Cullen Funds Trust N-PX Annual report of proxy voting record

As filed with the SEC on December 3, 2004.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09871

CULLEN FUNDS TRUST

(Exact name of registrant as specified in charter)

645 FIFTH AVENUE

NEW YORK, 10022

(Address of principal executive offices) (Zip code)

BROOKS CULLEN

645 FIFTH AVENUE

NEW YORK, NY 10022

(Name and address of agent for service)

877-485-8586

Registrant's telephone number, including area code

Date of fiscal year end: June 30,2004

Date of reporting period: June 30, 2004

Item 1. Proxy Voting Record.

Cullen High Dividend Value Fund

	CUSIP/CINS:	060505	Meeting Type:	ANNUAL
	Ticker:	BAC	Meeting Date:	26-May-04
	ISIN:		Agenda:	932152666 - Management
	City:		Holdings Reconciliation Date:	07-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	26-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	DIRECTOR			Mgmt
	1	WILLIAM BARNET, III			For	For
	2	CHARLES W. COKER			For	For
	3	JOHN T. COLLINS			For	For
	4	GARY L. COUNTRYMAN			For	For
	5	PAUL FULTON			For	For
	6	CHARLES K. GIFFORD			For	For
	7	DONALD E. GUINN			For	For
	8	JAMES H. HANCE, JR.			For	For
	9	KENNETH D. LEWIS			For	For
	10	WALTER E. MASSEY			For	For
	11	THOMAS J. MAY			For	For
	12	C. STEVEN MCMILLAN			For	For
	13	EUGENE M. MCQUADE			For	For
	14	PATRICIA E. MITCHELL			For	For
	15	EDWARD L. ROMERO			For	For
	16	THOMAS M. RYAN			For	For
	17	O. TEMPLE SLOAN, JR.			For	For
	18	MEREDITH R. SPANGLER			For	For
	19	JACKIE M. WARD			For	For
02	RATIFICATION OF INDEPENDENT PUBLIC ACCOUNTANTS			Mgmt	For	For
03	STOCKHOLDER PROPOSAL - ANNUAL MEETING DATE			Shr	Against	For
04	STOCKHOLDER PROPOSAL - NOMINATION OF DIRECTORS			Shr	Against	For
05	STOCKHOLDER PROPOSAL - CHARITABLE CONTRIBUTIONS			Shr	Against	For
06	STOCKHOLDER PROPOSAL - MUTUAL FUND TRADING POLICIES			Shr	Against	For
07	STOCKHOLDER PROPOSAL - PRIVACY AND INFORMATION SECURITY			Shr	Against	For
	CUSIP/CINS:	151290	Meeting Type:	ANNUAL
	Ticker:	CX	Meeting Date:	29-Apr-04
	ISIN:		Agenda:	932137309 - Management
	City:		Holdings Reconciliation Date:	29-Mar-04
	Country:	UNITED STATES	Vote Deadline Date:	27-Apr-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
A1	PRESENTATION, DISCUSSION AND, IF APPLICABLE, APPROVAL OF THE REPORT BY THE BOARD OF DIRECTORS, INCLUDING THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003 AS REQUIRED BY THE MEXICAN CORPORATION LAW.			Mgmt	For	For
A2	PROPOSAL FOR THE ALLOCATION OF PROFITS AND THE MAXIMUM AMOUNT OF FUNDS TO BE USED FOR THE PURCHASE OF COMPANY SHARES.			Mgmt	For	For
A3	PROPOSAL TO INCREASE THE CAPITAL STOCK OF THE COMPANY IN ITS VARIBLE PORTION THROUGH CAPITALIZATION CHARGED AGAINST RETAINED EARNINGS, SUBMITTED FOR CONSIDERATION OF THE SHAREHOLDERS AT THE MEETING.			Mgmt	For	For
A4	APPOINTMENT OF DIRECTORS AND STATUTORY AUDITORS, ACCORDING TO THE PROPOSAL OF SHAREHOLDERS SUBMITTED FOR CONSIDERATION AT THE MEETING.			Mgmt	For	For
A5	COMPENSATION OF DIRECTORS AND STATUTORY AUDITORS, ACCORDING TO THE PROPOSAL OF SHAREHOLDERS SUBMITTED FOR CONSIDERATION AT THE MEETING.			Mgmt	For	For
