australia - 3.18% | ||||||||
Sonic Healthcare, Ltd. | 361,135 | $ | 5,633,752 | |||||
Canada - 2.96% | ||||||||
BCE, Inc. | 48,165 | 1,903,962 | ||||||
Manulife Financial Corp. | 139,815 | 1,983,975 | ||||||
Vermilion Energy, Inc. | 64,510 | 1,359,001 | ||||||
5,246,938 | ||||||||
China - 2.15% | ||||||||
China Petroleum & Chemical Corp., | ||||||||
Class H | 5,328,800 | 3,798,422 | ||||||
France - 7.05% | ||||||||
BNP Paribas SA | 31,375 | 1,416,919 | ||||||
Cie Generale des Etablissements Michelin SCA | 29,635 | 2,916,885 | ||||||
Engie SA | 85,950 | 1,234,924 | ||||||
Sanofi | 14,860 | 1,289,104 | ||||||
TOTAL SA - Sponsored ADR | 107,720 | 5,620,830 | ||||||
12,478,662 | ||||||||
Germany - 11.29% | ||||||||
Allianz SE | 23,420 | 4,706,375 | ||||||
Daimler AG | 52,350 | 2,759,627 | ||||||
Deutsche Telekom AG | 190,620 | 3,239,918 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 23,222 | 5,064,691 | ||||||
ProSiebenSat.1 Media SE | 10,100 | 179,715 | ||||||
Siemens AG | 36,095 | 4,028,262 | ||||||
19,978,588 | ||||||||
Hong Kong - 5.06% | ||||||||
BOC Hong Kong Holdings, Ltd. | 1,116,015 | 4,142,343 | ||||||
HSBC Holdings PLC | 583,533 | 4,814,961 | ||||||
8,957,304 | ||||||||
Ireland - 2.92% | ||||||||
Smurfit Kappa Group PLC | 194,520 | 5,175,716 | ||||||
Japan - 3.53% | ||||||||
Honda Motor Co., Ltd. | 147,900 | 3,896,436 | ||||||
Nippon Telegraph & Telephone Corp. | 57,530 | 2,347,185 | ||||||
6,243,621 | ||||||||
Netherlands - 5.74% | ||||||||
NN Group NV | 119,300 | 4,743,202 | ||||||
Unilever NV | 100,565 | 5,410,397 | ||||||
10,153,599 | ||||||||
Norway - 0.25% | ||||||||
Orkla ASA | 57,405 | 449,476 |
Value | ||||||||
Shares | (Note 2) | |||||||
Russia - 2.28% | ||||||||
MMC Norilsk Nickel PJSC - ADR | 213,680 | $ | 4,025,731 | |||||
Singapore - 3.60% | ||||||||
Singapore Telecommunications, Ltd. | 299,000 | 643,518 | ||||||
United Overseas Bank, Ltd. | 316,400 | 5,723,672 | ||||||
6,367,190 | ||||||||
Sweden - 2.60% | ||||||||
Investor AB, Class B | 108,350 | 4,604,262 | ||||||
Switzerland - 17.70% | ||||||||
ABB, Ltd. - Sponsored ADR | 236,662 | 4,498,945 | ||||||
Nestle SA | 76,100 | 6,176,488 | ||||||
Novartis AG - Sponsored ADR | 77,700 | 6,667,437 | ||||||
Roche Holding AG | 23,950 | 5,945,800 | ||||||
UBS Group AG | 206,700 | 2,578,219 | ||||||
Zurich Insurance Group AG | 18,350 | 5,469,930 | ||||||
31,336,819 | ||||||||
Taiwan - 1.33% | ||||||||
ASE Technology Holding Co., Ltd. | 1,243,500 | 2,356,253 | ||||||
United Kingdom - 21.26% | ||||||||
AstraZeneca PLC - Sponsored ADR | 117,105 | 4,447,648 | ||||||
BAE Systems PLC | 698,635 | 4,086,221 | ||||||
British American Tobacco PLC - Sponsored ADR | 38,000 | 1,210,680 | ||||||
Diageo PLC | 146,300 | 5,227,950 | ||||||
GlaxoSmithKline PLC | 273,865 | 5,219,331 | ||||||
Imperial Brands PLC | 89,600 | 2,719,519 | ||||||
Lloyds Banking Group PLC | 2,578,500 | 1,699,700 | ||||||
Royal Dutch Shell PLC, Class B | 191,350 | 5,720,893 | ||||||
Smiths Group PLC | 220,135 | 3,832,328 | ||||||
SSE PLC | 15,200 | 209,906 | ||||||
Vodafone Group PLC - Sponsored ADR | 169,310 | 3,264,297 | ||||||
37,638,473 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $148,651,366) | 164,444,806 | |||||||
PREFERRED STOCK - 2.04% | ||||||||
Brazil - 2.04% | ||||||||
Telefonica Brasil SA | 302,975 | 3,612,976 | ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $3,777,485) | 3,612,976 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 7 |
Cullen International High Dividend Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
Value | ||||
(Note 2) | ||||
TOTAL INVESTMENTS 94.94% | ||||
(Cost $152,428,851) | $ | 168,057,782 | ||
Other Assets In Excess Of Liabilities 5.06% | 8,958,159 | |||
NET ASSETS 100.00% | $ | 177,015,941 |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 26.51% | $ | 46,948,249 | |||||
Health Care | 16.50 | 29,203,072 | ||||||
Consumer Staples | 11.97 | 21,194,510 | ||||||
Energy | 9.32 | 16,499,146 | ||||||
Industrials | 9.30 | 16,445,756 | ||||||
Communication Services | 6.54 | 11,578,595 | ||||||
Consumer Discretionary | 5.41 | 9,572,948 | ||||||
Materials | 5.20 | 9,201,447 | ||||||
Information Technology | 1.33 | 2,356,253 | ||||||
Utilities | 0.82 | 1,444,830 | ||||||
TOTAL COMMON STOCKS | 92.90 | 164,444,806 | ||||||
PREFERRED STOCK | ||||||||
Communication Services | 2.04 | 3,612,976 | ||||||
TOTAL PREFERRED STOCK | 2.04 | 3,612,976 | ||||||
TOTAL INVESTMENTS | 94.94% | $ | 168,057,782 | |||||
Other Assets In Excess Of | ||||||||
Liabilities | 5.06 | 8,958,159 | ||||||
TOTAL NET ASSETS | 100.00% | $ | 177,015,941 |
Percentages are stated as a percent of net assets.
See Notes to Financial Statements. | |
8 | www.cullenfunds.com |
Cullen High Dividend Equity Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 98.37% | ||||||||
Aerospace & Defense - 3.88% | ||||||||
Boeing Co. | 60,100 | $ | 19,382,250 | |||||
Raytheon Co. | 247,400 | 37,938,790 | ||||||
57,321,040 | ||||||||
Auto Parts & Equipment - 1.35% | ||||||||
Johnson Controls International PLC | 673,875 | 19,980,394 | ||||||
Banks - 2.12% | ||||||||
SunTrust Banks, Inc. | 620,280 | 31,286,923 | ||||||
Chemicals - 3.65% | ||||||||
DowDuPont, Inc. | 1,007,000 | 53,854,360 | ||||||
Communications Equipment - 5.62% | ||||||||
Cisco Systems, Inc. | 979,425 | 42,438,486 | ||||||
Corning, Inc. | 1,340,320 | 40,491,067 | ||||||
82,929,553 | ||||||||
Distillers & Vintners - 2.62% | ||||||||
Diageo PLC - Sponsored ADR | 273,155 | 38,733,379 | ||||||
Distributors - 3.89% | ||||||||
Genuine Parts Co. | 598,890 | 57,505,418 | ||||||
Diversified Banks - 7.55% | ||||||||
HSBC Holdings PLC - Sponsored ADR | 837,600 | 34,433,736 | ||||||
JPMorgan Chase & Co. | 462,330 | 45,132,655 | ||||||
Wells Fargo & Co. | 692,225 | 31,897,728 | ||||||
111,464,119 | ||||||||
Electric Utilities - 4.02% | ||||||||
NextEra Energy, Inc. | 341,300 | 59,324,766 | ||||||
Food & Staples Retailing - 2.36% | ||||||||
Walgreens Boots Alliance, Inc. | 510,395 | 34,875,290 | ||||||
Household Products - 5.11% | ||||||||
Kimberly-Clark Corp. | 320,835 | 36,555,940 | ||||||
Unilever NV | 724,170 | 38,960,346 | ||||||
75,516,286 | ||||||||
Industrial Conglomerates - 2.87% | ||||||||
3M Co. | 222,730 | 42,438,974 | ||||||
Integrated Oil & Gas - 10.42% | ||||||||
Chevron Corp. | 420,480 | 45,744,019 | ||||||
ConocoPhillips | 680,915 | 42,455,050 | ||||||
Exxon Mobil Corp. | 395,935 | 26,998,808 | ||||||
Royal Dutch Shell PLC, Class B - | ||||||||
Sponsored ADR | 644,600 | 38,637,324 | ||||||
153,835,201 |
Value | ||||||||
Shares | (Note 2) | |||||||
Integrated Telecommunication Services-4.20% | ||||||||
AT&T, Inc. | 1,192,775 | $ | 34,041,799 | |||||
BCE, Inc. | 708,380 | 28,002,261 | ||||||
62,044,060 | ||||||||
Miscellaneous Manufacturing - 2.74% | ||||||||
Siemens AG - Sponsored ADR | 720,000 | 40,377,600 | ||||||
Pharmaceuticals - 16.53% | ||||||||
Eli Lilly & Co. | �� | 406,485 | 47,038,444 | |||||
Johnson & Johnson | 364,125 | 46,990,331 | ||||||
Merck & Co., Inc. | 669,460 | 51,153,439 | ||||||
Novartis AG - Sponsored ADR | 576,446 | 49,464,831 | ||||||
Pfizer, Inc. | 1,133,858 | 49,492,902 | ||||||
244,139,947 | ||||||||
Property & Casualty Insurance - 5.45% | ||||||||
Chubb, Ltd. | 344,845 | 44,547,077 | ||||||
Travelers Cos., Inc. | 299,475 | 35,862,131 | ||||||
80,409,208 | ||||||||
Semiconductors - 1.84% | ||||||||
Intel Corp. | 577,900 | 27,120,847 | ||||||
Specialized REITs - 5.06% | ||||||||
HCP, Inc. | 781,570 | 21,829,250 | ||||||
Welltower, Inc. | 761,900 | 52,883,479 | ||||||
74,712,729 | ||||||||
Systems Software - 2.71% | ||||||||
Microsoft Corp. | 394,535 | 40,072,920 | ||||||
Tobacco - 4.38% | ||||||||
Altria Group, Inc. | 582,960 | 28,792,394 | ||||||
Philip Morris International, Inc. | 537,580 | 35,888,841 | ||||||
64,681,235 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $905,750,803) | 1,452,624,249 | |||||||
TOTAL INVESTMENTS 98.37% | ||||||||
(Cost $905,750,803) | $ | 1,452,624,249 | ||||||
Other Assets In Excess Of Liabilities 1.63% | 24,068,046 | |||||||
NET ASSETS 100.00% | $ | 1,476,692,295 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 9 |
Cullen High Dividend Equity Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Health Care | 16.53% | $ | 244,139,947 | |||||
Financials | 15.12 | 223,160,250 | ||||||
Consumer Staples | 14.47 | 213,806,190 | ||||||
Industrials | 10.84 | 160,118,008 | ||||||
Energy | 10.42 | 153,835,201 | ||||||
Information Technology | 10.17 | 150,123,320 | ||||||
Real Estate | 5.06 | 74,712,729 | ||||||
Communication Services | 4.20 | 62,044,060 | ||||||
Utilities | 4.02 | 59,324,766 | ||||||
Consumer Discretionary | 3.89 | 57,505,418 | ||||||
Materials | 3.65 | 53,854,360 | ||||||
TOTAL COMMON STOCKS | 98.37 | 1,452,624,249 | ||||||
TOTAL INVESTMENTS | 98.37% | $ | 1,452,624,249 | |||||
Other Assets In Excess Of Liabilities | 1.63 | 24,068,046 | ||||||
TOTAL NET ASSETS | 100.00% | $ | 1,476,692,295 |
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, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 95.76% | ||||||||
Airlines - 3.39% | ||||||||
Copa Holdings SA, Class A | 1,615 | $ | 127,117 | |||||
Apparel - 2.94% | ||||||||
Carter's, Inc. | 1,350 | 110,187 | ||||||
Auto Manufacturers - 0.39% | ||||||||
REV Group, Inc. | 1,960 | 14,720 | ||||||
Auto Parts & Equipment - 0.49% | ||||||||
Motorcar Parts of America, Inc.(a) | 1,105 | 18,387 | ||||||
Commercial Services - 2.06% | ||||||||
Robert Half International, Inc. | 1,350 | 77,220 | ||||||
Computer Hardware - 2.61% | ||||||||
Avnet, Inc. | 2,710 | 97,831 | ||||||
Computers - 2.95% | ||||||||
Sykes Enterprises, Inc.(a) | 4,475 | 110,667 | ||||||
Construction & Engineering - 3.86% | ||||||||
Quanta Services, Inc. | 4,820 | 145,082 | ||||||
Construction Materials - 3.76% | ||||||||
Loma Negra Cia Industrial Argentina SA - Sponsored ADR(a) | 12,675 | 141,073 | ||||||
Electronic Equipment & Instruments - 3.67% | ||||||||
Orbotech, Ltd.(a) | 2,440 | 137,958 | ||||||
Environmental & Facilities Services - 2.79% | ||||||||
Team, Inc.(a) | 7,160 | 104,894 | ||||||
Food - 3.66% | ||||||||
Village Super Market, Inc., Class A | 5,140 | 137,444 | ||||||
Healthcare-Services - 11.57% | ||||||||
Capital Senior Living Corp.(a) | 19,600 | 133,280 | ||||||
Ensign Group, Inc. | 4,150 | 160,979 | ||||||
Magellan Health, Inc.(a) | 2,460 | 139,949 | ||||||
434,208 | ||||||||
Home Builders - 2.72% | ||||||||
Taylor Morrison Home Corp.(a) | 6,415 | 101,998 | ||||||
Household Products/Wares - 4.79% | ||||||||
Helen of Troy, Ltd.(a) | 1,370 | 179,717 | ||||||
Insurance - 10.02% | ||||||||
Assured Guaranty, Ltd. | 4,095 | 156,757 | ||||||
Brighthouse Financial, Inc.(a) | 2,970 | 90,525 |
Value | ||||||||
Shares | (Note 2) | |||||||
Insurance (continued) | ||||||||
United Insurance Holdings Corp. | 7,760 | $ | 128,971 | |||||
376,253 | ||||||||
Leisure Time - 2.88% | ||||||||
Brunswick Corp. | 2,330 | 108,228 | ||||||
Machinery-Diversified - 1.01% | ||||||||
AGCO Corp. | 680 | 37,855 | ||||||
Media - 3.07% | ||||||||
AMC Networks, Inc., Class A(a) | 2,100 | 115,248 | ||||||
Oil & Gas Exploration & Production - 3.53% | ||||||||
Cimarex Energy Co. | 2,150 | 132,547 | ||||||
Oil & Gas Services - 1.49% | ||||||||
Oceaneering International, Inc.(a) | 4,610 | 55,781 | ||||||
Regional Banks - 11.56% | ||||||||
Bank OZK | 2,300 | 52,509 | ||||||
CVB Financial Corp. | 2,950 | 59,679 | ||||||
First Bancorp/Southern Pines, NC | 3,400 | 111,044 | ||||||
IBERIABANK Corp. | 1,740 | 111,847 | ||||||
National Bank Holdings Corp., Class A | 3,200 | 98,784 | ||||||
433,863 | ||||||||
Savings & Loans - 3.37% | ||||||||
United Community Financial Corp. | 14,280 | 126,378 | ||||||
Software - 7.18% | ||||||||
Progress Software Corp. | 3,655 | 129,716 | ||||||
Verint Systems, Inc.(a) | 3,300 | 139,623 | ||||||
269,339 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $3,341,772) | 3,593,995 | |||||||
TOTAL INVESTMENTS 95.76% | ||||||||
(Cost $3,341,772) | $ | 3,593,995 | ||||||
Other Assets In Excess Of Liabilities 4.24% | 158,999 | |||||||
NET ASSETS 100.00% | $ | 3,752,994 |
(a) Non-Income Producing Security.
