# EDGAR Filing Document

**Accession Number:** 0001362535
**File Stem:** 0001193125-25-265864
**Filing Date:** 2025-11
**Character Count:** 25434
**Document Hash:** c06016ad1463a07648b4a0538ce861ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-265864.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-265864

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cullen Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001362535

**ORGANIZATION NAME:**
- **EIN:** 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:** 251451923

**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:** 09-30-2025

**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

**CRD Number (if applicable):** 000113128

**SEC File Number (if applicable):** 801-57576

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  11-05-2025<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:** 217

**Form 13F Information Table Value Total:** $9141133598

      (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 |
| 3M Co. | COM | 88579Y101 |  | 1135142 | 7315 | SH |  | SOLE |  | 7315 | 0 | 0 |
| A.O. Smith Corp. | COM | 831865209 |  | 284317 | 3873 | SH |  | SOLE |  | 3873 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 288730 | 1247 | SH |  | SOLE |  | 1247 | 0 | 0 |
| Adobe Systems Inc. | COM | 00724F101 |  | 1074829 | 3047 | SH |  | SOLE |  | 3047 | 0 | 0 |
| Advanced Drainage Systems Inc. | COM | 00790R104 |  | 501123 | 3613 | SH |  | SOLE |  | 3613 | 0 | 0 |
| Agree Realty Corp. | COM | 008492100 |  | 209568 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| Alphabet Inc. | COM | 02079K305 |  | 2577103 | 10601 | SH |  | SOLE |  | 10601 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 163879795 | 2480772 | SH |  | SOLE |  | 1995266 | 0 | 485506 |
| American Express Co. | COM | 025816109 |  | 5702855 | 17169 | SH |  | SOLE |  | 17169 | 0 | 0 |
| American States Water Co. | COM | 029899101 |  | 591986 | 8074 | SH |  | SOLE |  | 8074 | 0 | 0 |
| American Water Works Company I | COM | 030420103 |  | 875644 | 6291 | SH |  | SOLE |  | 6291 | 0 | 0 |
| Ameris Bancorp | COM | 03076K108 |  | 998116 | 13615 | SH |  | SOLE |  | 13615 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 1257872 | 4940 | SH |  | SOLE |  | 4940 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 4543795 | 22193 | SH |  | SOLE |  | 22193 | 0 | 0 |
| Archer-Daniels-Midland Co. | COM | 039483102 |  | 1349646 | 22592 | SH |  | SOLE |  | 22592 | 0 | 0 |
| Arrow Electronics Inc. | COM | 042735100 |  | 2665509 | 22029 | SH |  | SOLE |  | 22029 | 0 | 0 |
| Artesian Resources Corp. | COM | 043113208 |  | 257077 | 7887 | SH |  | SOLE |  | 7887 | 0 | 0 |
| AT Inc. | COM | 00206R102 |  | 164374563 | 5820629 | SH |  | SOLE |  | 4089148 | 0 | 1731481 |
| Avient Corp. | COM | 05368V106 |  | 491944 | 14930 | SH |  | SOLE |  | 14930 | 0 | 0 |
| Axalta Coating Systems Ltd. | COM | G0750C108 |  | 2874078 | 100422 | SH |  | SOLE |  | 100422 | 0 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 281272382 | 5452072 | SH |  | SOLE |  | 4027126 | 0 | 1424946 |
