# EDGAR Filing Document

**Accession Number:** 0001362535
**File Stem:** 0000950123-23-002801
**Filing Date:** 2023-2
**Character Count:** 25062
**Document Hash:** a31cd467ccfe665f7cb8c694790effd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-002801.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0000950123-23-002801

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**EFFECTIVENESS DATE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cullen Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001362535
- **IRS NUMBER:** 061614949
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11905
- **FILM NUMBER:** 23637453

**BUSINESS ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-644-1800

**MAIL ADDRESS:**
- **STREET 1:** 645 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Cullen Capital Management LLC<br>**Address:** 645 Fifth Ave<br>New York, NY 10022

**Form 13F File Number:** 028-11905

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Aiden Kelly<br>**Title:** CCO<br>**Phone:** 646-200-7609

**Signature, Place, and Date of Signing:**

Aiden Kelly  New York, NY  02-15-2022<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 210

**Form 13F Information Table Value Total:** $7792196658

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3i Group PLC (ADR) | ADR | 88579N105 |  | 40531909 | 4948951 | SH |  | SOLE |  | 3404839 | 0 | 1544112 |
| 3M Co. | COM | 88579Y101 |  | 75856476 | 632559 | SH |  | SOLE |  | 423906 | 0 | 208653 |
| 3R Petroleumon | COM | 640581005 |  | 413216 | 57870 | SH |  | SOLE |  | 57870 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 568867 | 3520 | SH |  | SOLE |  | 3520 | 0 | 0 |
| Airtel Africa PLC | COM | 50050N103 |  | 4428277 | 3283183 | SH |  | SOLE |  | 3283183 | 0 | 0 |
| Altria 1/20/23 $47.5 calls | OPT | 02209S103 |  | 76648 | 3484 | SH |  | SOLE |  | 3484 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 112632655 | 2464070 | SH |  | SOLE |  | 1830303 | 0 | 633767 |
| American Express Co. | COM | 025816109 |  | 2199850 | 14889 | SH |  | SOLE |  | 14889 | 0 | 0 |
| Ameris Bancorp | COM | 03076K108 |  | 413041 | 8762 | SH |  | SOLE |  | 8762 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 572818 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| Anglo American PLC | COM | 3662Q1053 |  | 6683300 | 171166 | SH |  | SOLE |  | 171166 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 732805 | 5640 | SH |  | SOLE |  | 5640 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 1291161 | 13259 | SH |  | SOLE |  | 13259 | 0 | 0 |
| Archer-Daniels-Midland Co. | COM | 039483102 |  | 2171947 | 23392 | SH |  | SOLE |  | 23392 | 0 | 0 |
| Arrow Electronics Inc. | COM | 042735100 |  | 2758975 | 26384 | SH |  | SOLE |  | 26384 | 0 | 0 |
| ASE Technology Holding Co. Ltd | ADR | 00215W100 |  | 28573751 | 4557217 | SH |  | SOLE |  | 3111008 | 0 | 1446209 |