A6	APPOINTMENT OF DELEGATES TO FORMALIZE THE RESOLUTIONS ADOPTED AT THE MEETING.			Mgmt	For	For
	CUSIP/CINS:	126132	Meeting Type:	ANNUAL
	Ticker:	CEO	Meeting Date:	28-Apr-04
	ISIN:		Agenda:	932141093 - Management
	City:		Holdings Reconciliation Date:	06-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	21-Apr-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
O1	TO RECEIVE AND CONSIDER THE AUDITED ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2003 TOGETHER WITH THE REPORTS OF THE DIRECTORS AND THE AUDITORS THEREON.			Mgmt	For	For
O2	TO DECLARE THE FINAL DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2003 AND SPECIAL CASH DIVIDEND.			Mgmt	For	For
O3A	TO RE-ELECT MR. SHOUWEI ZHOU AS EXECUTIVE DIRECTOR.			Mgmt	For	For
O3B	TO RE-ELECT PROFESSOR KENNETH S. COURTIS AS INDEPENDENT NON-EXECUTIVE DIRECTOR.			Mgmt	For	For
O3C	TO RE-ELECT DR. ERWIN SCHURTENBERGER AS INDEPENDENT NON-EXECUTIVE DIRECTOR.			Mgmt	For	For
O3D	TO ELECT MR. EVERT HENKES AS INDEPENDENT NON- EXECUTIVE DIRECTOR.			Mgmt	For	For
O4	TO RE-APPOINT ERNST & YOUNG AS THE COMPANY S AUDITORS AND TO AUTHORIZE THE DIRECTORS TO FIX THEIR REMUNERATION.			Mgmt	For	For
O5	TO GRANT A GENERAL MANDATE TO THE DIRECTORS TO REPURCHASE SHARES IN THE COMPANY.			Mgmt	For	For
O6	TO GRANT A GENERAL MANDATE TO THE DIRECTORS TO ISSUE, ALLOT AND DEAL WITH ADDITIONAL SHARES IN THE COMPANY.			Mgmt	For	For
O7	TO EXTEND THE GENERAL MANDATE GRANTED TO THE DIRECTORS TO ISSUE, ALLOT AND DEAL WITH SHARES BY THE NUMBER OF SHARES REPURCHASED.			Mgmt	For	For
S8	TO AMEND THE ARTICLES OF ASSOCIATION OF THE COMPANY.			Mgmt	For	For
	CUSIP/CINS:	126132	Meeting Type:	ANNUAL
	Ticker:	CEO	Meeting Date:	14-Jun-04
	ISIN:		Agenda:	932180184 - Management
	City:		Holdings Reconciliation Date:	18-May-04
	Country:	UNITED STATES	Vote Deadline Date:	07-Jun-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
O1	TO RECEIVE AND CONSIDER THE AUDITED ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2003 TOGETHER WITH THE REPORTS OF THE DIRECTORS AND THE AUDITORS THEREON.			Mgmt	For	For
O2A	TO RE-ELECT MR. SHOUWEI ZHOU AS EXECUTIVE DIRECTOR.			Mgmt	For	For
O2B	TO RE-ELECT PROFESSOR KENNETH S. COURTIS AS INDEPENDENT NON-EXECUTIVE DIRECTOR.			Mgmt	For	For
O2C	TO RE-ELECT DR. ERWIN SCHURTENBERGER AS INDEPENDENT NON-EXECUTIVE DIRECTOR.			Mgmt	For	For
O2D	TO ELECT MR. EVERT HENKES AS INDEPENDENT NON- EXECUTIVE DIRECTOR.			Mgmt	For	For
O3	TO RE-APPOINT ERNST & YOUNG AS THE COMPANY S AUDITORS AND TO AUTHORIZE THE DIRECTORS TO FIX THEIR REMUNERATION.			Mgmt	For	For
OA	TO GRANT A GENERAL MANDATE TO THE DIRECTORS TO REPURCHASE SHARES IN THE COMPANY NOT EXCEEDING 10% OF THE AGGREGATE NOMINAL AMOUNT OF THE EXISTING ISSUED SHARE CAPITAL.			Mgmt	For	For
OB	TO GRANT A GENERAL MANDATE TO THE DIRECTORS TO ISSUE, ALLOT AND DEAL WITH ADDITIONAL SHARES IN THE COMPANY NOT EXCEEDING 20% OF THE EXISTING ISSUED SHARE CAPITAL.			Mgmt	For	For