| BCE Inc. | COM | 05534B760 |  | 149458949 | 6389865 | SH |  | SOLE |  | 5043394 | 0 | 1346471 |
| Becton Dickinson  Co. | COM | 075887109 |  | 134062424 | 716260 | SH |  | SOLE |  | 578565 | 0 | 137695 |
| Blackstone Inc | COM | 09260D107 |  | 239532 | 1402 | SH |  | SOLE |  | 1402 | 0 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 1694697 | 7852 | SH |  | SOLE |  | 7852 | 0 | 0 |
| BorgWarner Inc. | COM | 099724106 |  | 3941761 | 89667 | SH |  | SOLE |  | 89667 | 0 | 0 |
| Bristol-Myers Squibb Co. | COM | 110122108 |  | 60472221 | 1340847 | SH |  | SOLE |  | 1340847 | 0 | 0 |
| Broadcom Ltd. | COM | 11135F101 |  | 197896328 | 599849 | SH |  | SOLE |  | 416743 | 0 | 183106 |
| California Water Service Group | COM | 130788102 |  | 573028 | 12487 | SH |  | SOLE |  | 12487 | 0 | 0 |
| Canadian National Railway Co. | COM | 136375102 |  | 1630730 | 17293 | SH |  | SOLE |  | 17293 | 0 | 0 |
| Canadian Pacific Kansas City L | COM | 13646K108 |  | 365299 | 4904 | SH |  | SOLE |  | 4904 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 414643 | 869 | SH |  | SOLE |  | 869 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 138793712 | 893771 | SH |  | SOLE |  | 586638 | 0 | 307133 |
| Chubb Ltd. | COM | H1467J104 |  | 193591598 | 685887 | SH |  | SOLE |  | 476413 | 0 | 209474 |
| Cisco Systems Inc. | COM | 17275R102 |  | 269422336 | 3937772 | SH |  | SOLE |  | 3018152 | 0 | 919620 |
| Citigroup Inc. | COM | 172967424 |  | 249342899 | 2456580 | SH |  | SOLE |  | 1820351 | 0 | 636229 |
| Civitas Resources Inc. | COM | 17888H103 |  | 279468 | 8599 | SH |  | SOLE |  | 8599 | 0 | 0 |
| Coca Cola Euro Pacific Partner | COM | G25839104 |  | 47045687 | 520359 | SH |  | SOLE |  | 344352 | 0 | 176007 |
| Comcast Corp. (Cl A) | COM | 20030N101 |  | 167902927 | 5343823 | SH |  | SOLE |  | 3985114 | 0 | 1358710 |
| Communication Services Select | COM | 81369Y852 |  | 1908006 | 16119 | SH |  | SOLE |  | 16119 | 0 | 0 |
| Conagra Brands Inc. | COM | 205887102 |  | 1227173 | 67022 | SH |  | SOLE |  | 67022 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 185114188 | 1957016 | SH |  | SOLE |  | 1568045 | 0 | 388972 |
| Consolidated Water Company Ltd | COM | G23773107 |  | 408437 | 11577 | SH |  | SOLE |  | 11577 | 0 | 0 |
| Consumer Discretionary Select | COM | 81369Y407 |  | 357783 | 1493 | SH |  | SOLE |  | 1493 | 0 | 0 |
| Consumer Staples Select Sector | COM | 81369Y308 |  | 590988 | 7541 | SH |  | SOLE |  | 7541 | 0 | 0 |
| Copa Holdings SA | COM | P31076105 |  | 24881027 | 209401 | SH |  | SOLE |  | 209401 | 0 | 0 |
| Core  Main Inc | COM | 21874C102 |  | 754858 | 14023 | SH |  | SOLE |  | 14023 | 0 | 0 |
| Coterra Energy Inc. | COM | 127097103 |  | 570060 | 24104 | SH |  | SOLE |  | 24104 | 0 | 0 |
| Cousins Properties Inc. | COM | 222795502 |  | 944804 | 32647 | SH |  | SOLE |  | 32647 | 0 | 0 |
| Crown Castle Inc. | COM | 22822V101 |  | 109202513 | 1131750 | SH |  | SOLE |  | 774129 | 0 | 357621 |
| CSX Corp. | COM | 126408103 |  | 1654375 | 46589 | SH |  | SOLE |  | 46589 | 0 | 0 |