| AT Inc. | COM | 00206R102 |  | 95064390 | 5163737 | SH |  | SOLE |  | 3329649 | 0 | 1834088 |
| BAE Systems PLC (ADR) | ADR | 05523R107 |  | 57196412 | 1357134 | SH |  | SOLE |  | 905538 | 0 | 451596 |
| Bank of America Corp. | COM | 060505104 |  | 130906311 | 3952485 | SH |  | SOLE |  | 2671659 | 0 | 1280826 |
| Barrett Business Services Inc. | COM | 068463108 |  | 307171 | 3293 | SH |  | SOLE |  | 3293 | 0 | 0 |
| BCE Inc. | COM | 05534B760 |  | 208956549 | 4754415 | SH |  | SOLE |  | 3419076 | 0 | 1335339 |
| BGSF Inc. | COM | 05601C105 |  | 830635 | 54219 | SH |  | SOLE |  | 54219 | 0 | 0 |
| BHP Group Ltd (ADR) | ADR | 088606108 |  | 1493978 | 24077 | SH |  | SOLE |  | 24077 | 0 | 0 |
| BNP Paribas SA (ADR) | ADR | 05565A202 |  | 32617054 | 1145664 | SH |  | SOLE |  | 759029 | 0 | 386635 |
| BOEING CO/THE | COM | 097023105 |  | 1805083 | 9476 | SH |  | SOLE |  | 9476 | 0 | 0 |
| BorgWarner Inc. | COM | 099724106 |  | 1903463 | 47291 | SH |  | SOLE |  | 47291 | 0 | 0 |
| Boston Properties Inc. | COM | 101121101 |  | 49130525 | 726998 | SH |  | SOLE |  | 477488 | 0 | 249510 |
| Bristol-Myers Squibb Co. | COM | 110122108 |  | 46920816 | 652131 | SH |  | SOLE |  | 652131 | 0 | 0 |
| British American Tobacco PLC ( | ADR | 110448107 |  | 41055786 | 1026908 | SH |  | SOLE |  | 707217 | 0 | 319691 |
| Britvic PLC (ADR) | ADR | 111190104 |  | 21274988 | 1102331 | SH |  | SOLE |  | 699751 | 0 | 402580 |
| Broadcom Ltd. | COM | 11135F101 |  | 178908805 | 319977 | SH |  | SOLE |  | 232503 | 0 | 87474 |
| Canadian National Railway Co. | COM | 136375102 |  | 2595269 | 21831 | SH |  | SOLE |  | 21831 | 0 | 0 |
| Canadian Pacific Railway Ltd. | COM | 13645T100 |  | 466038 | 6248 | SH |  | SOLE |  | 6248 | 0 | 0 |
| Carrier Global Corporation | COM | 14448C104 |  | 234011 | 5673 | SH |  | SOLE |  | 5673 | 0 | 0 |
| Carter's Inc. | COM | 146229109 |  | 229650 | 3078 | SH |  | SOLE |  | 3078 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 215604 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Central Asia Metals | COM | 874080104 |  | 460106 | 153783 | SH |  | SOLE |  | 153783 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 215107142 | 1198435 | SH |  | SOLE |  | 895409 | 0 | 303026 |
| Cie de Saint-Gobain (ADR) | ADR | 204280309 |  | 28618126 | 2932185 | SH |  | SOLE |  | 1966146 | 0 | 966039 |
| Cigna Corp. | COM | 125523100 |  | 2543035 | 7675 | SH |  | SOLE |  | 7675 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 153272910 | 3217315 | SH |  | SOLE |  | 2387056 | 0 | 830259 |
| Citigroup Inc. | COM | 172967424 |  | 106759766 | 2360375 | SH |  | SOLE |  | 1676184 | 0 | 684191 |
| Citigroup Inc. 1/20/23 $50 calls | OPT | 172967424 |  | 83052 | 4614 | SH |  | SOLE |  | 4614 | 0 | 0 |
| Civitas Resources Inc. | COM | 17888H103 |  | 289187 | 4992 | SH |  | SOLE |  | 4992 | 0 | 0 |