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 11 |
Cullen Small Cap Value Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 24.95 | % | $ | 936,494 | ||||
Industrials | 16.45 | 617,555 | ||||||
Consumer Discretionary | 13.82 | 518,517 | ||||||
Information Technology | 13.46 | 505,128 | ||||||
Health Care | 11.57 | 434,208 | ||||||
Energy | 5.02 | 188,328 | ||||||
Materials | 3.76 | 141,073 | ||||||
Consumer Staples | 3.66 | 137,444 | ||||||
Communication Services | 3.07 | 115,248 | ||||||
TOTAL COMMON STOCKS | 95.76 | 3,593,995 | ||||||
TOTAL INVESTMENTS | 95.76 | % | $ | 3,593,995 | ||||
Other Assets In Excess Of Liabilities | 4.24 | 158,999 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 3,752,994 |
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, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 89.72% | ||||||||
Aerospace & Defense - 4.79% | ||||||||
Boeing Co. | 3,025 | $ | 975,563 | |||||
Raytheon Co. | 4,475 | 686,241 | ||||||
1,661,804 | ||||||||
Agriculture - 1.82% | ||||||||
Archer-Daniels-Midland Co. | 15,450 | 632,986 | ||||||
Auto Parts & Equipment - 0.95% | ||||||||
BorgWarner, Inc. | 9,500 | 330,030 | ||||||
Communications Equipment - 4.07% | ||||||||
Cisco Systems, Inc. | 32,600 | 1,412,558 | ||||||
Diversified Banks - 8.65% | ||||||||
Citigroup, Inc. | 17,100 | 890,226 | ||||||
JPMorgan Chase & Co. | 12,600 | 1,230,012 | ||||||
Wells Fargo & Co. | 19,200 | 884,736 | ||||||
3,004,974 | ||||||||
Electronics - 2.30% | ||||||||
Arrow Electronics, Inc.(a) | 11,600 | 799,820 | ||||||
Food Products - 3.04% | ||||||||
Mondelez International, Inc., Class A | 26,375 | 1,055,791 | ||||||
Gold - 2.32% | ||||||||
Newmont Mining Corp. | 23,200 | 803,880 | ||||||
Health Care Equipment - 3.06% | ||||||||
Medtronic PLC | 11,660 | 1,060,594 | ||||||
Heavy Electrical Equipment - 1.66% | ||||||||
ABB, Ltd. - Sponsored ADR | 30,350 | 576,953 | ||||||
Household Products - 2.01% | ||||||||
Unilever NV | 12,990 | 698,862 | ||||||
Industrial Conglomerates - 2.47% | ||||||||
3M Co. | 4,500 | 857,430 | ||||||
Integrated Oil & Gas - 5.65% | ||||||||
Chevron Corp. | 9,750 | 1,060,702 | ||||||
ConocoPhillips | 14,450 | 900,958 | ||||||
1,961,660 | ||||||||
Integrated Telecommunication Services - 1.78% | ||||||||
AT&T, Inc. | 21,700 | 619,318 | ||||||
Investment Banking & Brokerage - 1.74% | ||||||||
Morgan Stanley | 15,200 | 602,680 |
Value | ||||||||
Shares | (Note 2) | |||||||
Life & Health Insurance - 1.59% | ||||||||
MetLife, Inc. | 13,480 | $ | 553,489 | |||||
Life Sciences Tools & Services - 2.90% | ||||||||
Thermo Fisher Scientific, Inc. | 4,500 | 1,007,055 | ||||||
Miscellaneous Manufacturing - 2.70% | ||||||||
Siemens AG - Sponsored ADR | 16,700 | 936,536 | ||||||
Movies & Entertainment - 2.18% | ||||||||
Walt Disney Co. | 6,900 | 756,585 | ||||||
Oil & Gas Equipment & Services - 1.23% | ||||||||
Halliburton Co. | 16,050 | 426,609 | ||||||
Oil & Gas Exploration & Production - 0.64% | ||||||||
Devon Energy Corp. | 9,875 | 222,582 | ||||||
Pharmaceuticals - 14.28% | ||||||||
CVS Health Corp. | 6,074 | 397,968 | ||||||
GlaxoSmithKline PLC - Sponsored ADR | 13,800 | 527,298 | ||||||
Johnson & Johnson | 5,915 | 763,331 | ||||||
Merck & Co., Inc. | 15,150 | 1,157,611 | ||||||
Novartis AG - Sponsored ADR | 9,600 | 823,776 | ||||||
Pfizer, Inc. | 29,550 | 1,289,858 | ||||||
4,959,842 | ||||||||
Property & Casualty Insurance - 8.03% | ||||||||
Allstate Corp. | 8,600 | 710,618 | ||||||
Chubb, Ltd. | 8,306 | 1,072,969 | ||||||
Travelers Cos., Inc. | 8,400 | 1,005,900 | ||||||
2,789,487 | ||||||||
Regional Banks - 2.60% | ||||||||
BB&T Corp. | 20,850 | 903,222 | ||||||
Systems Software - 7.26% | ||||||||
Microsoft Corp. | 15,850 | 1,609,885 | ||||||
Oracle Corp. | 20,200 | 912,030 | ||||||
2,521,915 | ||||||||
TOTAL COMMON STOCKS (Cost $22,258,794) | 31,156,662 | |||||||
TOTAL INVESTMENTS 89.72% (Cost $22,258,794) | $ | 31,156,662 | ||||||
Other Assets In Excess Of Liabilities 10.28% | 3,569,944 | |||||||
NET ASSETS 100.00% | $ | 34,726,606 |
(a) Non-Income Producing Security.
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 13 |
Cullen Value Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 22.61% | $ | 7,853,852 | |||||
Health Care | 20.24 | 7,027,491 | ||||||
Information Technology | 13.63 | 4,734,293 | ||||||
Industrials | 11.62 | 4,032,723 | ||||||
Energy | 7.52 | 2,610,851 | ||||||
Consumer Staples | 6.87 | 2,387,639 | ||||||
Communication Services | 3.96 | 1,375,903 | ||||||
Materials | 2.32 | 803,880 | ||||||
Consumer Discretionary | 0.95 | 330,030 | ||||||
TOTAL COMMON STOCKS | 89.72 | 31,156,662 | ||||||
TOTAL INVESTMENTS | 89.72% | $ | 31,156,662 | |||||
Other Assets In Excess Of Liabilities | 10.28 | 3,569,944 | ||||||
TOTAL NET ASSETS | 100.00% | $ | 34,726,606 |
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, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 93.95% | ||||||||
Austria - 2.09% | ||||||||
Erste Group Bank AG | 190,400 | $ | 6,313,202 | |||||
Brazil - 10.95% | ||||||||
AES Tiete Energia SA | 2,045,500 | 5,279,702 | ||||||
Ambev SA - ADR | 641,300 | 2,513,896 | ||||||
Itau Unibanco Holding SA | 1,056,250 | 9,666,934 | ||||||
Telefonica Brasil SA - ADR | 573,000 | 6,835,890 | ||||||
Vale SA - Sponsored ADR | 661,300 | 8,722,547 | ||||||
33,018,969 | ||||||||
Chile - 2.15% | ||||||||
Vina Concha y Toro SA | 3,325,067 | 6,490,109 | ||||||
China - 7.70% | ||||||||
China Construction Bank Corp., Class H | 9,678,300 | 7,925,108 | ||||||
China Petroleum & Chemical Corp., Class H | 9,295,425 | 6,625,872 | ||||||
China Yongda Automobiles Services Holdings, Ltd. | 2,631,100 | 1,596,640 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 800,000 | 7,057,613 | ||||||
23,205,233 | ||||||||
Greece - 2.79% | ||||||||
OPAP SA | 967,053 | 8,410,727 | ||||||
Hong Kong - 18.63% | ||||||||
AIA Group, Ltd. | 1,195,000 | 9,926,643 | ||||||
BOC Aviation, Ltd.(a) | 1,093,020 | 8,065,136 | ||||||
China Everbright, Ltd. | 994,300 | 1,762,389 | ||||||
IGG, Inc. | 3,791,000 | 5,198,813 | ||||||
Nine Dragons Paper Holdings, Ltd. | 2,518,000 | 2,326,036 | ||||||
Sands China, Ltd. | 1,583,000 | 6,903,484 | ||||||
Times China Holdings, Ltd. | 7,039,200 | 7,812,495 | ||||||
Value Partners Group, Ltd. | 4,347,950 | 3,019,015 | ||||||
WH Group, Ltd.(a)(b) | 3,805,000 | 2,922,419 | ||||||
Xinyi Glass Holdings, Ltd. | 7,356,000 | 8,125,810 | ||||||
Xtep International Holdings, Ltd. | 213,090 | 115,698 | ||||||
56,177,938 | ||||||||
Hungary - 0.33% | ||||||||
Magyar Telekom Telecommunications PLC | 639,400 | 1,005,649 | ||||||
India - 2.49% | ||||||||
ICICI Bank, Ltd. - Sponsored ADR | 586,000 | 6,029,940 | ||||||
RHT Health Trust | 2,771,200 | 1,484,263 | ||||||
7,514,203 | ||||||||
Indonesia - 3.88% | ||||||||
Bank Rakyat Indonesia Persero Tbk PT | 8,056,500 | 2,052,461 | ||||||
Gudang Garam Tbk PT | 740,300 | 4,313,497 |
Value | ||||||||
Shares | (Note 2) | |||||||
Indonesia (continued) | ||||||||
Indo Tambangraya Megah Tbk PT | 3,571,400 | $ | 5,036,750 | |||||
Telekomunikasi Indonesia Persero Tbk PT | 1,075,000 | 281,041 | ||||||
11,683,749 | ||||||||
Mexico - 2.26% | ||||||||
PLA Administradora Industrial S de RL de CV | 5,713,264 | 6,797,161 | ||||||
Russia - 9.22% | ||||||||
Globaltrans Investment PLC - Sponsored GDR(b) | 1,004,951 | 9,104,856 | ||||||
LUKOIL PJSC - Sponsored ADR | 132,700 | 9,466,818 | ||||||
MMC Norilsk Nickel PJSC - ADR | 489,400 | 9,220,296 | ||||||
27,791,970 | ||||||||
Singapore - 0.78% | ||||||||
Ascendas India Trust | 2,978,600 | 2,360,239 | ||||||
South Africa - 2.26% | ||||||||
Mondi, Ltd. | 247,500 | 5,331,290 | ||||||
Remgro, Ltd. | 110,510 | 1,495,499 | ||||||
6,826,789 | ||||||||
South Korea - 13.85% | ||||||||
Doosan Bobcat, Inc. | 126,975 | 3,594,944 | ||||||
Hanon Systems | 383,374 | 3,715,086 | ||||||
KT&G Corp. | 22,700 | 2,066,758 | ||||||
LG Chem, Ltd. | 50 | 15,586 | ||||||
Macquarie Korea Infrastructure Fund | 710,050 | 5,911,780 | ||||||
Orange Life Insurance, Ltd.(a)(b) | 132,300 | 3,319,002 | ||||||
Samsung Electronics Co., Ltd. | 238,000 | 8,285,189 | ||||||
SK Innovation Co., Ltd. | 41,900 | 6,725,553 | ||||||
SK Telecom Co., Ltd. | 33,700 | 8,131,130 | ||||||
41,765,028 | ||||||||
Taiwan - 9.14% | ||||||||
Accton Technology Corp. | 150,000 | 480,921 | ||||||
ASE Technology Holding Co., Ltd. | 2,456,428 | 4,654,576 | ||||||
Asian Pay Television Trust | 13,110,000 | 1,221,891 | ||||||
CTCI Corp. | 498,600 | 721,161 | ||||||
King Yuan Electronics Co., Ltd. | 4,959,000 | 3,729,703 | ||||||
Powertech Technology, Inc. | 2,336,000 | 5,022,003 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 262,050 | 9,672,266 | ||||||
Win Semiconductors Corp. | 530,000 | 2,041,770 | ||||||
27,544,291 | ||||||||
Thailand - 2.26% | ||||||||
Major Cineplex Group PCL | 2,212,600 | 1,400,534 | ||||||
Thai Beverage PCL | 11,748,000 | 5,266,409 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 15 |
Cullen Emerging Markets High Dividend Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
Thailand (continued) | ||||||||
Vinythai PCL | 250,000 | $ | 153,805 | |||||
6,820,748 | ||||||||
Turkey - 1.44% | ||||||||
Tupras Turkiye Petrol Rafinerileri AS | 197,600 | 4,352,989 | ||||||
Vietnam - 1.73% | ||||||||
Saigon Securities, Inc. | 4,533,650 | 5,219,867 | ||||||
TOTAL COMMON STOCKS (Cost $275,423,501) | 283,298,861 | |||||||
PARTICIPATORY NOTES - 4.94% | ||||||||
China - 0.46% | ||||||||
Midea Group Co. Ltd. (Issued by CLSA Global Markets Pte. Ltd.), Expires 06/05/2023 | 243,104 | 1,313,053 | ||||||
Qingdao Haier Co. Ltd. (Issued by Morgan Stanley), Expires 01/04/2019 | 38,800 | 78,505 | ||||||
1,391,558 | ||||||||
India - 4.48% | ||||||||
BSE Ltd. (Issued by CLSA Global Markets Pte. Ltd.), Expires 05/24/2023 | 307,800 | 2,636,971 | ||||||
Gail India Ltd, Expires 04/02/2020 | 447,000 | 2,306,436 | ||||||
Power Grid Corp Of India Ltd. (Issued by CLSA Global Markets Pte. Ltd.), Expires 11/27/2019 | 3,010,108 | 8,561,514 | ||||||
13,504,921 | ||||||||
TOTAL PARTICIPATORY NOTES (Cost $16,502,562) | 14,896,479 | |||||||
TOTAL INVESTMENTS 98.89% (Cost $291,926,063) | $ | 298,195,340 | ||||||
Other Assets In Excess Of Liabilities 1.11% | 3,347,560 | |||||||
NET ASSETS 100.00% | $ | 301,542,900 |
(a) | 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, 2018 the aggregate value of those securities was $14,306,557, which represents 4.74% of net assets. |
(b) | 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, 2018, the aggregate value of those securities was $23,411,413, which represents 7.76% of net assets. |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 23.10 | % | $ | 69,699,453 | ||||
Information Technology | 11.25 | 33,886,428 | ||||||
Energy | 10.68 | 32,207,982 | ||||||
Consumer Discretionary | 9.58 | 28,867,445 | ||||||
Materials | 8.54 | 25,769,560 | ||||||
Communication Services | 7.98 | 24,074,948 | ||||||
Consumer Staples | 7.82 | 23,573,088 | ||||||
Industrials | 7.13 | 21,486,097 | ||||||
Real Estate | 5.63 | 16,969,895 | ||||||
Utilities | 1.75 | 5,279,702 | ||||||
Health Care | 0.49 | 1,484,263 | ||||||
TOTAL COMMON STOCKS | 93.95 | 283,298,861 | ||||||