OC	TO EXTEND THE GENERAL MANDATE GRANTED TO THE DIRECTORS TO ISSUE, ALLOT AND DEAL WITH SHARES BY THE NUMBER OF SHARES REPURCHASED.			Mgmt	For	For
SD	TO AMEND THE ARTICLES OF ASSOCIATION OF THE COMPANY.			Mgmt	For	For
	CUSIP/CINS:	29476L	Meeting Type:	ANNUAL
	Ticker:	EQRPRA	Meeting Date:	28-May-04
	ISIN:		Agenda:	932139098 - Management
	City:		Holdings Reconciliation Date:	29-Mar-04
	Country:	UNITED STATES	Vote Deadline Date:	28-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	DIRECTOR			Mgmt
	1	JOHN W. ALEXANDER			For	For
	2	CHARLES L. ATWOOD			For	For
	3	BRUCE W. DUNCAN			For	For
	4	STEPHEN O. EVANS			For	For
	5	JAMES D. HARPER, JR.			For	For
	6	BOONE A. KNOX			For	For
	7	DESIREE G. ROGERS			For	For
	8	SHELI Z. ROSENBERG			For	For
	9	GERALD A. SPECTOR			For	For
	10	B. JOSEPH WHITE			For	For
	11	SAMUEL ZELL			For	For
02	APPROVAL OF AMENDMENT TO THE COMPANY S DECLARATION OF TRUST TO REMOVE A POTENTIAL ANTI-TAKEOVER DEFENSE.			Mgmt	For	For
03	RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS THE COMPANY S INDEPENDENT AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2004.			Mgmt	For	For
	CUSIP/CINS:	421915	Meeting Type:	ANNUAL
	Ticker:	HCPPRA	Meeting Date:	07-May-04
	ISIN:		Agenda:	932127815 - Management
	City:		Holdings Reconciliation Date:	24-Mar-04
	Country:	UNITED STATES	Vote Deadline Date:	07-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	DIRECTOR			Mgmt
	1	MARY A. CIRILLO
	2	ROBERT R. FANNING, JR.
	3	JAMES F. FLAHERTY III
	4	DAVID B. HENRY
	5	MICHAEL D. MCKEE
	6	HAROLD M. MESSMER, JR.
	7	PETER L. RHEIN
	8	KENNETH B. ROATH
	9	RICHARD M. ROSENBERG
	10	JOSEPH P. SULLIVAN
02	APPROVAL OF THE AMENDMENT TO THE CHARTER TO INCREASE THE COMPANY S AUTHORIZED COMMON STOCK TO 750,000,000.			Mgmt
03	APPROVAL OF THE AMENDMENT TO THE CHARTER TO DECLASSIFY THE BOARD.			Mgmt
04	RATIFICATION OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2004.			Mgmt
	CUSIP/CINS:	46625H	Meeting Type:	ANNUAL
	Ticker:	JPM	Meeting Date:	25-May-04
	ISIN:		Agenda:	932142211 - Management
	City:		Holdings Reconciliation Date:	02-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	25-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	MERGER PROPOSAL			Mgmt	For	For
02	DIRECTOR			Mgmt
	1	HANS W. BECHERER			For	For
	2	FRANK A. BENNACK, JR.			For	For
	3	JOHN H. BIGGS			For	For
	4	LAWRENCE A. BOSSIDY			For	For
	5	ELLEN V. FUTTER			For	For
	6	WILLIAM H. GRAY, III			For	For
	7	WILLIAM B. HARRISON, JR			For	For
	8	HELENE L. KAPLAN			For	For
	9	LEE R. RAYMOND			For	For
	10	JOHN R. STAFFORD			For	For
03	APPOINTMENT OF EXTERNAL AUDITOR			Mgmt	For	For
04	RE-APPROVAL OF KEY EXECUTIVE PERFORMANCE PLAN			Mgmt	For	For
05	ADJOURNMENT OF MEETING, IF NECESSARY, TO SOLICIT ADDITIONAL PROXIES			Mgmt	For	For
06	DIRECTOR TERM LIMIT			Shr	Against	For
07	CHARITABLE CONTRIBUTIONS			Shr	Against	For
08	POLITICAL CONTRIBUTIONS			Shr	Against	For
09	SEPARATION OF CHAIRMAN AND CEO			Shr	Against	For
10	DERIVATIVE DISCLOSURE			Shr	Against	For
11	AUDITOR INDEPENDENCE			Shr	Against	For
12	DIRECTOR COMPENSATION			Shr	Against	For
13	PAY DISPARITY			Shr	Against	For

