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        <name>Duke Energy Corp</name>
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      <invstOrSec>
        <name>Merck &amp; Co Inc</name>
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      <invstOrSec>
        <name>Philip Morris International In</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Welltower Inc</name>
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        <name>Chevron Corp</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Dupont De Nemours Inc</name>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Conagra Brands, Inc.</title>
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        <name>Bank Of America Corp</name>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Medtronic PLC</title>
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        <name>Genuine Parts Co</name>
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        <name>Walgreens Boots Alliance Inc</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Bank of America Corp.</title>
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        <name>Novartis Ag</name>
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        <title>Novartis AG</title>
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        <name>Intel Corp</name>
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        <title>Intel Corp.</title>
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        <name>Medtronic Plc</name>
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        <name>General Mills Inc</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Chevron Corp.</title>
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        <name>Verizon Communications Inc</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Pfizer, Inc.</title>
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          <ticker value="20Q99WU8"/>
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        <valUSD>-7560.00000000</valUSD>
        <pctVal>-0.01988932683</pctVal>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Dash Financial</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>PFIZER INC</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Eaton Corp. PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Dash Financial</counterpartyName>
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        <name>Lowe's Cos Inc</name>
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        <title>Lowe's Cos., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cisco Systems Inc</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>Cisco Systems, Inc.</title>
        <cusip>17275R102</cusip>
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        <balance>30240.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1188734.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Johnson Controls International</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International PLC</title>
        <cusip>G51502105</cusip>
        <identifiers>
          <isin value="IE00BY7QL619"/>
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        <balance>34380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>926884.80000000</valUSD>
        <pctVal>2.438507238870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Duke Energy Corp.</title>
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          <ticker value="61P996UL"/>
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        <balance>-157.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-10205.00000000</valUSD>
        <pctVal>-0.02684796036</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Dash Financial</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DUKE ENERGY CORP NEW</issuerName>
                <issueTitle>DUKE ENERGY CORP NEW COM NEW</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>90.00000000</exercisePrice>
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            <expDt>2020-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>6542.29000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Unilever Nv</name>
        <lei>549300TK7G7NZTVM1Z30</lei>
        <title>Unilever NV</title>
        <cusip>904784709</cusip>
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          <isin value="US9047847093"/>
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        <balance>14500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>707455.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Conocophillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
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          <isin value="US20825C1045"/>
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        <balance>44960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1384768.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Intel Corp.</title>
        <cusip>80S99REH3</cusip>
        <identifiers>
          <ticker value="80S99REH"/>
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        <balance>-136.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6800.00000000</valUSD>
        <pctVal>-0.01788987069</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Dash Financial</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>INTEL CORP</issuerName>
                <issueTitle>INTEL CORP COM</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>60.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1926.52000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corning Inc</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning, Inc.</title>
        <cusip>219350105</cusip>
        <identifiers>
          <isin value="US2193501051"/>
        </identifiers>
        <balance>26600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>546364.00000000</valUSD>
        <pctVal>1.437409016803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>CULLEN FUNDS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey Battaglia</ncom:signature>
      <ncom:signerName>Jeffrey Battaglia</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