PARTICIPATORY NOTES | ||||||||
Utilities | 3.61 | 10,867,950 | ||||||
Financials | 0.87 | 2,636,971 | ||||||
Consumer Discretionary | 0.46 | 1,391,558 | ||||||
TOTAL PARTICIPATORY NOTES | 4.94 | 14,896,479 | ||||||
TOTAL INVESTMENTS | 98.89 | % | $ | 298,195,340 | ||||
Other Assets In Excess Of Liabilities | 1.11 | 3,347,560 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 301,542,900 |
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, 2018 (Unaudited) |
Value | ||||||||
Shares | (Note 2) | |||||||
COMMON STOCKS - 99.28% | ||||||||
Agriculture - 2.45% | ||||||||
Archer-Daniels-Midland Co. | 25,100 | $ | 1,028,347 | |||||
Auto Parts & Equipment - 2.67% | ||||||||
Johnson Controls International PLC | 37,740 | 1,118,991 | ||||||
Banks - 2.66% | ||||||||
SunTrust Banks, Inc. | 22,080 | 1,113,715 | ||||||
Chemicals - 3.57% | ||||||||
DowDuPont, Inc. | 28,000 | 1,497,440 | ||||||
Communications Equipment - 6.08% | ||||||||
Cisco Systems, Inc. | 29,100 | 1,260,903 | ||||||
Corning, Inc. | 42,650 | 1,288,456 | ||||||
2,549,359 | ||||||||
Distributors - 3.04% | ||||||||
Genuine Parts Co. | 13,260 | 1,273,225 | ||||||
Diversified Banks - 7.74% | ||||||||
HSBC Holdings PLC - Sponsored ADR(a) | 20,400 | 838,644 | ||||||
JPMorgan Chase & Co. | 10,720 | 1,046,486 | ||||||
Wells Fargo & Co. | 29,520 | 1,360,282 | ||||||
3,245,412 | ||||||||
Electric - 3.01% | ||||||||
PPL Corp. | 44,510 | 1,260,968 | ||||||
Electric Utilities - 2.46% | ||||||||
Duke Energy Corp.(a) | 11,950 | 1,031,285 | ||||||
Electrical Components & Equipment - 2.85% | ||||||||
Eaton Corp. PLC | 17,430 | 1,196,744 | ||||||
Food & Staples Retailing - 2.61% | ||||||||
Walgreens Boots Alliance, Inc. | 16,000 | 1,093,280 | ||||||
Household Products - 5.37% | ||||||||
Kimberly-Clark Corp.(a) | 12,480 | 1,421,971 | ||||||
Unilever NV | 15,450 | 831,210 | ||||||
2,253,181 | ||||||||
Industrial Conglomerates - 1.45% | ||||||||
Honeywell International, Inc. | 4,610 | 609,073 | ||||||
Integrated Oil & Gas - 11.62% | ||||||||
Chevron Corp. | 11,820 | 1,285,898 | ||||||
ConocoPhillips(a) | 17,950 | 1,119,183 | ||||||
Exxon Mobil Corp. | 17,170 | 1,170,822 |
Value | ||||||||
Shares | (Note 2) | |||||||
Integrated Oil & Gas (continued) | ||||||||
Royal Dutch Shell PLC, Class B - Sponsored ADR | 21,610 | $ | 1,295,303 | |||||
4,871,206 | ||||||||
Integrated Telecommunication Services - 2.96% | ||||||||
AT&T, Inc. | 43,510 | 1,241,775 | ||||||
Miscellaneous Manufacturing - 2.01% | ||||||||
Siemens AG - ADR | 15,050 | 844,004 | ||||||
Pharmaceuticals - 13.87% | ||||||||
Cardinal Health, Inc. | 17,180 | 766,228 | ||||||
Johnson & Johnson | 9,560 | 1,233,718 | ||||||
Merck & Co., Inc.(a) | 16,920 | 1,292,857 | ||||||
Novartis AG - Sponsored ADR | 14,450 | 1,239,955 | ||||||
Pfizer, Inc.(a) | 29,440 | 1,285,056 | ||||||
5,817,814 | ||||||||
Property & Casualty Insurance - 5.56% | ||||||||
Chubb, Ltd. | 8,270 | 1,068,319 | ||||||
Travelers Cos., Inc. | 10,540 | 1,262,165 | ||||||
2,330,484 | ||||||||
Semiconductors - 2.74% | ||||||||
Intel Corp.(a) | 24,500 | 1,149,785 | ||||||
Specialized REITs - 5.83% | ||||||||
HCP, Inc. | 42,050 | 1,174,457 | ||||||
Welltower, Inc.(a) | 18,310 | 1,270,897 | ||||||
2,445,354 | ||||||||
Telecommunications - 3.59% | ||||||||
Verizon Communications, Inc. | 26,810 | 1,507,259 | ||||||
Tobacco - 5.14% | ||||||||
Altria Group, Inc. | 25,530 | 1,260,927 | ||||||
Philip Morris International, Inc. | 13,400 | 894,584 | ||||||
2,155,511 | ||||||||
TOTAL COMMON STOCKS (Cost $45,319,411) | 41,634,212 | |||||||
TOTAL INVESTMENTS 99.28% (Cost $45,319,411) | $ | 41,634,212 | ||||||
Other Assets In Excess Of Liabilities 0.72% | 302,067 | |||||||
NET ASSETS 100.00% | $ | 41,936,279 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 17 |
Cullen Enhanced Equity Income Fund | Schedule of Investments |
December 31, 2018 (Unaudited) |
SCHEDULE OF WRITTEN | Notional | Number of | ||||||||||
OPTIONS | Amount | Contracts | Value | |||||||||
CALL OPTIONS WRITTEN (0.15%) | ||||||||||||
ConocoPhillips, Expires January, 2019, Exercise Price | $ | (1,116,065 | ) | (179 | ) | $ | (8,234 | ) | ||||
Duke Energy Corp., Expires January, 2019, Exercise Price | (1,026,970 | ) | (119 | ) | (13,685 | ) | ||||||
HSBC Holdings PLC, Expires January, 2019, Exercise Price | (419,322 | ) | (102 | ) | (3,162 | ) | ||||||
Intel Corp., Expires January, 2019, Exercise Price | (1,149,785 | ) | (245 | ) | (9,065 | ) | ||||||
Kimberly-Clark Corp., Expires January, 2019, Exercise Price | (717,822 | ) | (63 | ) | (15,120 | ) | ||||||
Merck & Co., Inc., Expires January, 2019, Exercise Price | (649,485 | ) | (85 | ) | (4,165 | ) | ||||||
Pfizer, Inc., Expires January, 2019, Exercise Price | (646,020 | ) | (148 | ) | (5,476 | ) | ||||||
Welltower, Inc., Expires January, 2019, Exercise Price | (638,572 | ) | (92 | ) | (4,140 | ) | ||||||
TOTAL CALL OPTIONS WRITTEN (Premiums received $72,139) | (63,047 | ) | ||||||||||
TOTAL WRITTEN OPTIONS (Premiums received $72,139) | $ | (63,047 | ) |
(a) | Pledged security; a portion or all of the security is pledged as collateral for written options as of December 31, 2018. |
Sector | % of Net | Value | ||||||
Diversification (Unaudited) | Assets | (Note 2) | ||||||
COMMON STOCKS | ||||||||
Financials | 15.96 | % | $ | 6,689,611 | ||||
Consumer Staples | 15.57 | 6,530,319 | ||||||
Health Care | 13.87 | 5,817,814 | ||||||
Energy | 11.62 | 4,871,206 | ||||||
Industrials | 8.98 | 3,768,812 | ||||||
Information Technology | 8.82 | 3,699,144 | ||||||
Communication Services | 6.55 | 2,749,034 | ||||||
Real Estate | 5.83 | 2,445,354 | ||||||
Utilities | 5.47 | 2,292,253 | ||||||
Materials | 3.57 | 1,497,440 | ||||||
Consumer Discretionary | 3.04 | 1,273,225 | ||||||
TOTAL COMMON STOCKS | 99.28 | 41,634,212 | ||||||
TOTAL INVESTMENTS | 99.28 | % | $ | 41,634,212 | ||||
Other Assets In Excess Of Liabilities | 0.72 | 302,067 | ||||||
TOTAL NET ASSETS | 100.00 | % | $ | 41,936,279 | ||||
CALL OPTIONS WRITTEN | ||||||||
Real Estate | (0.01 | )% | $ | (4,140 | ) | |||
Financials | (0.01 | ) | (3,162 | ) | ||||
Health Care | (0.02 | ) | (9,641 | ) | ||||
Information Technology | (0.02 | ) | (9,065 | ) | ||||
Energy | (0.02 | ) | (8,234 | ) | ||||
Utilities | (0.03 | ) | (13,685 | ) | ||||
Consumer Staples | (0.04 | ) | (15,120 | ) | ||||
TOTAL CALL OPTIONS WRITTEN | (0.15 | ) | (63,047 | ) |
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, 2018 (Unaudited) |
Cullen | ||||||||||||||||||||||||
Cullen | Emerging | Cullen | ||||||||||||||||||||||
International | Markets | 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 | $ | 168,057,782 | $ | 1,452,624,249 | $ | 3,593,995 | $ | 31,156,662 | $ | 298,195,340 | $ | 41,634,212 | ||||||||||||
Cash | 2,439,822 | – | 408,889 | 3,510,772 | 8,311,705 | 262,529 | ||||||||||||||||||
Foreign currencies, at value (Cost $3,682,573, –, –, –, $2,028,773 and –, respectively) | 3,680,086 | – | – | – | 2,034,598 | – | ||||||||||||||||||
Receivable for investments sold | – | 21,957,070 | – | – | 1,016,920 | 34,101 | ||||||||||||||||||
Receivable for fund shares sold | 3,843,025 | 13,907,917 | 65,644 | 26,916 | 2,285,324 | 4,642 | ||||||||||||||||||
Dividends receivable | 1,795,649 | 4,269,042 | 730 | 56,410 | 798,598 | 118,747 | ||||||||||||||||||
Receivable due from Investment Advisor | – | – | 27,404 | 8,840 | – | 5,096 | ||||||||||||||||||
Prepaid expenses and other assets | 41,069 | 52,648 | 24,025 | 22,433 | 32,930 | 30,399 | ||||||||||||||||||
Total Assets | 179,857,433 | 1,492,810,926 | 4,120,687 | 34,782,033 | 312,675,415 | 42,089,726 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable to custodian due to overdraft | – | 5,957,902 | – | – | – | – | ||||||||||||||||||
Written options, at value (Premiums received –, –, –, –, – and $72,139, respectively) | – | – | – | – | – | 63,047 | ||||||||||||||||||
Payable to Investment Advisor | 118,109 | 907,608 | – | – | 232,863 | – | ||||||||||||||||||
Payable for investments purchased | 851,826 | – | 315,501 | – | 517,975 | – | ||||||||||||||||||
Payable for shares redeemed | 1,752,197 | 8,948,531 | – | 1,388 | 10,127,547 | 22,584 | ||||||||||||||||||
Distribution fees payable | 3,838 | 83,444 | 123 | 408 | 4,518 | 4,788 | ||||||||||||||||||
Trustees' fees and expenses payable | 20,329 | 20,329 | 20,329 | 20,329 | 20,329 | 20,329 | ||||||||||||||||||
Accrued expenses and other liabilities | 95,193 | 200,817 | 31,740 | 33,302 | 229,283 | 42,699 | ||||||||||||||||||
Total Liabilities | 2,841,492 | 16,118,631 | 367,693 | 55,427 | 11,132,515 | 153,447 | ||||||||||||||||||
NET ASSETS | $ | 177,015,941 | $ | 1,476,692,295 | $ | 3,752,994 | $ | 34,726,606 | $ | 301,542,900 | $ | 41,936,279 | ||||||||||||
NET ASSETS CONSIST OF | ||||||||||||||||||||||||
Paid-in capital | $ | 203,652,730 | $ | 923,761,675 | $ | 3,662,266 | $ | 24,901,914 | $ | 352,784,265 | $ | 46,733,631 | ||||||||||||
Total distributable earnings | (26,636,789 | ) | 552,930,620 | 90,728 | 9,824,692 | (51,241,365 | ) | (4,797,352 | ) | |||||||||||||||
NET ASSETS | $ | 177,015,941 | $ | 1,476,692,295 | $ | 3,752,994 | $ | 34,726,606 | $ | 301,542,900 | $ | 41,936,279 | ||||||||||||
INVESTMENTS, AT COST | $ | 152,428,851 | $ | 905,750,803 | $ | 3,341,772 | $ | 22,258,794 | $ | 291,926,063 | $ | 45,319,411 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 19 |
Cullen Funds Trust | Statements of Assets and Liabilities |
December 31, 2018 (Unaudited) |
Cullen | ||||||||||||||||||||||||
Cullen | Emerging | Cullen | ||||||||||||||||||||||
International | Markets | 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 | $ | 8.68 | $ | 15.27 | $ | 9.99 | $ | 14.64 | $ | 9.38 | $ | 9.47 | ||||||||||||
Net Assets | $ | 7,410,058 | $ | 161,942,599 | $ | 351,011 | $ | 693,019 | $ | 13,543,381 | $ | 1,673,386 | ||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 853,864 | 10,607,002 | 35,151 | 47,322 | 1,444,031 | 176,733 | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 8.66 | $ | 15.08 | $ | 9.19 | $ | 14.64 | $ | 9.27 | $ | 9.49 | ||||||||||||
Net Assets | $ | 2,514,360 | $ | 52,814,334 | $ | 51,451 | $ | 354,725 | $ | 1,911,376 | $ | 4,813,831 | ||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 290,475 | 3,502,148 | 5,601 | 24,237 | 206,189 | 507,267 | ||||||||||||||||||
Class I: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 8.74 | $ | 15.28 | $ | 10.24 | $ | 14.64 | $ | 9.44 | $ | 9.52 | ||||||||||||
Net Assets | $ | 167,016,331 | $ | 1,260,387,692 | $ | 3,350,532 | $ | 33,678,862 | $ | 286,088,143 | $ | 35,449,062 | ||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 19,099,690 | 82,510,868 | 327,131 | 2,300,766 | 30,296,689 | 3,724,159 | ||||||||||||||||||
Class R1: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 10.12 | $ | 12.98 | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Assets | $ | 11,131 | $ | 397,584 | N/A | N/A | N/A | N/A | ||||||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 1,100 | 30,629 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Class R2: | ||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | $ | 10.02 | $ | 13.18 | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Assets | $ | 64,061 | $ | 1,150,086 | N/A | N/A | N/A | N/A | ||||||||||||||||