Cullen Value Fund

	CUSIP/CINS:	060505	Meeting Type:	ANNUAL
	Ticker:	BAC	Meeting Date:	26-May-04
	ISIN:		Agenda:	932152666 - Management
	City:		Holdings Reconciliation Date:	07-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	26-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	DIRECTOR			Mgmt
	1	WILLIAM BARNET, III			For	For
	2	CHARLES W. COKER			For	For
	3	JOHN T. COLLINS			For	For
	4	GARY L. COUNTRYMAN			For	For
	5	PAUL FULTON			For	For
	6	CHARLES K. GIFFORD			For	For
	7	DONALD E. GUINN			For	For
	8	JAMES H. HANCE, JR.			For	For
	9	KENNETH D. LEWIS			For	For
	10	WALTER E. MASSEY			For	For
	11	THOMAS J. MAY			For	For
	12	C. STEVEN MCMILLAN			For	For
	13	EUGENE M. MCQUADE			For	For
	14	PATRICIA E. MITCHELL			For	For
	15	EDWARD L. ROMERO			For	For
	16	THOMAS M. RYAN			For	For
	17	O. TEMPLE SLOAN, JR.			For	For
	18	MEREDITH R. SPANGLER			For	For
	19	JACKIE M. WARD			For	For
02	RATIFICATION OF INDEPENDENT PUBLIC ACCOUNTANTS			Mgmt	For	For
03	STOCKHOLDER PROPOSAL - ANNUAL MEETING DATE			Shr	Against	For
04	STOCKHOLDER PROPOSAL - NOMINATION OF DIRECTORS			Shr	Against	For
05	STOCKHOLDER PROPOSAL - CHARITABLE CONTRIBUTIONS			Shr	Against	For
06	STOCKHOLDER PROPOSAL - MUTUAL FUND TRADING POLICIES			Shr	Against	For
07	STOCKHOLDER PROPOSAL - PRIVACY AND INFORMATION SECURITY			Shr	Against	For
	CUSIP/CINS:	G16962	Meeting Type:	ANNUAL
	Ticker:	BG	Meeting Date:	28-May-04
	ISIN:		Agenda:	932141916 - Management
	City:		Holdings Reconciliation Date:	29-Mar-04
	Country:	UNITED STATES	Vote Deadline Date:	28-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	TO ELECT JORGE BORN, JR., AS A MEMBER OF THE BOARD OF DIRECTORS TO SERVE UNTIL THE 2007 ANNUAL GENERAL MEETING OF SHAREHOLDERS.			Mgmt	For	For
02	TO ELECT OCTAVIO CARABALLO, AS A MEMBER OF THE BOARD OF DIRECTORS TO SERVE UNTIL THE 2007 ANNUAL GENERAL MEETING SHAREHOLDERS.			Mgmt	For	For
03	TO ELECT BERNARD DE LA TOUR D AUVERGNE LAURAGUAIS, AS A MEMBER OF THE BOARD OF DIRECTORS TO SERVE UNTIL THE 2007 ANNUAL GENERAL MEETING OF SHAREHOLDERS.			Mgmt	For	For
04	TO ELECT WILLIAM ENGELS, AS A MEMBER OF THE BOARD OF DIRECTORS TO SERVE UNTIL THE 2007 ANNUAL GENERAL MEETING OF SHAREHOLDERS.			Mgmt	For	For
05	TO APPOINT DELOITTE & TOUCHE LLP AS BUNGE LIMITED S INDEPENDENT AUDITOR FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004 AND TO AUTHORIZE BUNGE LIMITED S BOARD OF DIRECTORS, ACTING THROUGH ITS AUDIT COMMITTEE, TO DETERMINE THE INDEPENDENT AUDITORS FEES.			Mgmt	For	For
06	TO APPROVE THE TERMS OF BUNGE LIMITED S AMENDED AND RESTATED NON-EMPLOYEE DIRECTORS EQUITY INCENTIVE PLAN.			Mgmt	For	For
	CUSIP/CINS:	167250	Meeting Type:	ANNUAL
	Ticker:	CBI	Meeting Date:	13-May-04
	ISIN:		Agenda:	932143895 - Management