| Coca-Cola Femsa SAB de CV (ADR | ADR | 191241108 |  | 40733770 | 600085 | SH |  | SOLE |  | 407889 | 0 | 192196 |
| Comcast Corp. (Cl A) | COM | 20030N101 |  | 110890517 | 3171019 | SH |  | SOLE |  | 2391300 | 0 | 779719 |
| Communication Services Select | COM | 81369Y852 |  | 14059198 | 292961 | SH |  | SOLE |  | 292961 | 0 | 0 |
| ConAgra Brands Inc. | COM | 205887102 |  | 43097822 | 1113639 | SH |  | SOLE |  | 1113639 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 135780361 | 1150681 | SH |  | SOLE |  | 834764 | 0 | 315917 |
| Consumer Discretionary Select | COM | 81369Y407 |  | 1305937 | 10111 | SH |  | SOLE |  | 10111 | 0 | 0 |
| Consumer Staples Select Sector | COM | 81369Y308 |  | 3115072 | 41785 | SH |  | SOLE |  | 41785 | 0 | 0 |
| Coterra Energy Inc. | COM | 127097103 |  | 546167 | 22229 | SH |  | SOLE |  | 22229 | 0 | 0 |
| Denny's Corp. | COM | 24869P104 |  | 501871 | 54492 | SH |  | SOLE |  | 54492 | 0 | 0 |
| Deutsche Post AG (ADR) | ADR | 25157Y202 |  | 34902450 | 930732 | SH |  | SOLE |  | 634710 | 0 | 296022 |
| Deutsche Telekom AG (ADR) | ADR | 251566105 |  | 35312692 | 1767402 | SH |  | SOLE |  | 1177381 | 0 | 590021 |
| Diageo PLC (ADR) | ADR | 25243Q205 |  | 78584807 | 441017 | SH |  | SOLE |  | 310088 | 0 | 130929 |
| DNB Bank ASA (ADR) | ADR | 23341C103 |  | 42463311 | 2147866 | SH |  | SOLE |  | 1448896 | 0 | 698970 |
| Dominion Resources Inc. | COM | 25746U109 |  | 464376 | 7573 | SH |  | SOLE |  | 7573 | 0 | 0 |
| Dow Inc | COM | 260557103 |  | 128218283 | 2544518 | SH |  | SOLE |  | 1949899 | 0 | 594619 |
| Duke Energy Corp. | COM | 26441C204 |  | 189400774 | 1839021 | SH |  | SOLE |  | 1371646 | 0 | 467375 |
| Duke Energy Corp. 1/20/23 $105 calls | OPT | 26441C204 |  | 319960 | 3368 | SH |  | SOLE |  | 3368 | 0 | 0 |
| Enbridge Inc. | COM | 29250N105 |  | 229752 | 5876 | SH |  | SOLE |  | 5876 | 0 | 0 |
| Enel SPA (ADR) | ADR | 29265W207 |  | 8322305 | 1558484 | SH |  | SOLE |  | 517750 | 0 | 1040734 |
| Energy Select Sector SPDR Fund | COM | 81369Y506 |  | 321190 | 3672 | SH |  | SOLE |  | 3672 | 0 | 0 |
| Energy Transfer LP | COM | 29273V100 |  | 5012048 | 422245 | SH |  | SOLE |  | 422245 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 |  | 621211 | 25755 | SH |  | SOLE |  | 25755 | 0 | 0 |
| EOG Resources Inc. | COM | 26875P101 |  | 46619732 | 359942 | SH |  | SOLE |  | 359942 | 0 | 0 |
| Eurobank Ergasias SA (ADR) | ADR | 29873D104 |  | 4631919 | 8907537 | SH |  | SOLE |  | 8907537 | 0 | 0 |
| Exxon 1/20/23 $115 calls | OPT | 30231G102 |  | 210984 | 1788 | SH |  | SOLE |  | 1788 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 216110385 | 1959296 | SH |  | SOLE |  | 1450453 | 0 | 508843 |
| Financial Select Sector SPDR F | COM | 81369Y605 |  | 15868526 | 463992 | SH |  | SOLE |  | 463992 | 0 | 0 |
| First Horizon Corp. | COM | 320517105 |  | 737891 | 30118 | SH |  | SOLE |  | 30118 | 0 | 0 |