| CVS Health Corp. | COM | 126650100 |  | 486642 | 6455 | SH |  | SOLE |  | 6455 | 0 | 0 |
| Dominion Energy Inc. | COM | 25746U109 |  | 354786 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| Douglas Elliman Inc. | COM | 25961D105 |  | 1255140 | 438860 | SH |  | SOLE |  | 438860 | 0 | 0 |
| Dow Inc | COM | 260557103 |  | 86176075 | 3758224 | SH |  | SOLE |  | 2152505 | 0 | 1605719 |
| Duke Energy Corp. | COM | 26441C204 |  | 249972208 | 2019977 | SH |  | SOLE |  | 1543571 | 0 | 476406 |
| DuPont De Nemours Inc. | COM | 26614N102 |  | 1834779 | 23553 | SH |  | SOLE |  | 23553 | 0 | 0 |
| Eaton Corp. PLC | COM | G29183103 |  | 4799382 | 12824 | SH |  | SOLE |  | 12824 | 0 | 0 |
| Ecolab Inc. | COM | 278865100 |  | 238806 | 872 | SH |  | SOLE |  | 872 | 0 | 0 |
| Enbridge Inc. | COM | 29250N105 |  | 51979239 | 1030108 | SH |  | SOLE |  | 657254 | 0 | 372854 |
| Energy Transfer LP | COM | 29273V100 |  | 2691289 | 156835 | SH |  | SOLE |  | 156835 | 0 | 0 |
| Enterprise Financial Services | COM | 293712105 |  | 387364 | 6681 | SH |  | SOLE |  | 6681 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 |  | 2654979 | 84905 | SH |  | SOLE |  | 84905 | 0 | 0 |
| EOG Resources Inc. | COM | 26875P101 |  | 64686353 | 576939 | SH |  | SOLE |  | 576939 | 0 | 0 |
| Essential Properties Realty Tr | COM | 29670E107 |  | 211891 | 7120 | SH |  | SOLE |  | 7120 | 0 | 0 |
| Essential Utilites Inc. | COM | 29670G102 |  | 1065490 | 26704 | SH |  | SOLE |  | 26704 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 215590493 | 1912111 | SH |  | SOLE |  | 1468006 | 0 | 444104 |
| Fidelity National Information | COM | 31620M106 |  | 1521104 | 23068 | SH |  | SOLE |  | 23068 | 0 | 0 |
| First Horizon Corp. | COM | 320517105 |  | 1311290 | 57996 | SH |  | SOLE |  | 57996 | 0 | 0 |
| First Interstate Bancsystem In | COM | 32055Y201 |  | 596415 | 18714 | SH |  | SOLE |  | 18714 | 0 | 0 |
| GE Vernova LLC | COM | 36828A101 |  | 983840 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 245866588 | 721016 | SH |  | SOLE |  | 532745 | 0 | 188272 |
| General Electric Co. | COM | 369604301 |  | 1940590 | 6451 | SH |  | SOLE |  | 6451 | 0 | 0 |
| Genuine Parts Co. | COM | 372460105 |  | 188357114 | 1358998 | SH |  | SOLE |  | 985569 | 0 | 373429 |
| Global Water Resources Inc. | COM | 379463102 |  | 415358 | 40326 | SH |  | SOLE |  | 40326 | 0 | 0 |
| Great Lakes Dredge  Dock Corp | COM | 390607109 |  | 895389 | 74678 | SH |  | SOLE |  | 74678 | 0 | 0 |
| H2O America | COM | 784305104 |  | 574173 | 11790 | SH |  | SOLE |  | 11790 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369Y209 |  | 1198254 | 8610 | SH |  | SOLE |  | 8610 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 195959565 | 10232875 | SH |  | SOLE |  | 7710444 | 0 | 2522431 |
| Helmerich  Payne Inc. | COM | 423452101 |  | 261678 | 11846 | SH |  | SOLE |  | 11846 | 0 | 0 |
| Highwoods Properties Inc. | COM | 431284108 |  | 565728 | 17779 | SH |  | SOLE |  | 17779 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 3805482 | 18068 | SH |  | SOLE |  | 18068 | 0 | 0 |
