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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BCE Inc</name>
        <lei>5493001I9203PRB5KR45</lei>
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          <isin value="CA05534B7604"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
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          <ticker value="COP"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kenvue Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown Castle Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>United Parcel Service Inc</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Dow Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Truist Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pfizer Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cisco Systems Inc/Delaware</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Omnicom Group Inc</name>
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        <name>Healthpeak Properties Inc</name>
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        <name>Johnson Controls International</name>
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        <name>Philip Morris International Inc</name>
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        <name>Comcast Corp</name>
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        <name>Bank of America Corp</name>
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        <name>General Dynamics Corp</name>
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        <name>VICI Properties Inc</name>
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    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>CULLEN FUNDS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Stephen ONeil</ncom:signature>
      <ncom:signerName>Stephen ONeil</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