Shares issued (unlimited number of beneficial interest authorized, $0.001 par value) | 6,395 | 87,278 | 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, 2018 (Unaudited) |
Cullen | ||||||||||||||||||||||||
Cullen | Emerging | Cullen | ||||||||||||||||||||||
International | Markets | 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* | $ | 3,498,858 | $ | 25,881,300 | $ | 16,535 | $ | 413,708 | $ | 8,983,962 | $ | 836,180 | ||||||||||||
Total Investment Income | 3,498,858 | 25,881,300 | 16,535 | 413,708 | 8,983,962 | 836,180 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Investment advisory fees (Note 6) | 1,136,589 | 8,594,076 | 20,475 | 187,468 | 1,968,344 | 242,382 | ||||||||||||||||||
Administrative fees | 41,737 | 229,317 | 4,538 | 8,881 | 65,258 | 11,976 | ||||||||||||||||||
Distribution fees (Note 7) | ||||||||||||||||||||||||
Retail | 11,620 | 247,711 | 529 | 974 | 18,454 | 2,446 | ||||||||||||||||||
Class C | 14,722 | 301,023 | 290 | 1,368 | 11,070 | 26,014 | ||||||||||||||||||
Class R1 | 29 | 993 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Class R2 | 76 | 1,558 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Shareholder services fees (Note 8) | ||||||||||||||||||||||||
Class R2 | N/A | 1,558 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Registration and filing fees | 36,304 | 41,058 | 22,684 | 21,989 | 27,760 | 23,656 | ||||||||||||||||||
Custody fees | 41,555 | 34,186 | 28,064 | 28,201 | 165,478 | 32,943 | ||||||||||||||||||
Transfer agent fees | 36,641 | 118,109 | 20,988 | 21,147 | 30,701 | 24,673 | ||||||||||||||||||
Legal fees | 16,736 | 16,736 | 16,736 | 16,736 | 16,736 | 16,736 | ||||||||||||||||||
Professional fees | 27,947 | 22,375 | 21,918 | 21,918 | 21,918 | 22,818 | ||||||||||||||||||
Shareholder reports | 7,193 | 50,793 | 231 | 576 | 9,118 | 1,117 | ||||||||||||||||||
Trustees' fees | 40,329 | 40,329 | 40,329 | 40,329 | 40,329 | 40,329 | ||||||||||||||||||
Other expenses | 7,172 | 30,031 | 1,524 | 2,011 | 9,887 | 2,562 | ||||||||||||||||||
Total Expenses | 1,418,650 | 9,729,853 | 178,306 | 351,598 | 2,385,053 | 447,652 | ||||||||||||||||||
Less expenses reimbursed from Investment Advisor (Note 6) | ||||||||||||||||||||||||
Retail | (10,630 | ) | (315,800 | ) | (16,140 | ) | (4,382 | ) | (14,537 | ) | (9,527 | ) | ||||||||||||
Class C | (3,354 | ) | (96,064 | ) | (2,230 | ) | (1,530 | ) | (2,188 | ) | (25,600 | ) | ||||||||||||
Class I | (243,485 | ) | (2,322,073 | ) | (138,657 | ) | (202,772 | ) | (373,354 | ) | (202,387 | ) | ||||||||||||
Class R1 | N/A | (135 | ) | N/A | N/A | N/A | N/A | |||||||||||||||||
Class R2 | N/A | (1,983 | ) | N/A | N/A | N/A | N/A | |||||||||||||||||
Net Expenses | 1,161,181 | 6,993,798 | 21,279 | 142,914 | 1,994,974 | 210,138 | ||||||||||||||||||
Net Investment Income/(Loss) | 2,337,677 | 18,887,502 | (4,744 | ) | 270,794 | 6,988,988 | 626,042 | |||||||||||||||||
Net realized gain/(loss) on: | ||||||||||||||||||||||||
Investments | (10,483,196 | ) | 47,620,993 | (156,748 | ) | 1,235,238 | (27,079,436 | ) | 97,448 | |||||||||||||||
Written options | – | – | – | – | – | 693,151 | ||||||||||||||||||
Foreign currency related transactions | (142,287 | ) | (1,613 | ) | – | – | (99,284 | ) | – | |||||||||||||||
Total Net Realized Gain/(Loss) | (10,625,483 | ) | 47,619,380 | (156,748 | ) | 1,235,238 | (27,178,720 | ) | 790,599 | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||||||||||
Investments | (15,245,243 | ) | (93,277,578 | ) | (423,101 | ) | (2,883,902 | ) | (20,375,607 | ) | (1,943,573 | ) | ||||||||||||
Written options | – | – | – | – | – | (10,074 | ) | |||||||||||||||||
Foreign currency related transactions | 32,595 | (11,224 | ) | – | – | 36,053 | – | |||||||||||||||||
Total net change in unrealized appreciation/(depreciation) | (15,212,648 | ) | (93,288,802 | ) | (423,101 | ) | (2,883,902 | ) | (20,339,554 | ) | (1,953,647 | ) | ||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS | (25,838,131 | ) | (45,669,422 | ) | (579,849 | ) | (1,648,664 | ) | (47,518,274 | ) | (1,163,048 | ) | ||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (23,500,454 | ) | $ | (26,781,920 | ) | $ | (584,593 | ) | $ | (1,377,870 | ) | $ | (40,529,286 | ) | $ | (537,006 | ) | ||||||
*Foreign taxes withheld on dividends | $ | 243,114 | $ | 283,899 | $ | – | $ | 2,229 | $ | 895,778 | $ | 4,143 |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 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, 2018 | Year Ended | December 31, 2018 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2018 | (Unaudited) | June 30, 2018 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 2,337,677 | $ | 6,986,264 | $ | 18,887,502 | $ | 40,039,571 | ||||||||
Net realized gain/(loss) | (10,625,483 | ) | 1,146,821 | 47,619,380 | 170,477,143 | |||||||||||
Net change in unrealized depreciation | (15,212,648 | ) | (12,193,112 | ) | (93,288,802 | ) | (120,911,703 | ) | ||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (23,500,454 | ) | (4,060,027 | ) | (26,781,920 | ) | 89,605,011 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
From distributable earnings | ||||||||||||||||
Retail | (159,606 | ) | (511,930 | )(a) | (20,154,615 | ) | (23,381,907 | )(b) | ||||||||
Class C | (39,544 | ) | (56,009 | )(c) | (6,299,387 | ) | (6,923,971 | )(d) | ||||||||
Class I | (3,883,933 | ) | (6,314,206 | )(e) | (159,201,938 | ) | (148,306,960 | )(f) | ||||||||
Class R1 | (143 | ) | (982 | )(g) | (52,050 | ) | (48,005 | )(h) | ||||||||
Class R2 | (820 | ) | (2,199 | )(i) | (154,637 | ) | (151,538 | )(j) | ||||||||
Net Decrease in Net Assets from Distributions | (4,084,046 | ) | (6,885,326 | ) | (185,862,627 | ) | (178,812,381 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (NOTE 3) | ||||||||||||||||
Shares sold | ||||||||||||||||
Retail | 1,435,204 | 3,213,208 | 7,105,717 | 16,687,745 | ||||||||||||
Class C | 122,627 | 951,828 | 2,670,864 | 3,295,329 | ||||||||||||
Class I | 22,050,967 | 100,382,650 | 140,092,953 | 294,091,447 | ||||||||||||
Class R1 | 1,181 | 5,009 | 36,147 | 40,838 | ||||||||||||
Class R2 | 16,060 | 4,185 | 79,175 | 102,115 | ||||||||||||
Dividends reinvested | ||||||||||||||||
Retail | 156,403 | 505,605 | 19,630,395 | 22,887,873 | ||||||||||||
Class C | 35,635 | 46,065 | 6,148,483 | 6,695,165 | ||||||||||||
Class I | 2,472,690 | 3,954,563 | 125,267,267 | 103,588,356 | ||||||||||||
Class R1 | 143 | 982 | 52,050 | 48,005 | ||||||||||||
Class R2 | 820 | 2,199 | 154,637 | 151,537 | ||||||||||||
Shares redeemed | ||||||||||||||||
Retail | (2,801,359 | ) | (35,297,145 | ) | (45,344,791 | ) | (166,491,258 | ) | ||||||||
Class C | (322,903 | ) | (721,282 | ) | (10,930,169 | ) | (31,552,469 | ) | ||||||||
Class I | (65,791,782 | ) | (53,412,664 | ) | (249,586,919 | ) | (299,640,635 | ) | ||||||||
Class R1 | (1 | ) | (61,134 | ) | (3,072 | ) | (182,813 | ) | ||||||||
Class R2 | (6,904 | ) | (64,280 | ) | (82,950 | ) | (2,605,994 | ) | ||||||||
Redemption fees | ||||||||||||||||
Retail | – | 32 | 101 | 1,021 | ||||||||||||
Class C | – | 128 | – | 4 | ||||||||||||
Class I | 139 | 179 | 1,932 | 417 | ||||||||||||
Class R1 | – | – | 1 | – | ||||||||||||
Class R2 | – | – | 1 | 6 | ||||||||||||
Net Increase/(Decrease) in Net Assets Derived from Capital Share Transactions | (42,631,080 | ) | 19,510,128 | (4,708,178 | ) | (52,883,311 | ) | |||||||||
Net Increase/(Decrease) in Net Assets | (70,215,580 | ) | 8,564,775 | (217,352,725 | ) | (142,090,681 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 247,231,521 | 238,666,746 | 1,694,045,020 | 1,836,135,701 | ||||||||||||
End of period | $ | 177,015,941 | $ | 247,231,521 | (k) | $ | 1,476,692,295 | $ | 1,694,045,020 |
See Notes to Financial Statements. | |
22 | www.cullenfunds.com |
Cullen Funds Trust | Statements of Changes in Net Assets |
(a) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $511,930 and realized gain of $–. |
(b) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $4,927,369 and realized gain of $18,454,538. |
(c) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $56,009 and realized gain of $–. |
(d) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $1,052,736 and realized gain of $5,871,235. |
(e) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $6,314,206 and realized gain of $–. |
(f) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $33,221,409 and realized gain of $115,085,551. |
(g) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $982 and realized gain of $–. |
(h) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $8,403 and realized gain of $39,602. |
(i) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $2,199 and realized gain of $–. |
(j) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $29,419 and realized gain of $122,119. |
(k) | For the year ended June 30, 2018, net assets included accumulated net investment income of $1,056,863. |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 23 |
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, 2018 | Year Ended | December 31, 2018 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2018 | (Unaudited) | June 30, 2018 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income/(loss) | $ | (4,744 | ) | $ | (14,084 | ) | $ | 270,794 | $ | 516,466 | ||||||
Net realized gain/(loss) | (156,748 | ) | 301,162 | 1,235,238 | 446,328 | |||||||||||
Net change in unrealized appreciation/(depreciation) | (423,101 | ) | 4,075 | (2,883,902 | ) | 1,625,574 | ||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (584,593 | ) | 291,153 | (1,377,870 | ) | 2,588,368 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
From distributable earnings | ||||||||||||||||
Retail | (20,320 | ) | (83,878 | )(a) | (5,370 | ) | (47,328 | )(b) | ||||||||
Class C | (3,212 | ) | (9,966 | )(c) | (813 | ) | (30,889 | )(d) | ||||||||
Class I | (185,126 | ) | (581,573 | )(e) | (291,712 | ) | (2,482,784 | )(f) | ||||||||
Net Decrease in Net Assets from Distributions | (208,658 | ) | (675,417 | ) | (297,895 | ) | (2,561,001 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (NOTE 3) | ||||||||||||||||
Shares sold | ||||||||||||||||
Retail | 4,176 | 83,051 | 263,476 | 203,045 | ||||||||||||
Class C | 4,900 | – | 163,079 | 21,384 | ||||||||||||
Class I | 189,515 | 291,946 | 414,593 | 4,235,716 | ||||||||||||
Dividends reinvested | ||||||||||||||||
Retail | 19,312 | 80,543 | 5,345 | 47,061 | ||||||||||||
Class C | 3,212 | 9,966 | 343 | 22,848 | ||||||||||||
Class I | 185,126 | 581,573 | 291,712 | 2,482,784 | ||||||||||||
Shares redeemed | ||||||||||||||||
Retail | (32,996 | ) | (141,950 | ) | (151,317 | ) | (218,173 | ) | ||||||||
Class C | – | (13,070 | ) | – | (292,253 | ) | ||||||||||
Class I | (6,024 | ) | (178,584 | ) | (627,352 | ) | (3,494,516 | ) | ||||||||
Redemption fees | ||||||||||||||||
Retail | – | – | – | – | ||||||||||||
Class C | – | – | – | – | ||||||||||||
Class I | – | – | – | – | �� | |||||||||||
Net Increase in Net Assets Derived from Capital Share Transactions | 367,221 | 713,475 | 359,879 | 3,007,896 | ||||||||||||