| Hudson Pacific Properties Inc | COM | 444097109 |  | 33120 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| Huntsman Corp. | COM | 447011107 |  | 121643 | 13546 | SH |  | SOLE |  | 13546 | 0 | 0 |
| Industrial Select Sector SPDR | COM | 81369Y704 |  | 1138989 | 7385 | SH |  | SOLE |  | 7385 | 0 | 0 |
| International Business Machine | COM | 459200101 |  | 48249412 | 171000 | SH |  | SOLE |  | 171000 | 0 | 0 |
| iShares MSCI ACWI ex US ETF | COM | 464288240 |  | 7779162 | 119661 | SH |  | SOLE |  | 119661 | 0 | 0 |
| iShares MSCI Brazil ETF | COM | 464286400 |  | 5981636 | 192956 | SH |  | SOLE |  | 192956 | 0 | 0 |
| iShares MSCI China ETF | COM | 46429B671 |  | 2058208 | 31256 | SH |  | SOLE |  | 31256 | 0 | 0 |
| iShares MSCI EAFE Value ETF | COM | 464288877 |  | 15711599 | 231632 | SH |  | SOLE |  | 231632 | 0 | 0 |
| iShares MSCI Emerging Markets | COM | 464287234 |  | 12256261 | 229518 | SH |  | SOLE |  | 229518 | 0 | 0 |
| iShares MSCI India ETF | COM | 46429B598 |  | 2012900 | 38665 | SH |  | SOLE |  | 38665 | 0 | 0 |
| iShares MSCI Malaysia ETF | COM | 46434G814 |  | 1769688 | 68275 | SH |  | SOLE |  | 68275 | 0 | 0 |
| iShares MSCI South Korea ETF | COM | 464286772 |  | 17841714 | 222743 | SH |  | SOLE |  | 222743 | 0 | 0 |
| iShares MSCI Taiwan ETF | COM | 46434G772 |  | 9933500 | 156138 | SH |  | SOLE |  | 156138 | 0 | 0 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 329001 | 1616 | SH |  | SOLE |  | 1616 | 0 | 0 |
| iShares Russell 2000 ETF | COM | 464287655 |  | 926707 | 3830 | SH |  | SOLE |  | 3830 | 0 | 0 |
| iShares S Latin America 40 E | COM | 464287390 |  | 381290 | 13198 | SH |  | SOLE |  | 13198 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 221643755 | 1195361 | SH |  | SOLE |  | 811315 | 0 | 384046 |
| Johnson Controls International | COM | G51502105 |  | 203333678 | 1849329 | SH |  | SOLE |  | 1297735 | 0 | 551594 |
| JP Morgan Chase  Co. | COM | 46625H100 |  | 317532244 | 1006665 | SH |  | SOLE |  | 736867 | 0 | 269798 |
| Kenvue Inc | COM | 49177J102 |  | 39124700 | 2410641 | SH |  | SOLE |  | 2410641 | 0 | 0 |
| Keurig Dr Pepper Inc | COM | 49271V100 |  | 38932648 | 1526172 | SH |  | SOLE |  | 1526172 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 |  | 854353 | 6870 | SH |  | SOLE |  | 6870 | 0 | 0 |
| Korn Ferry | COM | 500643200 |  | 431217 | 6162 | SH |  | SOLE |  | 6162 | 0 | 0 |
| Latham Group Inc. | COM | 51819L107 |  | 718605 | 94429 | SH |  | SOLE |  | 94429 | 0 | 0 |
| Laureate Education Inc. | COM | 518613203 |  | 12867658 | 407979 | SH |  | SOLE |  | 407979 | 0 | 0 |
| LendingTree Inc. | COM | 52603B107 |  | 1605433 | 24802 | SH |  | SOLE |  | 24802 | 0 | 0 |
| Linde PLC | COM | G54950103 |  | 463600 | 976 | SH |  | SOLE |  | 976 | 0 | 0 |
| Lindsay Corp. | COM | 535555106 |  | 239514 | 1704 | SH |  | SOLE |  | 1704 | 0 | 0 |
| LoanDepot Inc. | COM | 53946R106 |  | 1120280 | 364912 | SH |  | SOLE |  | 364912 | 0 | 0 |
