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      <regZipOrPostalCode>10022</regZipOrPostalCode>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Helmerich &amp; Payne Inc</name>
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        <title>Helmerich &amp; Payne Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Simmons First National Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Civitas Resources Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Interstate BancSystem Inc CL A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Coterra Energy Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Under Armour Inc</name>
        <lei>549300D4549QKWETZ406</lei>
        <title>Under Armour Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Douglas Elliman Inc</name>
        <lei>549300BXICHPOXA1NO93</lei>
        <title>Douglas Elliman Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Masterbrand Inc</name>
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        <title>Masterbrand Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Financial Services</name>
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        <title>Enterprise Financial Services</title>
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          <ticker value="EFSC"/>
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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>Portland General Electric Co</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Co</title>
        <cusip>736508847</cusip>
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          <isin value="US7365088472"/>
          <ticker value="POR"/>
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        <balance>4834.00000000</balance>
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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>Korn Ferry</name>
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        <title>Korn Ferry</title>
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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>SouthState Corp</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SouthState Corp</title>
        <cusip>840441109</cusip>
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          <isin value="US8404411097"/>
          <ticker value="SSB"/>
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        <valUSD>303698.97000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-30</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>
</edgarSubmission>