Net Increase/(Decrease) in Net Assets | (426,030 | ) | 329,211 | (1,315,886 | ) | 3,035,263 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 4,179,024 | 3,849,813 | 36,042,492 | 33,007,229 | ||||||||||||
End of period | $ | 3,752,994 | $ | 4,179,024 | $ | 34,726,606 | $ | 36,042,492 | (g) |
(a) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $– and realized gain of $83,878. |
(b) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $– and realized gain of $9,966. |
(c) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $– and realized gain of $581,573. |
(d) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $8,006 and realized gain of $39,322. |
(e) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $1,921 and realized gain of $28,968. |
(f) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $493,101 and realized gain of $1,989,683. |
(g) | For the year ended June 30, 2018, net assets included accumulated net investment income of $27,845. |
See Notes to Financial Statements. | |
24 | www.cullenfunds.com |
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, 2018 | Year Ended | December 31, 2018 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2018 | (Unaudited) | June 30, 2018 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 6,988,988 | $ | 12,169,376 | $ | 626,042 | $ | 869,778 | ||||||||
Net realized gain/(loss) | (27,178,720 | ) | 12,239,607 | 790,599 | 564,385 | |||||||||||
Net change in unrealized depreciation | (20,339,554 | ) | (22,899,839 | ) | (1,953,647 | ) | (2,014,819 | ) | ||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (40,529,286 | ) | 1,509,144 | (537,006 | ) | (580,656 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
From distributable earnings | ||||||||||||||||
Retail | (244,581 | ) | (586,670 | )(a) | (53,165 | ) | (195,055 | )(b) | ||||||||
Class C | (32,899 | ) | (77,535 | )(c) | (128,596 | ) | (347,997 | )(d) | ||||||||
Class I | (6,600,001 | ) | (13,293,832 | )(e) | (1,178,212 | ) | (2,276,042 | )(f) | ||||||||
Net Decrease in Net Assets from Distributions | (6,877,481 | ) | (13,958,037 | ) | (1,359,973 | ) | (2,819,094 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (NOTE 3) | ||||||||||||||||
Shares sold | ||||||||||||||||
Retail | 5,499,237 | 5,339,790 | 98,337 | 1,812,646 | ||||||||||||
Class C | 61,200 | 568,997 | 933,486 | 3,463,186 | ||||||||||||
Class I | 85,543,864 | 158,380,339 | 6,154,641 | 26,011,578 | ||||||||||||
Dividends reinvested | ||||||||||||||||
Retail | 229,024 | 549,066 | 51,373 | 180,631 | ||||||||||||
Class C | 32,899 | 77,535 | 59,715 | 163,744 | ||||||||||||
Class I | 5,788,231 | 11,984,519 | 933,955 | 1,755,760 | ||||||||||||
Shares redeemed | ||||||||||||||||
Retail | (5,243,044 | ) | (7,836,573 | ) | (479,895 | ) | (1,629,771 | ) | ||||||||
Class C | (332,778 | ) | (1,226,584 | ) | (901,022 | ) | (791,840 | ) | ||||||||
Class I | (152,918,080 | ) | (69,565,246 | ) | (9,717,148 | ) | (5,418,192 | ) | ||||||||
Redemption fees | ||||||||||||||||
Retail | – | 368 | – | – | ||||||||||||
Class C | – | – | – | – | ||||||||||||
Class I | 753 | 625 | – | 122 | ||||||||||||
Net Increase/(Decrease) in Net Assets Derived from Capital Share Transactions | (61,338,694 | ) | 98,272,836 | (2,866,558 | ) | 25,547,864 | ||||||||||
Net Increase/(Decrease) in Net Assets | (108,745,461 | ) | 85,823,943 | (4,763,537 | ) | 22,148,114 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 410,288,361 | 324,464,418 | 46,699,816 | 24,551,702 | ||||||||||||
End of period | $ | 301,542,900 | $ | 410,288,361 | (g) | $ | 41,936,279 | $ | 46,699,816 |
(a) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $586,670 and realized gain of $–. |
(b) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $56,335 and realized gain of $138,720. |
(c) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $77,535 and realized gain of $–. |
(d) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $93,768 and realized gain of $254,229. |
(e) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $13,293,832 and realized gain of $–. |
(f) | For the year ended June 30, 2018, total distributions from distributable earnings consisted of distributions from net investment income of $715,654 and realized gain of $1,560,388. |
(g) | For the year ended June 30, 2018, net assets included accumulated net investment loss of $1,464,215. |
See Notes to Financial Statements. | |
Semi-Annual Report | December 31, 2018 | 25 |
Cullen Funds Trust |
Net Realized | ||||||||||||||||||||||||||||
and | Distributions | |||||||||||||||||||||||||||
Net Asset Value | Unrealized | Total from | from | |||||||||||||||||||||||||
Beginning of | Net Investment | Gain/(Loss) | Investment | Net Investment | Total | Net Asset Value | ||||||||||||||||||||||
Year or Period End | Period | Income/(Loss)(a) | on Investments | Operations | Income | Distributions | End of Period | |||||||||||||||||||||
Cullen International High Dividend Fund | ||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
12/31/2018(d) | $ | 9.88 | 0.09 | (1.13 | ) | (1.04 | ) | (0.16 | ) | (0.16 | ) | $ | 8.68 | |||||||||||||||
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 | |||||||||||||||
6/30/2015 | $ | 11.45 | 0.26 | (1.21 | ) | (0.95 | ) | (0.28 | ) | (0.28 | ) | $ | 10.22 | |||||||||||||||
6/30/2014 | $ | 10.04 | 0.45 | 1.40 | 1.85 | (0.44 | ) | (0.44 | ) | $ | 11.45 | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
12/31/2018(d) | $ | 9.85 | 0.05 | (1.11 | ) | (1.06 | ) | (0.13 | ) | (0.13 | ) | $ | 8.66 | |||||||||||||||
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 | |||||||||||||||
6/30/2015 | $ | 11.42 | 0.19 | (1.22 | ) | (1.03 | ) | (0.20 | ) | (0.20 | ) | $ | 10.19 | |||||||||||||||
6/30/2014 | $ | 10.02 | 0.37 | 1.39 | 1.76 | (0.36 | ) | (0.36 | ) | $ | 11.42 | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
12/31/2018(d) | $ | 9.95 | 0.10 | (1.13 | ) | (1.03 | ) | (0.18 | ) | (0.18 | ) | $ | 8.74 | |||||||||||||||
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 | |||||||||||||||
6/30/2015 | $ | 11.52 | 0.28 | (1.20 | ) | (0.92 | ) | (0.31 | ) | (0.31 | ) | $ | 10.29 | |||||||||||||||
6/30/2014 | $ | 10.10 | 0.50 | 1.39 | 1.89 | (0.47 | ) | (0.47 | ) | $ | 11.52 | |||||||||||||||||
Class R1 | ||||||||||||||||||||||||||||
12/31/2018(d) | $ | 11.49 | 0.07 | (1.30 | ) | (1.23 | ) | (0.14 | ) | (0.14 | ) | $ | 10.12 | |||||||||||||||
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 | |||||||||||||||
6/30/2015 | $ | 13.09 | 0.25 | (1.39 | ) | (1.14 | ) | (0.23 | ) | (0.23 | ) | $ | 11.72 | |||||||||||||||
6/30/2014 | $ | 11.43 | 0.46 | 1.58 | 2.04 | (0.38 | ) | (0.38 | ) | $ | 13.09 | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
12/31/2018(d) | $ | 11.38 | 0.09 | (1.30 | ) | (1.21 | ) | (0.15 | ) | (0.15 | ) | $ | 10.02 | |||||||||||||||
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 | |||||||||||||||
6/30/2015 | $ | 13.01 | 0.29 | (1.40 | ) | (1.11 | ) | (0.26 | ) | (0.26 | ) | $ | 11.64 | |||||||||||||||
6/30/2014 | $ | 11.35 | 0.49 | 1.58 | 2.07 | (0.41 | ) | (0.41 | ) | $ | 13.01 |
(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, 2018 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
See Notes to Financial Statements. | |
26 | www.cullenfunds.com |
Financial Highlights |
For a Share Outstanding Throughout Periods Presented |
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||
Ratio of | Ratio of | Investment | Investment | |||||||||||||||||||||||
Expenses Before | Expenses After | Income/(Loss) to | Income/(Loss) to | |||||||||||||||||||||||
Net Assets, | Reimbursements | Reimbursements | Average Net Assets | Average Net | Portfolio | |||||||||||||||||||||
End of Period | to Average | to Average | before | Assets after | Turnover | |||||||||||||||||||||
Total Return(b) | (000) | Net Assets | Net Assets(c) | Reimbursements | Reimbursements | Rate | ||||||||||||||||||||
(10.65 | %) | $ | 7,410 | 1.48 | %(e) | 1.25 | %(e) | 1.63 | %(e) | 1.86 | %(e) | 18 | %(f) | |||||||||||||
(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 | % | |||||||||||||
(8.34 | %) | $ | 56,893 | 1.39 | % | 1.25 | % | 2.31 | % | 2.45 | % | 44 | % | |||||||||||||
18.62 | % | $ | 65,198 | 1.38 | % | 1.25 | % | 3.99 | % | 4.12 | % | 45 | % | |||||||||||||
(10.93 | %) | $ | 2,514 | 2.23 | %(e) | 2.00 | %(e) | 0.85 | %(e) | 1.08 | %(e) | 18 | %(f) | |||||||||||||
(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 | % | |||||||||||||
(9.02 | %) | $ | 3,956 | 2.15 | % | 2.00 | % | 1.63 | % | 1.78 | % | 44 | % | |||||||||||||
17.70 | % | $ | 3,799 | 2.13 | % | 2.00 | % | 3.30 | % | 3.43 | % | 45 | % | |||||||||||||
(10.55 | %) | $ | 167,016 | 1.23 | %(e) | 1.00 | %(e) | 1.86 | %(e) | 2.09 | %(e) | 18 | %(f) | |||||||||||||
(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 | % | |||||||||||||
(8.04 | %) | $ | 244,026 | 1.14 | % | 1.00 | % | 2.47 | % | 2.61 | % | 44 | % | |||||||||||||
18.89 | % | $ | 388,934 | 1.13 | % | 1.00 | % | 4.40 | % | 4.53 | % | 45 | % | |||||||||||||
(10.85 | %) | $ | 11 | 1.73 | %(e) | 1.73 | %(e) | 1.34 | %(e) | 1.34 | %(e) | 18 | %(f) | |||||||||||||
(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 | % | |||||||||||||
(8.73 | %) | $ | 101 | 1.64 | % | 1.64 | % | 2.09 | % | 2.09 | % | 44 | % | |||||||||||||
17.95 | % | $ | 110 | 1.83 | % | 1.75 | % | 3.57 | % | 3.65 | % | 45 | % | |||||||||||||
(10.75 | %) | $ | 64 | 1.48 | %(e) | 1.48 | %(e) | 1.58 | %(e) | 1.58 | %(e) | 18 | %(f) | |||||||||||||
(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 | % | |||||||||||||
(8.53 | %) | $ | 181 | 1.40 | % | 1.40 | % | 2.43 | % | 2.43 | % | 44 | % | |||||||||||||
18.37 | % | $ | 86 | 1.58 | % | 1.50 | % | 3.85 | % | 3.93 | % | 45 | % |
Semi-Annual Report | December 31, 2018 | 27 |
Cullen Funds Trust |
Net Realized | ||||||||||||||||||||||||||||||||
and | Distributions | Distributions | ||||||||||||||||||||||||||||||
Net Asset Value | Unrealized | Total from | from | from Net | ||||||||||||||||||||||||||||
Beginning of | Net Investment | Gain/(Loss) | Investment | Net Investment | Realized | Total | Net Asset Value | |||||||||||||||||||||||||
Year or Period End | Period | Income/(Loss)(a) | on Investments | Operations | Income | Capital Gains | Distributions | End of Period | ||||||||||||||||||||||||
Cullen High Dividend Equity Fund | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 17.68 | 0.19 | (0.56 | ) | (0.37 | ) | (0.18 | ) | (1.86 | ) | (2.04 | ) | $ | 15.27 | |||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 17.58 | 0.37 | (0.35 | ) | 0.02 | (0.39 | ) | (0.57 | ) | (0.96 | ) | $ | 16.64 | ||||||||||||||||||
6/30/2014 | $ | 15.28 | 0.65 | 2.31 | 2.96 | (0.66 | ) | – | (0.66 | ) | $ | 17.58 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 17.50 | 0.11 | (0.55 | ) | (0.44 | ) | (0.12 | ) | (1.86 | ) | (1.98 | ) | $ | 15.08 | |||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 17.51 | 0.24 | (0.37 | ) | (0.13 | ) | (0.28 | ) | (0.57 | ) | (0.85 | ) | $ | 16.53 | |||||||||||||||||
