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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <fairValLevel>1</fairValLevel>
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        <name>Chevron Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
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          <ticker value="TFC"/>
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        <valUSD>4695215.00000000</valUSD>
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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>BCE Inc</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE INC</title>
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        <valUSD>4921981.12000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC</title>
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          <ticker value="VZ"/>
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        <curCd>USD</curCd>
        <valUSD>5737042.08000000</valUSD>
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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>
      <invstOrSec>
        <name>VICI Properties Inc</name>
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          <ticker value="VICI"/>
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        <balance>189454.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6179989.48000000</valUSD>
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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>
      <invstOrSec>
        <name>EOG Resources Inc</name>
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        <curCd>USD</curCd>
        <valUSD>6912136.00000000</valUSD>
        <pctVal>4.258509914288</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <ticker value="C"/>
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        <balance>65200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4628548.00000000</valUSD>
        <pctVal>2.851610203670</pctVal>
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        <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>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>