| First Interstate Bancsystem In | COM | 32055Y201 |  | 759820 | 19659 | SH |  | SOLE |  | 19659 | 0 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 139547616 | 562443 | SH |  | SOLE |  | 375233 | 0 | 187210 |
| General Electric Co. | COM | 369604301 |  | 548908 | 6551 | SH |  | SOLE |  | 6551 | 0 | 0 |
| General Mills Inc. | COM | 370334104 |  | 224466 | 2677 | SH |  | SOLE |  | 2677 | 0 | 0 |
| Genuine Parts Co. | COM | 372460105 |  | 175568572 | 1011864 | SH |  | SOLE |  | 729833 | 0 | 282031 |
| Gran Tierra Energy Inc. | COM | 38500T101 |  | 14885 | 15035 | SH |  | SOLE |  | 15035 | 0 | 0 |
| Great Lakes Dredge  Dock Corp | COM | 390607109 |  | 115275 | 19374 | SH |  | SOLE |  | 19374 | 0 | 0 |
| Haemonetics Corp. | COM | 405024100 |  | 740175 | 9411 | SH |  | SOLE |  | 9411 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369Y209 |  | 11271746 | 82972 | SH |  | SOLE |  | 82972 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 138178373 | 5511702 | SH |  | SOLE |  | 4138648 | 0 | 1373054 |
| HF Sinclair Corporation | COM | 403949100 |  | 388760 | 7492 | SH |  | SOLE |  | 7492 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 4067157 | 18985 | SH |  | SOLE |  | 18985 | 0 | 0 |
| Host Hotels  Resorts Inc. | COM | 44107P104 |  | 233174 | 14528 | SH |  | SOLE |  | 14528 | 0 | 0 |
| Huntsman Corp. | COM | 447011107 |  | 386094 | 14050 | SH |  | SOLE |  | 14050 | 0 | 0 |
| Iberdola SA (ADR) | ADR | 450737101 |  | 26510068 | 566939 | SH |  | SOLE |  | 362406 | 0 | 204533 |
| ICICI Bank Ltd. (ADR) | ADR | 45104G104 |  | 10223352 | 467033 | SH |  | SOLE |  | 467033 | 0 | 0 |
| Industrial Select Sector SPDR | COM | 81369Y704 |  | 5419228 | 55180 | SH |  | SOLE |  | 55180 | 0 | 0 |
| Intel Corp. | COM | 458140100 |  | 108898597 | 4120265 | SH |  | SOLE |  | 3048273 | 0 | 1071992 |
| International Business Machine | COM | 459200101 |  | 518193 | 3678 | SH |  | SOLE |  | 3678 | 0 | 0 |
| iShares MSCI EAFE Value ETF | COM | 464288877 |  | 7423476 | 161802 | SH |  | SOLE |  | 161802 | 0 | 0 |
| iShares MSCI India ETF | COM | 46429B598 |  | 8283595 | 198457 | SH |  | SOLE |  | 198457 | 0 | 0 |
| iShares MSCI Japan ETF | COM | 46434G822 |  | 1477665 | 27143 | SH |  | SOLE |  | 27143 | 0 | 0 |
| iShares MSCI Norway ETF | COM | 46429B499 |  | 1471905 | 59931 | SH |  | SOLE |  | 59931 | 0 | 0 |
| iShares MSCI South Korea ETF | COM | 464286772 |  | 6592459 | 116722 | SH |  | SOLE |  | 116722 | 0 | 0 |
| iShares MSCI Switzerland ETF | COM | 464286749 |  | 1828316 | 43604 | SH |  | SOLE |  | 43604 | 0 | 0 |
| iShares MSCI Taiwan ETF | COM | 46434G772 |  | 4733458 | 117865 | SH |  | SOLE |  | 117865 | 0 | 0 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 4652622 | 30680 | SH |  | SOLE |  | 30680 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 218867315 | 1238988 | SH |  | SOLE |  | 901675 | 0 | 337313 |