6/30/2014 | $ | 15.22 | 0.53 | 2.31 | 2.84 | (0.55 | ) | – | (0.55 | ) | $ | 17.51 | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 17.69 | 0.21 | (0.56 | ) | (0.35 | ) | (0.20 | ) | (1.86 | ) | (2.06 | ) | $ | 15.28 | |||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 17.59 | 0.41 | (0.36 | ) | 0.05 | (0.43 | ) | (0.57 | ) | (1.00 | ) | $ | 16.64 | ||||||||||||||||||
6/30/2014 | $ | 15.28 | 0.69 | 2.32 | 3.01 | (0.70 | ) | – | (0.70 | ) | $ | 17.59 | ||||||||||||||||||||
Class R1 | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 15.35 | 0.12 | (0.49 | ) | (0.37 | ) | (0.14 | ) | (1.86 | ) | (2.00 | ) | $ | 12.98 | |||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 15.80 | 0.26 | (0.33 | ) | (0.07 | ) | (0.32 | ) | (0.57 | ) | (0.89 | ) | $ | 14.84 | |||||||||||||||||
6/30/2014 | $ | 13.79 | 0.52 | 2.08 | 2.60 | (0.59 | ) | – | (0.59 | ) | $ | 15.80 | ||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 15.55 | 0.14 | (0.49 | ) | (0.35 | ) | (0.16 | ) | (1.86 | ) | (2.02 | ) | $ | 13.18 | |||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 15.93 | 0.30 | (0.33 | ) | (0.03 | ) | (0.35 | ) | (0.57 | ) | (0.92 | ) | $ | 14.98 | |||||||||||||||||
6/30/2014 | $ | 13.94 | 0.65 | 1.97 | 2.62 | (0.63 | ) | – | (0.63 | ) | $ | 15.93 |
(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, 2018 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
See Notes to Financial Statements. | |
28 | www.cullenfunds.com |
Financial Highlights |
For a Share Outstanding Throughout Periods Presented |
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||
Ratio of | Ratio of | Investment | Investment | |||||||||||||||||||||||
Expenses Before | Expenses After | Income/(Loss) to | Income/(Loss) to | |||||||||||||||||||||||
Net Assets, | Reimbursements | Reimbursements | Average Net Assets | Average Net | Portfolio | |||||||||||||||||||||
End of Period | to Average | to Average | before | Assets after | Turnover | |||||||||||||||||||||
Total Return(b) | (000) | Net Assets | Net Assets(c) | Reimbursements | Reimbursements | Rate | ||||||||||||||||||||
(2.03 | %) | $ | 161,943 | 1.32 | %(e) | 1.00 | %(e) | 1.71 | %(e) | 2.03 | %(e) | 31 | %(f) | |||||||||||||
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 | % | |||||||||||||
(0.11 | %) | $ | 409,564 | 1.32 | % | 1.00 | % | 1.80 | % | 2.11 | % | 10 | % | |||||||||||||
19.76 | % | $ | 521,226 | 1.31 | % | 1.00 | % | 3.67 | % | 3.99 | % | 6 | % | |||||||||||||
(2.43 | %) | $ | 52,814 | 2.07 | %(e) | 1.75 | %(e) | 0.94 | %(e) | 1.26 | %(e) | 31 | %(f) | |||||||||||||
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 | % | |||||||||||||
(0.93 | %) | $ | 91,504 | 2.07 | % | 1.75 | % | 1.06 | % | 1.38 | % | 10 | % | |||||||||||||
18.97 | % | $ | 90,783 | 2.06 | % | 1.75 | % | 2.96 | % | 3.27 | % | 6 | % | |||||||||||||
(1.89 | %) | $ | 1,260,388 | 1.07 | %(e) | 0.75 | %(e) | 1.94 | %(e) | 2.26 | %(e) | 31 | %(f) | |||||||||||||
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 | % | |||||||||||||
0.06 | % | $ | 1,635,821 | 1.07 | % | 0.75 | % | 2.05 | % | 2.37 | % | 10 | % | |||||||||||||
20.13 | % | $ | 1,906,742 | 1.06 | % | 0.75 | % | 3.90 | % | 4.21 | % | 6 | % | |||||||||||||
(2.31 | %) | $ | 398 | 1.57 | %(e) | 1.50 | %(e) | 1.44 | %(e) | 1.51 | %(e) | 31 | %(f) | |||||||||||||
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 | % | |||||||||||||
(0.67 | %) | $ | 4,552 | 1.57 | % | 1.50 | % | 1.56 | % | 1.63 | % | 10 | % | |||||||||||||
19.24 | % | $ | 4,921 | 1.76 | % | 1.50 | % | 3.28 | % | 3.54 | % | 6 | % | |||||||||||||
(2.17 | %) | $ | 1,150 | 1.57 | %(e) | 1.25 | %(e) | 1.45 | %(e) | 1.77 | %(e) | 31 | %(f) | |||||||||||||
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 | % | |||||||||||||
(0.41 | %) | $ | 3,365 | 1.32 | % | 1.25 | % | 1.83 | % | 1.90 | % | 10 | % | |||||||||||||
19.16 | % | $ | 3,237 | 1.50 | % | 1.25 | % | 4.10 | % | 4.36 | % | 6 | % |
Semi-Annual Report | December 31, 2018 | 29 |
Cullen Funds Trust |
Net Realized | ||||||||||||||||||||||||||||||||
and | Distributions | Distributions | ||||||||||||||||||||||||||||||
Net Asset Value | Unrealized | Total from | from | from Net | ||||||||||||||||||||||||||||
Beginning of | Net Investment | Gain/(Loss) | Investment | Net Investment | Realized | Total | Net Asset Value | |||||||||||||||||||||||||
Year or Period End | Period | Income/(Loss)(a) | on Investments | Operations | Income | Capital Gains | Distributions | End of Period | ||||||||||||||||||||||||
Cullen Small Cap Value Fund | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 12.35 | (0.03 | ) | (1.72 | ) | (1.75 | ) | – | (0.61 | ) | (0.61 | ) | $ | 9.99 | |||||||||||||||||
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 | )(g) | (0.08 | ) | (0.08 | ) | $ | 13.88 | ||||||||||||||||||
6/30/2016 | $ | 14.15 | (0.01 | ) | (2.26 | ) | (2.27 | ) | – | (0.32 | ) | (0.32 | ) | $ | 11.56 | |||||||||||||||||
6/30/2015 | $ | 17.37 | (0.04 | ) | (1.14 | ) | (1.18 | ) | – | (2.04 | ) | (2.04 | ) | $ | 14.15 | |||||||||||||||||
6/30/2014 | $ | 14.69 | (0.07 | ) | 2.98 | 2.91 | – | (0.23 | ) | (0.23 | ) | $ | 17.37 | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 11.46 | (0.07 | ) | (1.59 | ) | (1.66 | ) | – | (0.61 | ) | (0.61 | ) | $ | 9.19 | |||||||||||||||||
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 | |||||||||||||||||
6/30/2015 | $ | 16.91 | (0.14 | ) | (1.11 | ) | (1.25 | ) | – | (2.04 | ) | (2.04 | ) | $ | 13.62 | |||||||||||||||||
6/30/2014 | $ | 14.41 | (0.19 | ) | 2.92 | 2.73 | – | (0.23 | ) | (0.23 | ) | $ | 16.91 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 12.63 | (0.01 | ) | (1.77 | ) | (1.78 | ) | – | (0.61 | ) | (0.61 | ) | $ | 10.24 | |||||||||||||||||
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 | ||||||||||||||||||
6/30/2015 | $ | 17.54 | (0.00 | )(g) | (1.18 | ) | (1.18 | ) | – | (2.04 | ) | (2.04 | ) | $ | 14.32 | |||||||||||||||||
6/30/2014 | $ | 14.80 | (0.03 | ) | 3.00 | 2.97 | – | (0.23 | ) | (0.23 | ) | $ | 17.54 | |||||||||||||||||||
Cullen Value Fund | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 15.35 | 0.10 | (0.70 | ) | (0.60 | ) | (0.11 | ) | – | (0.11 | ) | $ | 14.64 | ||||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 13.87 | 0.15 | (0.04 | ) | 0.11 | (0.16 | ) | – | (0.16 | ) | $ | 13.82 | |||||||||||||||||||
6/30/2014 | $ | 11.26 | 0.14 | 2.78 | 2.92 | (0.13 | ) | (0.18 | ) | (0.31 | ) | $ | 13.87 | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 15.34 | 0.04 | (0.69 | ) | (0.65 | ) | (0.05 | ) | – | (0.05 | ) | $ | 14.64 | ||||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 13.86 | 0.05 | (0.07 | ) | (0.02 | ) | (0.05 | ) | – | (0.05 | ) | $ | 13.79 | ||||||||||||||||||
6/30/2014 | $ | 11.25 | 0.04 | 2.79 | 2.83 | (0.04 | ) | (0.18 | ) | (0.22 | ) | $ | 13.86 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 15.34 | 0.12 | (0.69 | ) | (0.57 | ) | (0.13 | ) | – | (0.13 | ) | $ | 14.64 | ||||||||||||||||||
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 | |||||||||||||||||||
6/30/2015 | $ | 13.87 | 0.18 | (0.06 | ) | 0.12 | (0.19 | ) | – | (0.19 | ) | $ | 13.80 | |||||||||||||||||||
6/30/2014 | $ | 11.26 | 0.17 | 2.79 | 2.96 | (0.17 | ) | (0.18 | ) | (0.35 | ) | $ | 13.87 |
See Notes to Financial Statements. | |
30 | www.cullenfunds.com |
Financial Highlights |
For a Share Outstanding Throughout Periods Presented |
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||
Ratio of | Ratio of | Investment | Investment | |||||||||||||||||||||||
Expenses Before | Expenses After | Income/(Loss) to | Income/(Loss) to | |||||||||||||||||||||||
Net Assets, | Reimbursements | Reimbursements | Average Net Assets | Average Net | Portfolio | |||||||||||||||||||||
End of Period | to Average | to Average | before | Assets after | Turnover | |||||||||||||||||||||
Total Return(b) | (000) | Net Assets | Net Assets(c) | Reimbursements | Reimbursements | Rate | ||||||||||||||||||||
(14.07 | %) | $ | 351 | 8.89 | %(e) | 1.25 | %(e) | (8.08 | %)(e) | (0.44 | %)(e) | 77 | %(f) | |||||||||||||
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 | % | |||||||||||||
(5.88 | %) | $ | 1,094 | 4.33 | % | 1.25 | % | (3.31 | %) | (0.23 | %) | 37 | % | |||||||||||||
19.79 | % | $ | 2,487 | 3.55 | % | 1.25 | % | (2.72 | %) | (0.42 | %) | 27 | % | |||||||||||||
(14.38 | %) | $ | 51 | 9.69 | %(e) | 2.00 | %(e) | (8.88 | %)(e) | (1.19 | %)(e) | 77 | %(f) | |||||||||||||
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 | % | |||||||||||||
(6.49 | %) | $ | 87 | 5.24 | % | 2.00 | % | (4.25 | %) | (1.00 | %) | 37 | % | |||||||||||||
18.92 | % | $ | 117 | 4.29 | % | 2.00 | % | (3.46 | %) | (1.16 | %) | 27 | % | |||||||||||||
(13.99 | %) | $ | 3,351 | 8.68 | %(e) | 1.00 | %(e) | (7.87 | %)(e) | (0.19 | %)(e) | 77 | %(f) | |||||||||||||
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 | % | |||||||||||||
(5.79 | %) | $ | 5,621 | 4.26 | % | 1.00 | % | (3.28 | %) | (0.02 | %) | 37 | % | |||||||||||||
20.05 | % | $ | 7,126 | 3.27 | % | 1.00 | % | (2.43 | %) | (0.16 | %) | 27 | % | |||||||||||||
(3.93 | %) | $ | 693 | 2.12 | %(e) | 1.00 | %(e) | 0.08 | %(e) | 1.20 | %(e) | 1 | %(f) | |||||||||||||
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 | % | |||||||||||||
0.77 | % | $ | 914 | 2.10 | % | 1.00 | % | (0.04 | %) | 1.06 | % | 11 | % | |||||||||||||
26.17 | % | $ | 1,051 | 1.98 | % | 1.00 | % | 0.11 | % | 1.09 | % | 8 | % | |||||||||||||
(4.27 | %) | $ | 355 | 2.86 | %(e) | 1.75 | %(e) | (0.66 | %)(e) | 0.45 | %(e) | 1 | %(f) | |||||||||||||
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 | % | |||||||||||||
(0.12 | %) | $ | 322 | 2.86 | % | 1.75 | % | (0.77 | %) | 0.34 | % | 11 | % | |||||||||||||
25.31 | % | $ | 267 | 2.86 | % | 1.75 | % | (0.75 | %) | 0.35 | % | 8 | % | |||||||||||||
(3.77 | %) | $ | 33,679 | 1.86 | %(e) | 0.75 | %(e) | 0.34 | %(e) | 1.45 | %(e) | 1 | %(f) | |||||||||||||
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 | % | |||||||||||||
0.88 | % | $ | 28,296 | 1.86 | % | 0.75 | % | 0.23 | % | 1.34 | % | 11 | % | |||||||||||||
26.53 | % | $ | 27,373 | 1.84 | % | 0.75 | % | 0.26 | % | 1.35 | % | 8 | % |
Semi-Annual Report | December 31, 2018 | 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, 2018 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
(g) | Less than $0.01. |
See Notes to Financial Statements. | |
32 | www.cullenfunds.com |
Page Intentionally Left Blank
Cullen Funds Trust |
Net Realized | ||||||||||||||||||||||||||||||||
and | Distributions | Distributions | ||||||||||||||||||||||||||||||
Net Asset Value | Unrealized | Total from | from | from Net | ||||||||||||||||||||||||||||
Beginning of | Net Investment | Gain/(Loss) | Investment | Net Investment | Realized | Total | Net Asset Value | |||||||||||||||||||||||||
Year or Period End | Period | Income/(Loss)(a) | on Investments | Operations | Income | Capital Gains | Distributions | End of Period | ||||||||||||||||||||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 10.55 | 0.16 | (1.16 | ) | (1.00 | ) | (0.17 | ) | – | (0.17 | ) | $ | 9.38 | ||||||||||||||||||
6/30/2018 | $ | 10.67 | 0.33 | (0.05 | ) | 0.28 | (0.40 | ) | – | (0.40 | ) | $ | 10.55 | |||||||||||||||||||
6/30/2017 | $ | 9.44 | 0.29 | 1.28 | 1.57 | (0.34 | ) | – | (0.34 | ) | $ | 10.67 | ||||||||||||||||||||