	City:		Holdings Reconciliation Date:	01-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	06-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
1A	FIRST POSITION: BALLENGEE			Mgmt	For	For
	CUSIP/CINS:	46625H	Meeting Type:	ANNUAL
	Ticker:	JPM	Meeting Date:	25-May-04
	ISIN:		Agenda:	932142211 - Management
	City:		Holdings Reconciliation Date:	02-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	25-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	MERGER PROPOSAL			Mgmt	For	For
02	DIRECTOR			Mgmt
	1	HANS W. BECHERER			For	For
	2	FRANK A. BENNACK, JR.			For	For
	3	JOHN H. BIGGS			For	For
	4	LAWRENCE A. BOSSIDY			For	For
	5	ELLEN V. FUTTER			For	For
	6	WILLIAM H. GRAY, III			For	For
	7	WILLIAM B. HARRISON, JR			For	For
	8	HELENE L. KAPLAN			For	For
	9	LEE R. RAYMOND			For	For
	10	JOHN R. STAFFORD			For	For
03	APPOINTMENT OF EXTERNAL AUDITOR			Mgmt	For	For
04	RE-APPROVAL OF KEY EXECUTIVE PERFORMANCE PLAN			Mgmt	For	For
05	ADJOURNMENT OF MEETING, IF NECESSARY, TO SOLICIT			Mgmt	For	For
	ADDITIONAL PROXIES
06	DIRECTOR TERM LIMIT			Shr	Against	For
07	CHARITABLE CONTRIBUTIONS			Shr	Against	For
08	POLITICAL CONTRIBUTIONS			Shr	Against	For
09	SEPARATION OF CHAIRMAN AND CEO			Shr	Against	For
10	DERIVATIVE DISCLOSURE		��	Shr	Against	For
11	AUDITOR INDEPENDENCE			Shr	Against	For
12	DIRECTOR COMPENSATION			Shr	Against	For
13	PAY DISPARITY			Shr	Against	For
	CUSIP/CINS:	677862	Meeting Type:	ANNUAL
	Ticker:	LUKPY	Meeting Date:	24-Jun-04
	ISIN:		Agenda:	932192367 - Management
	City:		Holdings Reconciliation Date:	07-May-04
	Country:	UNITED STATES	Vote Deadline Date:	18-Jun-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	APPROVAL OF THE ANNUAL REPORT 2003, OF THE ANNUAL			Mgmt	Take No Action
	ACCOUNTS INCLUDING THE PROFIT AND LOSS STATEMENT
02	AMOUNT, PAYMENT DATE, AND FORM OF PAYMENT OF			Mgmt	Take No Action
	DIVIDENDS
03	ELECTION OF THE MEMBERS OF THE BOARD OF DIRECTORS.			Mgmt	Take No Action
4A	ELECTION OF THE MEMBER OF THE AUDIT COMMISSION: NIKITENKO, VLADIMIR NIKOLAYEVICH			Mgmt	Take No Action
4B	ELECTION OF THE MEMBER OF THE AUDIT COMMISSION: SKLYAROVA, TATIANA SERGUEYEVNA			Mgmt	Take No Action
4C	ELECTION OF THE MEMBER OF THE AUDIT COMMISSION: TANULYAK, NATALIA ILYINICHNA			Mgmt	Take No Action
4D	ELECTION OF THE MEMBER OF THE AUDIT COMMISSION: KONDRATIEV, PAVEL GENNADIEVICH			Mgmt	Take No Action
4E	ELECTION OF THE MEMBER OF THE AUDIT COMMISSION: BULAVINA, LYUDMILA MIKHAILOVNA			Mgmt	Take No Action
5	REMUNERATION AND COMPENSATION OF EXPENSES TO THE MEMBERS OF THE BOARD OF DIRECTORS AND AUDIT COMMISSION OF OAO LUKOIL			Mgmt	Take No Action
6	APPROVAL OF THE EXTERNAL AUDITOR OF THE COMPANY			Mgmt	Take No Action
7	APPROVAL OF AMENDMENTS AND ADDENDA TO THE CHARTER OF OAO LUKOIL			Mgmt	Take No Action