| JP Morgan Chase  Co. | COM | 46625H100 |  | 213855983 | 1594750 | SH |  | SOLE |  | 1149374 | 0 | 445376 |
| Kaspi.kz JSC | COM | 48581R205 |  | 5652004 | 79049 | SH |  | SOLE |  | 79049 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 |  | 122000447 | 898714 | SH |  | SOLE |  | 579590 | 0 | 319124 |
| Lowe's Cos. Inc. | COM | 548661107 |  | 102713673 | 515527 | SH |  | SOLE |  | 359794 | 0 | 155733 |
| Materials Select Sector SPDR F | COM | 81369Y100 |  | 2996195 | 38571 | SH |  | SOLE |  | 38571 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 |  | 2369925 | 8993 | SH |  | SOLE |  | 8993 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 232262011 | 2093394 | SH |  | SOLE |  | 1607847 | 0 | 485547 |
| Merck 1/20/23 $113 calls | OPT | 58933Y105 |  | 403254 | 3126 | SH |  | SOLE |  | 3126 | 0 | 0 |
| Michelin cie Generale de Estab | ADR | 59410T106 |  | 20656468 | 1487147 | SH |  | SOLE |  | 943975 | 0 | 543172 |
| Microsoft Corp. | COM | 594918104 |  | 58087863 | 242214 | SH |  | SOLE |  | 174896 | 0 | 67318 |
| MMC Norilsk Nickel PJSC (ADR) | ADR | 55315J102 |  | 85747 | 28393 | SH |  | SOLE |  | 28393 | 0 | 0 |
| Mondelez International Inc. | COM | 609207105 |  | 3467999 | 52033 | SH |  | SOLE |  | 52033 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 191977400 | 2258026 | SH |  | SOLE |  | 1670879 | 0 | 587147 |
| Morgan Stanley 1/20/23 $93 calls | OPT | 617446448 |  | 111444 | 3012 | SH |  | SOLE |  | 3012 | 0 | 0 |
| Mytilineos SA (ADR) | ADR | 62866P107 |  | 4255925 | 195583 | SH |  | SOLE |  | 195583 | 0 | 0 |
| National Bank of Canada | COM | 633067103 |  | 970245 | 14374 | SH |  | SOLE |  | 14374 | 0 | 0 |
| Nestle SA (ADR) | ADR | 641069406 |  | 52283276 | 453297 | SH |  | SOLE |  | 305278 | 0 | 148019 |
| Newmont Corp. | COM | 651639106 |  | 257948 | 5465 | SH |  | SOLE |  | 5465 | 0 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 171525537 | 2051741 | SH |  | SOLE |  | 1361662 | 0 | 690079 |
| Nippon Telegraph  Telephone C | ADR | 654624105 |  | 58159659 | 2058749 | SH |  | SOLE |  | 1371234 | 0 | 687515 |
| NN Group NV (ADR) | ADR | 629334103 |  | 30261163 | 1485575 | SH |  | SOLE |  | 994987 | 0 | 490588 |
| Norfolk Southern Corp. | COM | 655844108 |  | 215618 | 875 | SH |  | SOLE |  | 875 | 0 | 0 |
| Novartis 1/20/23 $92.5 calls | OPT | 66987V109 |  | 226730 | 2870 | SH |  | SOLE |  | 2870 | 0 | 0 |
| Novartis AG (ADR) | ADR | 66987V109 |  | 252640958 | 2784843 | SH |  | SOLE |  | 1998294 | 0 | 786549 |
| OPAP SA (ADR) | ADR | 392483103 |  | 6214058 | 957482 | SH |  | SOLE |  | 957482 | 0 | 0 |
| Oracle Corp. | COM | 68389X105 |  | 3221455 | 39411 | SH |  | SOLE |  | 39411 | 0 | 0 |
| Otis Worldwide Corporation | COM | 68902V107 |  | 207208 | 2646 | SH |  | SOLE |  | 2646 | 0 | 0 |