6/30/2016 | $ | 10.87 | 0.28 | (1.32 | ) | (1.04 | ) | (0.39 | ) | – | (0.39 | ) | $ | 9.44 | ||||||||||||||||||
6/30/2015 | $ | 11.57 | 0.22 | (0.60 | ) | (0.38 | ) | (0.32 | ) | – | (0.32 | ) | $ | 10.87 | ||||||||||||||||||
6/30/2014 | $ | 10.55 | 0.24 | 1.00 | 1.24 | (0.22 | ) | – | (0.22 | ) | $ | 11.57 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 10.45 | 0.13 | (1.16 | ) | (1.03 | ) | (0.15 | ) | – | (0.15 | ) | $ | 9.27 | ||||||||||||||||||
6/30/2018 | $ | 10.57 | 0.24 | (0.05 | ) | 0.19 | (0.31 | ) | – | (0.31 | ) | $ | 10.45 | |||||||||||||||||||
6/30/2017 | $ | 9.37 | 0.19 | 1.29 | 1.48 | (0.28 | ) | – | (0.28 | ) | $ | 10.57 | ||||||||||||||||||||
6/30/2016 | $ | 10.80 | 0.20 | (1.30 | ) | (1.10 | ) | (0.33 | ) | – | (0.33 | ) | $ | 9.37 | ||||||||||||||||||
6/30/2015 | $ | 11.51 | 0.15 | (0.60 | ) | (0.45 | ) | (0.26 | ) | – | (0.26 | ) | $ | 10.80 | ||||||||||||||||||
6/30/2014 | $ | 10.52 | 0.15 | 0.99 | 1.14 | (0.15 | ) | – | (0.15 | ) | $ | 11.51 | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 10.61 | 0.18 | (1.18 | ) | (1.00 | ) | (0.17 | ) | – | (0.17 | ) | $ | 9.44 | ||||||||||||||||||
6/30/2018 | $ | 10.73 | 0.37 | (0.07 | ) | 0.30 | (0.42 | ) | – | (0.42 | ) | $ | 10.61 | |||||||||||||||||||
6/30/2017 | $ | 9.50 | 0.32 | 1.27 | 1.59 | (0.36 | ) | – | (0.36 | ) | $ | 10.73 | ||||||||||||||||||||
6/30/2016 | $ | 10.91 | 0.31 | (1.31 | ) | (1.00 | ) | (0.41 | ) | – | (0.41 | ) | $ | 9.50 | ||||||||||||||||||
6/30/2015 | $ | 11.60 | 0.27 | (0.62 | ) | (0.35 | ) | (0.34 | ) | – | (0.34 | ) | $ | 10.91 | ||||||||||||||||||
6/30/2014 | $ | 10.57 | 0.28 | 0.99 | 1.27 | (0.24 | ) | – | (0.24 | ) | $ | 11.60 | ||||||||||||||||||||
Cullen Enhanced Equity Income Fund | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 9.87 | 0.13 | (0.24 | ) | (0.11 | ) | (0.28 | ) | (0.01 | ) | (0.29 | ) | $ | 9.47 | |||||||||||||||||
6/30/2018 | $ | 10.66 | 0.23 | (0.27 | ) | (0.04 | ) | (0.26 | ) | (0.49 | ) | (0.75 | ) | $ | 9.87 | |||||||||||||||||
6/30/2017 | $ | 10.48 | 0.25 | 0.81 | 1.06 | (0.28 | ) | (0.60 | ) | (0.88 | ) | $ | 10.66 | |||||||||||||||||||
6/30/2016(g) | $ | 10.00 | 0.16 | 0.50 | 0.66 | (0.18 | ) | – | (0.18 | ) | $ | 10.48 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 9.89 | 0.09 | (0.24 | ) | (0.15 | ) | (0.24 | ) | (0.01 | ) | (0.25 | ) | $ | 9.49 | |||||||||||||||||
6/30/2018 | $ | 10.67 | 0.15 | (0.26 | ) | (0.11 | ) | (0.24 | ) | (0.43 | ) | (0.67 | ) | $ | 9.89 | |||||||||||||||||
6/30/2017 | $ | 10.52 | 0.16 | 0.81 | 0.97 | (0.26 | ) | (0.56 | ) | (0.82 | ) | $ | 10.67 | |||||||||||||||||||
6/30/2016(g) | $ | 10.00 | 0.13 | 0.50 | 0.63 | (0.11 | ) | – | (0.11 | ) | $ | 10.52 | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
12/31/2018(d) | $ | 9.92 | 0.14 | (0.24 | ) | (0.10 | ) | (0.29 | ) | (0.01 | ) | (0.30 | ) | $ | 9.52 | |||||||||||||||||
6/30/2018 | $ | 10.70 | 0.26 | (0.27 | ) | (0.01 | ) | (0.27 | ) | (0.50 | ) | (0.77 | ) | $ | 9.92 | |||||||||||||||||
6/30/2017 | $ | 10.52 | 0.28 | 0.80 | 1.08 | (0.28 | ) | (0.62 | ) | (0.90 | ) | $ | 10.70 | |||||||||||||||||||
6/30/2016(g) | $ | 10.00 | 0.18 | 0.50 | 0.68 | (0.16 | ) | – | (0.16 | ) | $ | 10.52 |
(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, 2018 (unaudited). |
(e) | Annualized. |
(f) | Not Annualized. |
(g) | Commencement of operations was December 15, 2015. |
See Notes to Financial Statements. | |
34 | www.cullenfunds.com |
Financial Highlights |
For a Share Outstanding Throughout Periods Presented |
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||
Ratio of | Ratio of | Investment | Investment | |||||||||||||||||||||||
Expenses Before | Expenses After | Income/(Loss) to | Income/(Loss) to | |||||||||||||||||||||||
Net Assets, | Reimbursements | Reimbursements | Average Net Assets | Average Net | Portfolio | |||||||||||||||||||||
End of Period | to Average | to Average | before | Assets after | Turnover | |||||||||||||||||||||
Total Return(b) | (000) | Net Assets | Net Assets(c) | Reimbursements | Reimbursements | Rate | ||||||||||||||||||||
(9.66 | %) | $ | 13,543 | 1.45 | %(e) | 1.25 | %(e) | 3.06 | %(e) | 3.26 | %(e) | 37 | %(f) | |||||||||||||
2.48 | % | $ | 14,749 | 1.52 | % | 1.25 | % | 2.59 | % | 2.86 | % | 48 | % | |||||||||||||
16.96 | % | $ | 16,755 | 1.57 | % | 1.25 | % | 2.58 | % | 2.89 | % | 52 | % | |||||||||||||
(9.34 | %) | $ | 12,496 | 1.60 | % | 1.25 | % | 2.68 | % | 3.03 | % | 69 | % | |||||||||||||
(3.26 | %) | $ | 24,781 | 1.59 | % | 1.25 | % | 1.66 | % | 2.00 | % | 64 | % | |||||||||||||
11.84 | % | $ | 24,666 | 1.89 | % | 1.25 | % | 1.55 | % | 2.19 | % | 60 | % | |||||||||||||
(10.02 | %) | $ | 1,911 | 2.20 | %(e) | 2.00 | %(e) | 2.34 | %(e) | 2.54 | %(e) | 37 | %(f) | |||||||||||||
1.71 | % | $ | 2,412 | 2.28 | % | 2.00 | % | 1.85 | % | 2.13 | % | 48 | % | |||||||||||||
16.02 | % | $ | 2,999 | 2.31 | % | 2.00 | % | 1.67 | % | 1.98 | % | 52 | % | |||||||||||||
(9.95 | %) | $ | 3,165 | 2.35 | % | 2.00 | % | 1.84 | % | 2.20 | % | 69 | % | |||||||||||||
(3.93 | %) | $ | 4,696 | 2.34 | % | 2.00 | % | 0.97 | % | 1.32 | % | 64 | % | |||||||||||||
10.89 | % | $ | 4,376 | 2.71 | % | 2.00 | % | 0.71 | % | 1.41 | % | 60 | % | |||||||||||||
(9.55 | %) | $ | 286,088 | 1.20 | %(e) | 1.00 | %(e) | 3.37 | %(e) | 3.57 | %(e) | 37 | %(f) | |||||||||||||
2.72 | % | $ | 393,127 | 1.28 | % | 1.00 | % | 2.93 | % | 3.21 | % | 48 | % | |||||||||||||
17.14 | % | $ | 304,710 | 1.32 | % | 1.00 | % | 2.84 | % | 3.16 | % | 52 | % | |||||||||||||
(8.91 | %) | $ | 209,368 | 1.36 | % | 1.00 | % | 2.93 | % | 3.30 | % | 69 | % | |||||||||||||
(2.98 | %) | $ | 150,405 | 1.35 | % | 1.00 | % | 2.09 | % | 2.43 | % | 64 | % | |||||||||||||
12.11 | % | $ | 58,653 | 1.64 | % | 1.00 | % | 1.96 | % | 2.59 | % | 60 | % | |||||||||||||
(1.22 | %) | $ | 1,673 | 1.97 | %(e) | 1.00 | %(e) | 1.50 | %(e) | 2.47 | %(e) | 87 | %(f) | |||||||||||||
(0.51 | %) | $ | 2,064 | 2.05 | % | 1.00 | % | 1.17 | % | 2.22 | % | 157 | % | |||||||||||||
10.59 | % | $ | 1,932 | 3.83 | % | 1.00 | % | (0.51 | %) | 2.32 | % | 154 | % | |||||||||||||
6.69 | % | $ | 581 | 7.62 | %(e) | 1.00 | %(e) | (3.86 | %)(e) | 2.76 | %(e) | 86 | %(f) | |||||||||||||
(1.61 | %) | $ | 4,814 | 2.73 | %(e) | 1.75 | %(e) | 0.74 | %(e) | 1.72 | %(e) | 87 | %(f) | |||||||||||||
(1.17 | %) | $ | 4,961 | 2.80 | % | 1.75 | % | 0.42 | % | 1.47 | % | 157 | % | |||||||||||||
9.66 | % | $ | 2,540 | 4.57 | % | 1.75 | % | (1.29 | %) | 1.53 | % | 154 | % | |||||||||||||
6.31 | % | $ | 533 | 8.56 | %(e) | 1.75 | %(e) | (4.39 | %)(e) | 2.42 | %(e) | 86 | %(f) | |||||||||||||
(1.08 | %) | $ | 35,449 | 1.73 | %(e) | 0.75 | %(e) | 1.72 | %(e) | 2.70 | %(e) | 87 | %(f) | |||||||||||||
(0.24 | %) | $ | 39,675 | 1.80 | % | 0.75 | % | 1.42 | % | 2.47 | % | 157 | % | |||||||||||||
10.79 | % | $ | 20,080 | 3.50 | % | 0.75 | % | (0.16 | %) | 2.59 | % | 154 | % | |||||||||||||
6.88 | % | $ | 4,275 | 7.56 | %(e) | 0.75 | %(e) | (3.39 | %)(e) | 3.42 | %(e) | 86 | %(f) |
Semi-Annual Report | December 31, 2018 | 35 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (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 Generally Accepted Accounting Principles 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, 2018 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 other factors in accordance with procedures established by, and under the general supervision of, the Board of Trustees. The Funds use a fair |
36 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
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 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 – | quoted prices in active markets for identical securities. |
Level 2 – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). 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. |
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. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
The following is a summary of the inputs used as of December 31, 2018 in valuing each Fund’s assets carried at fair value:
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 - Significant | ||||||||||||||
Investments in Securities at Value(1) | Quoted Prices | Observable Inputs(2) | Unobservable Inputs | Total | ||||||||||||
Cullen International High Dividend Fund | ||||||||||||||||
Common Stocks | $ | 40,392,903 | $ | 124,051,903 | $ | – | $ | 164,444,806 | ||||||||
Preferred Stock | – | 3,612,976 | – | 3,612,976 | ||||||||||||
Total | $ | 40,392,903 | $ | 127,664,879 | $ | – | $ | 168,057,782 |
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 - Significant | ||||||||||||||
Investments in Securities at Value(1) | Quoted Prices | Observable Inputs | Unobservable Inputs | Total | ||||||||||||
Cullen High Dividend Equity Fund | ||||||||||||||||
Common Stocks | $ | 1,452,624,249 | $ | – | $ | – | $ | 1,452,624,249 | ||||||||
Total | $ | 1,452,624,249 | $ | – | $ | – | $ | 1,452,624,249 |
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 - Significant | ||||||||||||||
Investments in Securities at Value(1) | Quoted Prices | Observable Inputs | Unobservable Inputs | Total | ||||||||||||
Cullen Small Cap Value Fund | ||||||||||||||||
Common Stocks | $ | 3,593,995 | $ | – | $ | – | $ | 3,593,995 | ||||||||
Total | $ | 3,593,995 | $ | – | $ | – | $ | 3,593,995 |
Semi-Annual Report | December 31, 2018 | 37 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 - Significant | ||||||||||||||
Investments in Securities at Value(1) | Quoted Prices | Observable Inputs | Unobservable Inputs | Total | ||||||||||||
Cullen Value Fund | ||||||||||||||||
Common Stocks | $ | 31,156,662 | $ | – | $ | – | $ | 31,156,662 | ||||||||
Total | $ | 31,156,662 | $ | – | $ | – | $ | 31,156,662 |
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 - Significant | ||||||||||||||
Investments in Securities at Value(1) | Quoted Prices | Observable Inputs | Unobservable Inputs | Total | ||||||||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||||||
Common Stocks | $ | 84,610,061 | $ | 198,688,800 | $ | – | $ | 283,298,861 | ||||||||
Participatory Notes(2) | – | 14,896,479 | – | 14,896,479 | ||||||||||||
Total | $ | 84,610,061 | $ | 213,585,279 | $ | – | $ | 298,195,340 |
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 - Significant | ||||||||||||||
Investments in Securities at Value(1) | Quoted Prices | Observable Inputs | Unobservable Inputs | Total | ||||||||||||
Cullen Enhanced Equity Income Fund | ||||||||||||||||
Common Stocks | $ | 41,634,212 | $ | – | $ | – | $ | 41,634,212 | ||||||||
Total | $ | 41,634,212 | $ | – | $ | – | $ | 41,634,212 | ||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Call Options Written | $ | (63,047 | ) | – | – | $ | (63,047 | ) | ||||||||
Total | $ | (63,047 | ) | – | – | $ | (63,047 | ) |
(1) | For detailed descriptions of country, sector and/or industry, see the accompanying Schedule of Investments. |
(2) | 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. |
There were no securities classified as Level 3 securities during the period, thus, a reconciliation of assets in which significant unobservable inputs (Level 3) were used is not applicable for these Funds.