| Lowe's Companies Inc. | COM | 548661107 |  | 156323202 | 622033 | SH |  | SOLE |  | 424148 | 0 | 197886 |
| M/I Homes Inc. | COM | 55305B101 |  | 620948 | 4299 | SH |  | SOLE |  | 4299 | 0 | 0 |
| Malibu Boats Inc. | COM | 56117J100 |  | 366068 | 11281 | SH |  | SOLE |  | 11281 | 0 | 0 |
| Marriot Vacations Worldwide Co | COM | 57164Y107 |  | 938097 | 14094 | SH |  | SOLE |  | 14094 | 0 | 0 |
| Masco Corp. | COM | 574599106 |  | 371448 | 5277 | SH |  | SOLE |  | 5277 | 0 | 0 |
| Masterbrand Inc. | COM | 57638P104 |  | 652218 | 49523 | SH |  | SOLE |  | 49523 | 0 | 0 |
| Materials Select Sector SPDR F | COM | 81369Y100 |  | 373447 | 4167 | SH |  | SOLE |  | 4167 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 |  | 2098664 | 6906 | SH |  | SOLE |  | 6906 | 0 | 0 |
| Medtronic PLC | COM | G5960L103 |  | 254517000 | 2672375 | SH |  | SOLE |  | 2079477 | 0 | 592898 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 196685909 | 2343452 | SH |  | SOLE |  | 1809335 | 0 | 534117 |
| Micron Technology Inc. | COM | 595112103 |  | 1168563 | 6984 | SH |  | SOLE |  | 6984 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 109060691 | 210562 | SH |  | SOLE |  | 161014 | 0 | 49548 |
| Middlesex Water Co. | COM | 596680108 |  | 254093 | 4695 | SH |  | SOLE |  | 4695 | 0 | 0 |
| Millicom Intl Cellular | COM | L6388F110 |  | 31212725 | 643031 | SH |  | SOLE |  | 643031 | 0 | 0 |
| Mondelez International Inc. | COM | 609207105 |  | 3647373 | 58386 | SH |  | SOLE |  | 58386 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 248389660 | 1562592 | SH |  | SOLE |  | 1079691 | 0 | 482901 |
| Newmark Group Inc. | COM | 65158N102 |  | 320929 | 17208 | SH |  | SOLE |  | 17208 | 0 | 0 |
| NextEra Energy Inc. | COM | 65339F101 |  | 188355556 | 2495106 | SH |  | SOLE |  | 1661152 | 0 | 833954 |
| Norfolk Southern Corp. | COM | 655844108 |  | 36455054 | 121351 | SH |  | SOLE |  | 121351 | 0 | 0 |
| Northrop Grumman Corp. | COM | 666807102 |  | 203513 | 334 | SH |  | SOLE |  | 334 | 0 | 0 |
| Omnicom Group Inc. | COM | 681919106 |  | 96542979 | 1184141 | SH |  | SOLE |  | 811012 | 0 | 373129 |
| Oracle Corp. | COM | 68389X105 |  | 6064659 | 21564 | SH |  | SOLE |  | 21564 | 0 | 0 |
| PACCAR Inc. | COM | 693718108 |  | 54904149 | 558423 | SH |  | SOLE |  | 558423 | 0 | 0 |
| Packaging Corp. of America | COM | 695156109 |  | 2662015 | 12215 | SH |  | SOLE |  | 12215 | 0 | 0 |
| PennyMac Financial Services In | COM | 70932M107 |  | 357518 | 2886 | SH |  | SOLE |  | 2886 | 0 | 0 |
| Pentair PLC | COM | G7S00T104 |  | 661569 | 5973 | SH |  | SOLE |  | 5973 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 1140092 | 8118 | SH |  | SOLE |  | 8118 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 57551342 | 2258687 | SH |  | SOLE |  | 1503201 | 0 | 755486 |
| Philip Morris International In | COM | 718172109 |  | 194466605 | 1198931 | SH |  | SOLE |  | 834365 | 0 | 364566 |
| Portland General Electric Co. | COM | 736508847 |  | 645348 | 14667 | SH |  | SOLE |  | 14667 | 0 | 0 |