| Packaging Corp. of America | COM | 695156109 |  | 1672807 | 13078 | SH |  | SOLE |  | 13078 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 1591615 | 8810 | SH |  | SOLE |  | 8810 | 0 | 0 |
| Petroleo Brasileiro SA (ADR) | ADR | 71654V408 |  | 2332989 | 219060 | SH |  | SOLE |  | 219060 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 156135452 | 3047140 | SH |  | SOLE |  | 2113690 | 0 | 933450 |
| Philip Morris International In | COM | 718172109 |  | 184110005 | 1819089 | SH |  | SOLE |  | 1275328 | 0 | 543761 |
| Power Corporation of Canada | COM | 739239101 |  | 28332732 | 1204111 | SH |  | SOLE |  | 767571 | 0 | 436540 |
| PPL Corp. | COM | 69351T106 |  | 47851442 | 1637626 | SH |  | SOLE |  | 1637626 | 0 | 0 |
| Public Service Enterprise Grou | COM | 744573106 |  | 573487 | 9360 | SH |  | SOLE |  | 9360 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 529839 | 1891 | SH |  | SOLE |  | 1891 | 0 | 0 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 216826 | 1386 | SH |  | SOLE |  | 1386 | 0 | 0 |
| Ralph Lauren Corp. | COM | 751212101 |  | 388126 | 3673 | SH |  | SOLE |  | 3673 | 0 | 0 |
| Rayonier Inc. | COM | 754907103 |  | 280918 | 8523 | SH |  | SOLE |  | 8523 | 0 | 0 |
| Raytheon Technologies Corp. | COM | 75513E101 |  | 204014182 | 2021544 | SH |  | SOLE |  | 1535113 | 0 | 486431 |
| Real Estate Select Sector SPDR | COM | 81369Y860 |  | 9411352 | 254843 | SH |  | SOLE |  | 254843 | 0 | 0 |
| Rio Tinto 1/20/23 $74.1 calls | OPT | 767204100 |  | 199920 | 2352 | SH |  | SOLE |  | 2352 | 0 | 0 |
| Rio Tinto PLC (ADR) | ADR | 767204100 |  | 75228656 | 1056582 | SH |  | SOLE |  | 822753 | 0 | 233829 |
| Roche Holding AG (ADR) | ADR | 771195104 |  | 43906099 | 1121484 | SH |  | SOLE |  | 755441 | 0 | 366043 |
| Rolls-Royce Holdings PLC (ADR) | ADR | 775781206 |  | 51360 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| Royal Bank of Canada | COM | 780087102 |  | 498776 | 5305 | SH |  | SOLE |  | 5305 | 0 | 0 |
| Samsung Electronics Co. Ltd. - | COM | 796050201 |  | 4387000 | 4387 | SH |  | SOLE |  | 4387 | 0 | 0 |
| Samsung Electronics GDR | COM | 796050888 |  | 2128230 | 1926 | SH |  | SOLE |  | 1926 | 0 | 0 |
| San Juan Basin Royalty Trust | COM | 798241105 |  | 911887 | 79850 | SH |  | SOLE |  | 79850 | 0 | 0 |
| Sanofi (ADR) | ADR | 80105N105 |  | 26712438 | 551568 | SH |  | SOLE |  | 374133 | 0 | 177435 |
| Sasol Ltd. | COM | 803866102 |  | 2524694 | 159470 | SH |  | SOLE |  | 159470 | 0 | 0 |
| Schwab Fundamental Internation | COM | 808524755 |  | 265496 | 9133 | SH |  | SOLE |  | 9133 | 0 | 0 |
| Sempra Energy | COM | 816851109 |  | 982256 | 6356 | SH |  | SOLE |  | 6356 | 0 | 0 |
| Shell PLC (ADR) | ADR | 780259305 |  | 56034757 | 983929 | SH |  | SOLE |  | 665154 | 0 | 318775 |
| Shinhan Financial Group Compan | ADR | 824596100 |  | 3207649 | 114846 | SH |  | SOLE |  | 114846 | 0 | 0 |