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, 2018, 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. |
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. |
38 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
j) | Income and Expenses – Within each Fund, dividend income is recognized on the ex-dividend date or as soon as information is available and interest income is recognized on an accrual basis. 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, 2018:
Liability Derivatives | ||||||
Statements of Assets and Liabilities Location | Fair Value | |||||
Cullen Enhanced Equity Income Fund | ||||||
Equity Contracts (Written Options) | Written options, at value | (63,047 | ) | |||
Total | $ | (63,047 | ) |
The effect of derivatives instruments on the Statements of Operations for the six months ended December 31, 2018:
Change in | ||||||||||
Unrealized | ||||||||||
Realized | Appreciation/ | |||||||||
Gain/(Loss) | (Depreciation) | |||||||||
on Derivatives | on Derivatives | |||||||||
Recognized | Recognized | |||||||||
Risk Exposure | Statements of Operations Location | in Income | 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 | 693,151 | (10,074 | ) | ||||||
Total | $ | 693,151 | $ | (10,074 | ) |
Semi-Annual Report | December 31, 2018 | 39 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
The Cullen Enhanced Equity Income Fund had the following monthly average written call option notional value during the six months ended December 31, 2018:
Monthly Average | ||||
Written Option | ||||
Fund | Notional Value | |||
Cullen Enhanced Equity Income Fund | 9,756,925 |
3. CAPITAL SHARE TRANSACTIONS
Share transactions were as follows:
Six Months Ended | ||||||||
December 31, 2018 | Year Ended | |||||||
(Unaudited) | June 30, 2018 | |||||||
Cullen International High Dividend Fund | ||||||||
Retail | ||||||||
Shares sold | 148,921 | 305,771 | ||||||
Dividends reinvested | 16,132 | 49,021 | ||||||
Shares redeemed | (299,247 | ) | (3,384,501 | ) | ||||
Net decrease in shares outstanding | (134,194 | ) | (3,029,709 | ) | ||||
Class C | ||||||||
Shares sold | 12,284 | 91,332 | ||||||
Dividends reinvested | 3,647 | 4,506 | ||||||
Shares redeemed | (34,703 | ) | (69,231 | ) | ||||
Net increase/(decrease) in shares outstanding | (18,772 | ) | 26,607 | |||||
Class I | ||||||||
Shares sold | 2,361,141 | 9,510,811 | ||||||
Dividends reinvested | 254,218 | 383,307 | ||||||
Shares redeemed | (7,058,851 | ) | (5,073,833 | ) | ||||
Net increase/(decrease) in shares outstanding | (4,443,492 | ) | 4,820,285 | |||||
Class R1 | ||||||||
Shares sold | 107 | 415 | ||||||
Dividends reinvested | 12 | 82 | ||||||
Shares redeemed | – | (5,049 | ) | |||||
Net increase/(decrease) in shares outstanding | 119 | (4,552 | ) | |||||
Class R2 | ||||||||
Shares sold | 1,512 | 349 | ||||||
Dividends reinvested | 74 | 185 | ||||||
Shares redeemed | (611 | ) | (5,347 | ) | ||||
Net increase/(decrease) in shares outstanding | 975 | (4,813 | ) |
40 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
Six Months Ended | ||||||||
December 31, 2018 | Year Ended | |||||||
(Unaudited) | June 30, 2018 | |||||||
Cullen High Dividend Equity Fund | ||||||||
Retail | ||||||||
Shares sold | 401,681 | 896,885 | ||||||
Dividends reinvested | 1,279,221 | 1,240,601 | ||||||
Shares redeemed | (2,582,971 | ) | (8,871,905 | ) | ||||
Net decrease in shares outstanding | (902,069 | ) | (6,734,419 | ) | ||||
Class C | ||||||||
Shares sold | 161,388 | 179,053 | ||||||
Dividends reinvested | 407,585 | 366,376 | ||||||
Shares redeemed | (626,570 | ) | (1,706,600 | ) | ||||
Net decrease in shares outstanding | (57,597 | ) | (1,161,171 | ) | ||||
Class I | ||||||||
Shares sold | 8,148,086 | 15,740,792 | ||||||
Dividends reinvested | 8,161,470 | 5,617,165 | ||||||
Shares redeemed | (14,443,662 | ) | (16,186,122 | ) | ||||
Net increase in shares outstanding | 1,865,894 | 5,171,835 | ||||||
Class R1 | ||||||||
Shares sold | 2,452 | 2,521 | ||||||
Dividends reinvested | 4,002 | 2,991 | ||||||
Shares redeemed | (194 | ) | (11,405 | ) | ||||
Net increase/(decrease) in shares outstanding | 6,260 | (5,893 | ) | |||||
Class R2 | ||||||||
Shares sold | 4,921 | 6,201 | ||||||
Dividends reinvested | 11,697 | 9,321 | ||||||
Shares redeemed | (5,199 | ) | (157,146 | ) | ||||
Net increase/(decrease) in shares outstanding | 11,419 | (141,624 | ) | |||||
Cullen Small Cap Value Fund | ||||||||
Retail | ||||||||
Shares sold | 333 | 6,518 | ||||||
Dividends reinvested | 1,967 | 6,814 | ||||||
Shares redeemed | (2,795 | ) | (11,626 | ) | ||||
Net increase/(decrease) in shares outstanding | (495 | ) | 1,706 | |||||
Class C | ||||||||
Shares sold | 421 | – | ||||||
Dividends reinvested | 355 | 904 | ||||||
Shares redeemed | – | (1,004 | ) | |||||
Net increase/(decrease) in shares outstanding | 776 | (100 | ) | |||||
Class I | ||||||||
Shares sold | 17,566 | 22,237 | ||||||
Dividends reinvested | 18,384 | 48,143 | ||||||
Shares redeemed | (481 | ) | (13,599 | ) | ||||
Net increase in shares outstanding | 35,469 | 56,781 |
Semi-Annual Report | December 31, 2018 | 41 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
Six Months Ended | ||||||||
December 31, 2018 | Year Ended | |||||||
(Unaudited) | June 30, 2018 | |||||||
Cullen Value Fund | ||||||||
Retail | ||||||||
Shares sold | 16,486 | 12,911 | ||||||
Dividends reinvested | 348 | 3,001 | ||||||
Shares redeemed | (10,306 | ) | (13,995 | ) | ||||
Net increase in shares outstanding | 6,528 | 1,917 | ||||||
Class C | ||||||||
Shares sold | 10,993 | 1,363 | ||||||
Dividends reinvested | 22 | 1,457 | ||||||
Shares redeemed | – | (18,698 | ) | |||||
Net increase/(decrease) in shares outstanding | 11,015 | (15,878 | ) | |||||
Class I | ||||||||
Shares sold | 26,539 | 268,559 | ||||||
Dividends reinvested | 18,967 | 158,482 | ||||||
Shares redeemed | (39,770 | ) | (222,469 | ) | ||||
Net increase in shares outstanding | 5,736 | 204,572 | ||||||
Cullen Emerging Markets High Dividend Fund | ||||||||
Retail | ||||||||
Shares sold | 539,242 | 466,852 | ||||||
Dividends reinvested | 22,085 | 50,053 | ||||||
Shares redeemed | (515,494 | ) | (688,639 | ) | ||||
Net increase/(decrease) in shares outstanding | 45,833 | (171,734 | ) | |||||
Class C | ||||||||
Shares sold | 5,895 | 49,909 | ||||||
Dividends reinvested | 3,203 | 7,146 | ||||||
Shares redeemed | (33,783 | ) | (109,902 | ) | ||||
Net decrease in shares outstanding | (24,685 | ) | (52,847 | ) | ||||
Class I | ||||||||
Shares sold | 8,485,375 | 13,641,465 | ||||||
Dividends reinvested | 554,428 | 1,086,009 | ||||||
Shares redeemed | (15,788,333 | ) | (6,067,833 | ) | ||||
Net increase/(decrease) in shares outstanding | (6,748,530 | ) | 8,659,641 | |||||
Cullen Enhanced Equity Income Fund | ||||||||
Retail | ||||||||
Shares sold | 9,594 | 170,854 | ||||||
Dividends reinvested | 5,227 | 17,509 | ||||||
Shares redeemed | (47,221 | ) | (160,532 | ) | ||||
Net increase/(decrease) in shares outstanding | (32,400 | ) | 27,831 | |||||
Class C | ||||||||
Shares sold | 91,538 | 327,098 | ||||||
Dividends reinvested | 6,118 | 15,813 | ||||||
Shares redeemed | (92,095 | ) | (79,202 | ) | ||||
Net increase in shares outstanding | 5,561 | 263,709 | ||||||
Class I | ||||||||
Shares sold | 596,167 | 2,472,531 | ||||||
Dividends reinvested | 94,510 | 170,426 | ||||||
Shares redeemed | (965,642 | ) | (520,498 | ) | ||||
Net increase/(decrease) in shares outstanding | (274,965 | ) | 2,122,459 |
42 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
4. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term investments, for the six months ended December 31, 2018 were as follows:
Proceeds from Sales of | ||||||||
Fund | Purchases of Securities | Securities | ||||||
Cullen International High Dividend Fund | $ | 38,966,446 | $ | 73,487,678 | ||||
Cullen High Dividend Equity Fund | 502,697,744 | 635,813,997 | ||||||
Cullen Small Cap Value Fund | 3,189,386 | 2,786,682 | ||||||
Cullen Value Fund | 490,267 | 1,679,693 | ||||||
Cullen Emerging Markets High Dividend Fund | 137,409,986 | 176,479,650 | ||||||
Cullen Enhanced Equity Income Fund | 39,846,524 | 40,706,821 |
5. FEDERAL TAX INFORMATION
As of June 30, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Net | Accumulated Net | |||||||||||||||
Investment | Realized | Unrealized | ||||||||||||||
Income/(Loss) | Gain/(Loss) | Appreciation/(Depreciation) | Total | |||||||||||||
Cullen International High Dividend Fund | $ | 1,686,261 | $ | (29,560,869 | ) | $ | 28,822,319 | $ | 947,711 | |||||||
Cullen High Dividend Equity Fund | – | 125,424,564 | 640,150,603 | 765,575,167 | ||||||||||||
Cullen Small Cap Value Fund | 102,322 | 106,333 | 675,324 | 883,979 | ||||||||||||
Cullen Value Fund | 27,845 | – | 11,472,612 | 11,500,457 | ||||||||||||
Cullen Emerging Markets High Dividend Fund | 790,488 | (27,960,390 | ) | 23,335,304 | (3,834,598 | ) | ||||||||||
Cullen Enhanced Equity Income Fund | – | 48,351 | (2,948,724 | ) | (2,900,373 | ) |
As of December 31, 2018 the costs of investments for federal tax purposes and accumulated net unrealized appreciation/(depreciation) in investments were as follows:
Gross Appreciation | Gross Depreciation | Cost of Investments | ||||||||||||||
(excess of value over | (excess of tax cost | Net Unrealized | for Income Tax | |||||||||||||
tax cost) | over value) | Appreciation/(Depreciation) | Purposes* | |||||||||||||
Cullen International High Dividend Fund | $ | 23,264,235 | $ | (8,999,595 | ) | $ | 14,264,640 | $ | 153,793,142 | |||||||
Cullen High Dividend Equity Fund | 568,461,691 | (21,839,745 | ) | 546,621,946 | 906,002,303 | |||||||||||
Cullen Small Cap Value Fund | 519,731 | (275,139 | ) | 244,592 | 3,349,403 | |||||||||||
Cullen Value Fund | 9,502,491 | (649,527 | ) | 8,852,964 | 22,303,698 | |||||||||||
Cullen Emerging Markets High Dividend Fund | 33,830,844 | (30,664,536 | ) | 3,166,308 | 295,029,032 | |||||||||||
Cullen Enhanced Equity Income Fund | 319,088 | (4,668,073 | ) | (4,348,985 | ) | 45,920,149 |
* | 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. |
Semi-Annual Report | December 31, 2018 | 43 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (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 from expiration of capital losses and differing treatment of certain income items, reclassification adjustments were made to increase (decrease) the amounts listed below:
Undistributed Net | Accumulated Net Realized | |||||||||||
Fund | Paid-in Capital | Investment Income/(Loss) | Gain/(Loss) | |||||||||
Cullen International High Dividend Fund | $ | (17,096,390 | ) | $ | 776,265 | $ | 16,320,125 | |||||
Cullen High Dividend Equity Fund | 11,788,858 | (800,235 | ) | (10,988,623 | ) | |||||||
Cullen Small Cap Value Fund | – | 21,540 | (21,540 | ) | ||||||||
Cullen Value Fund | – | 2 | (2 | ) | ||||||||
Cullen Emerging Markets High Dividend Fund | (1 | ) | 121,333 | (121,332 | ) | |||||||
Cullen Enhanced Equity Income Fund | – | (4,008 | ) | 4,008 |
At June 30, 2018, 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.
No Expiration | No Expiration | |||||||||||
Fund | Short-Term | Long-Term | Total | |||||||||
Cullen International High Dividend Fund | $ | 27,913,341 | $ | 349,400 | $ | 28,262,741 | ||||||
Cullen High Dividend Equity Fund | – | – | – | |||||||||
Cullen Small Cap Value Fund | – | – | – | |||||||||
Cullen Value Fund | – | – | – | |||||||||
Cullen Emerging Markets High Dividend Fund | 26,786,369 | 739,905 | 27,526,274 | |||||||||
Cullen Enhanced Equity Income Fund | – | – | – |
The Cullen International High Dividend Fund and Cullen Emerging Markets High Dividend Fund used capital loss carryovers during the period ended June 30, 2018 in the amount of $154,513 and $9,459,231, respectively.
The Cullen International High Dividend Fund and Cullen Emerging Markets High Dividend Fund elected to treat post-October capital losses of $1,298,128 and $434,116, respectively, as having been incurred in the following fiscal year June 30, 2019.
The tax composition of dividends paid during the year ended June 30, 2018 was as follows:
Long-Term Capital | ||||||||
Fund | Ordinary Income | Gain | ||||||
Cullen International High Dividend Fund | $ | 6,885,326 | $ | – | ||||
Cullen High Dividend Equity Fund | 39,239,336 | 139,573,045 | ||||||
Cullen Small Cap Value Fund | 32,722 | 642,695 | ||||||
Cullen Value Fund | 503,026 | 2,057,975 | ||||||
Cullen Emerging Markets High Dividend Fund | 13,958,037 | – | ||||||
Cullen Enhanced Equity Income Fund | 2,612,786 | 206,308 |
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, 2018, 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%,
44 | www.cullenfunds.com |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (Unaudited) |
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.
As of December 31, 2018, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:
Expiring June 30, | ||||||||||||
Fund/Class | 2019 | 2020 | 2021 | |||||||||
Cullen International High Dividend Fund | ||||||||||||
Retail | $ | 85,177 | $ | 82,067 | $ | 36,440 | ||||||
Class C | 6,692 | 7,111 | 6,769 | |||||||||
Class I | 403,411 | 395,222 | 505,336 | |||||||||
Total | $ | 495,280 | $ | 484,400 | $ | 548,545 | ||||||
Cullen High Dividend Equity Fund | ||||||||||||
Retail | $ | 1,152,409 | $ | 1,059,245 | $ | 817,204 | ||||||
Class C | 285,984 | 287,941 | 244,321 | |||||||||
Class I | 4,792,166 | 4,698,693 | 4,778,420 | |||||||||
Class R1 | 2,636 | 1,725 | 326 | |||||||||
Class R2 | 10,899 | 11,391 | 5,196 | |||||||||
Total | $ | 6,244,094 | $ | 6,058,995 | $ | 5,845,467 | ||||||
Cullen Small Cap Value Fund | ||||||||||||
Retail | $ | 39,342 | $ | 32,154 | $ | 31,934 | ||||||
Class C | 3,930 | 3,626 | 3,710 | |||||||||
Class I | 206,551 | 202,633 | 230,527 | |||||||||
Total | $ | 249,823 | $ | 238,413 | $ | 266,171 | ||||||
Cullen Value Fund | ||||||||||||
Retail | $ | 11,604 | $ | 6,339 | $ | 6,697 | ||||||
Class C | 4,151 | 4,270 | 4,271 | |||||||||
Class I | 335,514 | 315,159 | 349,176 | |||||||||
Total | $ | 351,269 | $ | 325,768 | $ | 360,144 | ||||||
Cullen Emerging Markets High Dividend Fund | ||||||||||||
Retail | $ | 49,200 | $ | 45,550 | $ | 46,120 | ||||||
Class C | 12,267 | 9,785 | 7,770 | |||||||||
Class I | 574,646 | 795,536 | 997,088 | |||||||||
Total | $ | 636,113 | $ | 850,871 | $ | 1,050,978 | ||||||
Cullen Enhanced Equity Income Fund | ||||||||||||
Retail | $ | 21,231 | $ | 30,477 | $ | 26,674 | ||||||
Class C | 18,382 | 25,236 | 47,424 | |||||||||
Class I | 147,430 | 223,010 | 318,314 | |||||||||
Total | $ | 187,043 | $ | 278,723 | $ | 392,412 |
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, 2018 | 45 |
Cullen Funds Trust | Notes to Financial Statements |
December 31, 2018 (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 service 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, 2018, the Cullen Small Cap Value Fund had two affiliated shareholders who held 60.82% and 12.77% of the Fund’s outstanding shares, the Cullen Value Fund had two affiliated shareholders who held 18.15% and 7.30% of the Fund’s outstanding shares, and the Cullen Enhanced Equity Income Fund had one affiliated shareholder who held 21.01% of the Fund’s outstanding shares. Investment activities of these shareholders could have a material effect on the respective Funds.
46 | www.cullenfunds.com |
Cullen Funds Trust | Additional Information |
December 31, 2018 (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-Q
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-Q. The Funds’ Form N-Q 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-Q will also be available upon request by calling 1-877-485-8586.
Semi-Annual Report | December 31, 2018 | 47 |
INVESTMENT ADVISOR
Cullen Capital Management LLC
645 Fifth Avenue
New York, NY 10022
DISTRIBUTOR
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
1900 16thStreet, 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 1100
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.
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 7, 2019 |
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 7, 2019 |
By: | /s/ Jeffrey T. Battaglia | |
Jeffrey T. Battaglia | ||
Treasurer | ||
Date: | March 7, 2019 |