| PotlatchDeltic Corp | COM | 737630103 |  | 241485 | 5926 | SH |  | SOLE |  | 5926 | 0 | 0 |
| PPG Industries Inc. | COM | 693506107 |  | 42621159 | 405491 | SH |  | SOLE |  | 405491 | 0 | 0 |
| PPL Corp. | COM | 69351T106 |  | 67695184 | 1821722 | SH |  | SOLE |  | 1821722 | 0 | 0 |
| Prologis Inc. | COM | 74340W103 |  | 334398 | 2920 | SH |  | SOLE |  | 2920 | 0 | 0 |
| Public Service Enterprise Grou | COM | 744573106 |  | 751057 | 8999 | SH |  | SOLE |  | 8999 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 208261 | 721 | SH |  | SOLE |  | 721 | 0 | 0 |
| Quaker Chemical Corp. | COM | 747316107 |  | 396041 | 3006 | SH |  | SOLE |  | 3006 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 110704987 | 665454 | SH |  | SOLE |  | 442289 | 0 | 223165 |
| Raymond James Financial Inc. | COM | 754730109 |  | 2311459 | 13392 | SH |  | SOLE |  | 13392 | 0 | 0 |
| Rayonier Inc. | COM | 754907103 |  | 219273 | 8262 | SH |  | SOLE |  | 8262 | 0 | 0 |
| Real Estate Select Sector SPDR | COM | 81369Y860 |  | 307886 | 7308 | SH |  | SOLE |  | 7308 | 0 | 0 |
| Royal Bank of Canada | COM | 780087102 |  | 221717 | 1505 | SH |  | SOLE |  | 1505 | 0 | 0 |
| RTX Corp | COM | 75513E101 |  | 234241889 | 1399880 | SH |  | SOLE |  | 999882 | 0 | 399998 |
| Select Water Solutions Inc. | COM | 81617J301 |  | 578928 | 54156 | SH |  | SOLE |  | 54156 | 0 | 0 |
| Sempra | COM | 816851109 |  | 2622107 | 29141 | SH |  | SOLE |  | 29141 | 0 | 0 |
| Sensata Technologies Holding P | COM | G8060N102 |  | 724402 | 23712 | SH |  | SOLE |  | 23712 | 0 | 0 |
| Simon Property Group Inc. | COM | 828806109 |  | 1763723 | 9398 | SH |  | SOLE |  | 9398 | 0 | 0 |
| Simons First National Corp. | COM | 828730200 |  | 541092 | 28226 | SH |  | SOLE |  | 28226 | 0 | 0 |
| Smurfit Westrock PLC | COM | G8267P108 |  | 49099127 | 1153374 | SH |  | SOLE |  | 992105 | 0 | 161269 |
| SouthState Bank Corp. | COM | 84472E102 |  | 677505 | 6852 | SH |  | SOLE |  | 6852 | 0 | 0 |
| SPDR Bloomberg 1-3 Month T-Bil | COM | 78468R663 |  | 1039711 | 11332 | SH |  | SOLE |  | 11332 | 0 | 0 |
| SPDR S ETF Trust | COM | 78462F103 |  | 205850 | 309 | SH |  | SOLE |  | 309 | 0 | 0 |
| Stantec Inc. | COM | 85472N109 |  | 312943 | 2903 | SH |  | SOLE |  | 2903 | 0 | 0 |
| Sysco Corp. | COM | 871829107 |  | 56467043 | 685779 | SH |  | SOLE |  | 685779 | 0 | 0 |
| Target Corp. | COM | 87612E106 |  | 94679190 | 1055509 | SH |  | SOLE |  | 646457 | 0 | 409053 |
| Tetra Tech Inc. | COM | 88162G103 |  | 749081 | 22441 | SH |  | SOLE |  | 22441 | 0 | 0 |
| The Allstate Corp. | COM | 020002101 |  | 3774620 | 17585 | SH |  | SOLE |  | 17585 | 0 | 0 |
| The Cigna Group | COM | 125523100 |  | 4042706 | 14025 | SH |  | SOLE |  | 14025 | 0 | 0 |
| The Coca-Cola Co. | COM | 191216100 |  | 691651 | 10429 | SH |  | SOLE |  | 10429 | 0 | 0 |
| The JM Smucker Co. | COM | 832696405 |  | 2070133 | 19062 | SH |  | SOLE |  | 19062 | 0 | 0 |
| The PNC Financial Services Gro | COM | 693475105 |  | 40467905 | 201403 | SH |  | SOLE |  | 201403 | 0 | 0 |