| Siemens AG (ADR) | ADR | 826197501 |  | 215764650 | 3136570 | SH |  | SOLE |  | 2255869 | 0 | 880701 |
| Silicon Motion Technology Corp | ADR | 82706C108 |  | 1900308 | 29240 | SH |  | SOLE |  | 29240 | 0 | 0 |
| Sitio Royalties Corp | COM | 82983N108 |  | 464860 | 16113 | SH |  | SOLE |  | 16113 | 0 | 0 |
| SK Telecom Co Ltd (ADR) | ADR | 78440P306 |  | 2535842 | 123159 | SH |  | SOLE |  | 123159 | 0 | 0 |
| SLC Agricola SA (ADR) | ADR | 78444J108 |  | 6654351 | 741019 | SH |  | SOLE |  | 741019 | 0 | 0 |
| Smurfit Kappa Group PLC (ADR) | ADR | 83272W106 |  | 27608165 | 743434 | SH |  | SOLE |  | 497132 | 0 | 246302 |
| Softbank Corp (ADR) | ADR | 83405K102 |  | 37305574 | 3316051 | SH |  | SOLE |  | 2087713 | 0 | 1228338 |
| Sonic Healthcare Ltd. (ADR) | ADR | 83546A203 |  | 21235745 | 1041412 | SH |  | SOLE |  | 649878 | 0 | 391534 |
| SouthState Corp. | COM | 840441109 |  | 282003 | 3693 | SH |  | SOLE |  | 3693 | 0 | 0 |
| Spdr DJ Wilshire Global | COM | 78463X749 |  | 809166 | 19784 | SH |  | SOLE |  | 19784 | 0 | 0 |
| SPDR S Emerging Asia Pacific | COM | 78463X301 |  | 1115464 | 11617 | SH |  | SOLE |  | 11617 | 0 | 0 |
| Suzano SA (ADR) | ADR | 86959K105 |  | 263848 | 28555 | SH |  | SOLE |  | 28555 | 0 | 0 |
| Svenska Handelsbanken AB (ADR) | ADR | 86959C103 |  | 40337114 | 8099822 | SH |  | SOLE |  | 5632777 | 0 | 2467045 |
| Taiwan Semiconductor Manufactu | ADR | 874039100 |  | 8734325 | 117255 | SH |  | SOLE |  | 117255 | 0 | 0 |
| Target Corp. | COM | 87612E106 |  | 99408114 | 666989 | SH |  | SOLE |  | 442616 | 0 | 224373 |
| Technology Select Sector SPDR | COM | 81369Y803 |  | 8568814 | 68859 | SH |  | SOLE |  | 68859 | 0 | 0 |
| Tesco PLC (ADR) | ADR | 881575401 |  | 19085241 | 2360574 | SH |  | SOLE |  | 1460145 | 0 | 900429 |
| The Allstate Corp 1/20/23 $140 calls | OPT | 020002101 |  | 163875 | 1425 | SH |  | SOLE |  | 1425 | 0 | 0 |
| The Allstate Corp. | COM | 020002101 |  | 36508197 | 269234 | SH |  | SOLE |  | 269234 | 0 | 0 |
| The Chemours Co. | COM | 163851108 |  | 330543 | 10795 | SH |  | SOLE |  | 10795 | 0 | 0 |
| The Coca-Cola Co. | COM | 191216100 |  | 391138 | 6149 | SH |  | SOLE |  | 6149 | 0 | 0 |
| The JM Smucker Co. | COM | 832696405 |  | 342907 | 2164 | SH |  | SOLE |  | 2164 | 0 | 0 |
| The PNC Financial Services Gro | COM | 693475105 |  | 1750449 | 11083 | SH |  | SOLE |  | 11083 | 0 | 0 |
| The Procter  Gamble Co. | COM | 742718109 |  | 2300984 | 15182 | SH |  | SOLE |  | 15182 | 0 | 0 |
| The Timken Co. | COM | 887389104 |  | 366353 | 5184 | SH |  | SOLE |  | 5184 | 0 | 0 |
| The Travelers Companies Inc. | COM | 89417E109 |  | 98701264 | 526435 | SH |  | SOLE |  | 364677 | 0 | 161758 |
| The Walt Disney Co. | COM | 254687106 |  | 1741423 | 20044 | SH |  | SOLE |  | 20044 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 1198301 | 2176 | SH |  | SOLE |  | 2176 | 0 | 0 |