8	APPROVAL OF AMENDMENTS AND ADDENDA TO THE REGULATIONS ON THE PROCEDURE FOR PREPARING AND HOLDING THE SHAREHOLDERS MEETING			Mgmt	Take No Action
9	APPROVAL OF AMENDMENTS AND ADDENDA TO THE REGULATIONS ON THE BOARD OF DIRECTORS OF LUKOIL			Mgmt	Take No Action
10	APPROVAL OF TRANSACTIONS INVOLVING			Mgmt	Take No Action
	INTERESTED/RELATED PARTIES
	CUSIP/CINS:	71646E	Meeting Type:	ANNUAL
	Ticker:	PTR	Meeting Date:	18-May-04
	ISIN:		Agenda:	932162489 - Management
	City:		Holdings Reconciliation Date:	05-Apr-04
	Country:	UNITED STATES	Vote Deadline Date:	05-May-04
	SEDOL:
						For/Against Management
Item	Proposal			Type	Vote
01	TO APPROVE THE REPORT OF THE BOARD OF DIRECTORS OF THE COMPANY FOR THE YEAR 2003.			Mgmt	Take No Action
02	TO APPROVE THE REPORT OF THE SUPERVISORY COMMITTEE OF THE COMPANY FOR THE YEAR 2003.			Mgmt	Take No Action
03	TO APPROVE THE AUDITED FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR 2003.			Mgmt	Take No Action
04	TO APPROVE THE DECLARATION AND PAYMENT OF A FINAL DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2003 IN THE AMOUNT AND IN THE MANNER RECOMMENDED BY THE BOARD OF DIRECTORS.			Mgmt	Take No Action
05	TO APPROVE THE AUTHORISATION OF THE BOARD OF DIRECTORS TO DETERMINE THE DISTRIBUTION OF INTERIM DIVIDEND FOR 2004.			Mgmt	Take No Action
06	TO APPROVE THE CONTINUATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS, AS THE INTERNATIONAL AUDITORS OF THE COMPANY AND PRICEWATERHOUSECOOPERS ZHONG TIAN CPAS LIMITED COMPANY, AS THE DOMESTIC AUDITORS OF THE COMPANY.			Mgmt	Take No Action
7A	TO APPROVE THE PROPOSAL IN RELATION TO THE RE-ELECTION OF MR. CHEN GENG AS A DIRECTOR OF THE COMPANY.			Mgmt	Take No Action
7B	TO APPROVE THE PROPOSAL IN RELATION TO THE ELECTION OF MR. ZHOU JIPING AS A DIRECTOR OF THE COMPANY.			Mgmt	Take No Action
7C	TO APPROVE THE PROPOSAL IN RELATION TO THE ELECTION OF MR. DUAN WENDE AS A DIRECTOR OF THE COMPANY.			Mgmt	Take No Action
8A	TO APPROVE THE PROPOSAL IN RELATION TO THE ELECTION OF MR. SUN XIANFENG AS A SUPERVISOR OF THE COMPANY.			Mgmt	Take No Action
8B	TO APPROVE THE PROPOSAL IN RELATION TO THE ELECTION OF MR. XU FENGLI AS A SUPERVISOR OF THE COMPANY.			Mgmt	Take No Action
09	TO ALLOT AND DEAL WITH ADDITIONAL DOMESTIC SHARES.			Mgmt	Take No Action

SIGNATURES

Pursuant to the requirements of 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.

(Registrant) Cullen Funds Trust                                                                      

By (Signature and Title)* /s/ James P. Cullen                                               

James P. Cullen, President

Date  12/3/04                                                                                                      

* Print the name and title of each signing officer under his or her signature.