Lilburn S. (Ted) Fullen, 65, a retired Army lieutenant colonel who was an investment counselor with W. E. Hutton here for 15 years before retiring a second time in 1972, died of arteriosclerosis Friday at the Veterans Hospital at Perry Point. He lived in Washington.

He began his Army career as an enlisted man in 1935 and received his commission in 1942. He served with the intelligence division of the War Department's General Staff and later with the Central Intelligence Agency before retiring from active duty in 1957.

Col. Fullen was a native of Tazewell County, Va. He was a graduate of the University of Maryland, the National War College, the New York Institute of Finance, and earned a master's degree in political science at the University of Panama.

He was a member of All Saints Episcopal Church in Washington. He was a member of the Army & Navy Club and the Retired Officers Association.

Survivors include his wife, Louise of Washington; a son, David Leslie of Cincinnati; a stepson, Smith W. Purdum II of Yardley, Pa.; three sisters, Oakley F. Meyke of Cedar Bluff, Va., and Iva F. Granger of Ashland, Va., and Francis F. Chasen of Richmond; two brothers, Walter A. of Churchville, Va., and James E. of Tampa, Fla., and one grandchild.