| Tokio Marine Holdings Inc. (AD | ADR | 889094108 |  | 56055694 | 2615758 | SH |  | SOLE |  | 1798919 | 0 | 816839 |
| Tokyo Electron Ltd. (ADR) | ADR | 889110102 |  | 24283548 | 332060 | SH |  | SOLE |  | 230651 | 0 | 101409 |
| TotalEnergies SE (ADR) | ADR | 89151E109 |  | 61329639 | 987913 | SH |  | SOLE |  | 686785 | 0 | 301128 |
| Toyota Motor Corp. (ADR) | ADR | 892331307 |  | 42673602 | 312444 | SH |  | SOLE |  | 211444 | 0 | 101000 |
| Truist Financial Corp | COM | 89832Q109 |  | 127375643 | 2960159 | SH |  | SOLE |  | 2200384 | 0 | 759775 |
| UBS Group AG (ADR) | ADR | H42097107 |  | 1248164 | 66854 | SH |  | SOLE |  | 33593 | 0 | 33261 |
| Under Armour Inc. (class C) | COM | 904311206 |  | 97406 | 10920 | SH |  | SOLE |  | 10920 | 0 | 0 |
| Unilever PLC (ADR) | ADR | 904767704 |  | 164806036 | 3273208 | SH |  | SOLE |  | 2332508 | 0 | 940700 |
| Union Pacific Corp. | COM | 907818108 |  | 2882207 | 13919 | SH |  | SOLE |  | 13919 | 0 | 0 |
| Unisys Corp. | COM | 909214306 |  | 123146 | 24099 | SH |  | SOLE |  | 24099 | 0 | 0 |
| United Overseas Bank Ltd. (ADR | ADR | 911271302 |  | 64460477 | 1407434 | SH |  | SOLE |  | 951996 | 0 | 455438 |
| United Parcel Service Inc. | COM | 911312106 |  | 108676630 | 625153 | SH |  | SOLE |  | 434193 | 0 | 190960 |
| UPM-Kymmene OYJ (ADR) | ADR | 915436208 |  | 32972786 | 882097 | SH |  | SOLE |  | 598280 | 0 | 283817 |
| Utilities Select Sector SPDR F | COM | 81369Y886 |  | 935535 | 13270 | SH |  | SOLE |  | 13270 | 0 | 0 |
| Vale SA (ADR) | ADR | 91912E105 |  | 52983341 | 3122177 | SH |  | SOLE |  | 2235526 | 0 | 886651 |
| VanEck Vietnam ETF | COM | 92189F817 |  | 119987 | 10134 | SH |  | SOLE |  | 10134 | 0 | 0 |
| Vector Group Ltd. | COM | 92240M108 |  | 157003 | 13238 | SH |  | SOLE |  | 13238 | 0 | 0 |
| Veolia Environnement S.A. (ADR | ADR | 92334N103 |  | 21397941 | 830988 | SH |  | SOLE |  | 559053 | 0 | 271935 |
| Verizon Communications Inc. | COM | 92343V104 |  | 49650295 | 1260160 | SH |  | SOLE |  | 1260160 | 0 | 0 |
| Vici Properties Inc. | COM | 925652109 |  | 160860106 | 4964818 | SH |  | SOLE |  | 3857920 | 0 | 1106898 |
| Volvo AB B-Shares (ADR) | ADR | 928854108 |  | 17700523 | 981182 | SH |  | SOLE |  | 652401 | 0 | 328781 |
| Wal-Mart Stores Inc. | COM | 931142103 |  | 3327102 | 23465 | SH |  | SOLE |  | 23465 | 0 | 0 |
| Weyerhaeuser Co. | COM | 962166104 |  | 462427 | 14917 | SH |  | SOLE |  | 14917 | 0 | 0 |
| Woodside Energy Group Ltd. (AD | ADR | 980228308 |  | 301415 | 12450 | SH |  | SOLE |  | 12450 | 0 | 0 |
| WP Carey Inc. | COM | 92936U109 |  | 532592 | 6815 | SH |  | SOLE |  | 6815 | 0 | 0 |
| Xinyi Glass Holdings Ltd. (ADR | ADR | 98418R100 |  | 15547060 | 417102 | SH |  | SOLE |  | 257945 | 0 | 159157 |
| Zurich Insurance Group AG (ADR | ADR | 989825104 |  | 57326013 | 1198161 | SH |  | SOLE |  | 813954 | 0 | 384207 |

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