| The Procter  Gamble Co. | COM | 742718109 |  | 1424182 | 9269 | SH |  | SOLE |  | 9269 | 0 | 0 |
| The Travelers Companies Inc. | COM | 89417E109 |  | 141914528 | 508253 | SH |  | SOLE |  | 369941 | 0 | 138312 |
| The Walt Disney Co. | COM | 254687106 |  | 4462409 | 38973 | SH |  | SOLE |  | 38973 | 0 | 0 |
| The York Water Co. | COM | 987184108 |  | 318650 | 10475 | SH |  | SOLE |  | 10475 | 0 | 0 |
| Truist Financial Corp | COM | 89832Q109 |  | 209936338 | 4591783 | SH |  | SOLE |  | 3419554 | 0 | 1172230 |
| Under Armour Inc. (class C) | COM | 904311206 |  | 117866 | 24403 | SH |  | SOLE |  | 24403 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 2148367 | 9089 | SH |  | SOLE |  | 9089 | 0 | 0 |
| United Parcel Service Inc. | COM | 911312106 |  | 116547557 | 1395278 | SH |  | SOLE |  | 1074062 | 0 | 321216 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 81724223 | 236676 | SH |  | SOLE |  | 161428 | 0 | 75248 |
| Valmont Industries Inc. | COM | 920253101 |  | 452869 | 1168 | SH |  | SOLE |  | 1168 | 0 | 0 |
| Vanguard FTSE Emerging Markets | COM | 922042858 |  | 302054 | 5575 | SH |  | SOLE |  | 5575 | 0 | 0 |
| Varex Imaging Corp. | COM | 92214X106 |  | 144981 | 11692 | SH |  | SOLE |  | 11692 | 0 | 0 |
| Veralto Corp. | COM | 92338C103 |  | 725374 | 6804 | SH |  | SOLE |  | 6804 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 67596096 | 1538023 | SH |  | SOLE |  | 1538023 | 0 | 0 |
| Vici Properties Inc. | COM | 925652109 |  | 206333500 | 6327308 | SH |  | SOLE |  | 5026291 | 0 | 1301017 |
| Viper Energy Inc | COM | 64361Q101 |  | 511460 | 13382 | SH |  | SOLE |  | 13382 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 4499806 | 43662 | SH |  | SOLE |  | 43662 | 0 | 0 |
| WesBanco Inc. | COM | 950810101 |  | 715424 | 22406 | SH |  | SOLE |  | 22406 | 0 | 0 |
| Weyerhaeuser Co. | COM | 962166104 |  | 356902 | 14397 | SH |  | SOLE |  | 14397 | 0 | 0 |
| WisdomTree India Earnings Fund | COM | 97717W422 |  | 4072809 | 92145 | SH |  | SOLE |  | 92145 | 0 | 0 |
| WP Carey Inc. | COM | 92936U109 |  | 935642 | 13847 | SH |  | SOLE |  | 13847 | 0 | 0 |
| Xylem Inc. | COM | 98419M100 |  | 752398 | 5101 | SH |  | SOLE |  | 5101 | 0 | 0 |
| Granite Real Estate Investment | COM | 387437205 |  | 455078 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| Alibaba Group Holding Ltd. (ADR) | ADR | 01609W102 |  | 8161527 | 45664 | SH |  | SOLE |  | 45664 | 0 | 0 |
| ASE Technology Holding Company (ADR) | ADR | 00215W100 |  | 62312732 | 5618822 | SH |  | SOLE |  | 3940999 | 0 | 1677823 |
| British American Tobacco PLC (ADR) | ADR | 110448107 |  | 70851174 | 1334800 | SH |  | SOLE |  | 919392 | 0 | 415407 |
| Coca-Cola Femsa SAB de CV (ADR) | ADR | 191241108 |  | 38081018 | 458255 | SH |  | SOLE |  | 273514 | 0 | 184742 |
| Companhia de Saneamento Basico (ADR) | ADR | 20441A102 |  | 771242 | 30986 | SH |  | SOLE |  | 30986 | 0 | 0 |
| Diageo PLC (ADR) | ADR | 25243Q205 |  | 124942511 | 1309258 | SH |  | SOLE |  | 997003 | 0 | 312255 |
| ICICI Bank Ltd. (ADR) | ADR | 45104G104 |  | 52292307 | 1729815 | SH |  | SOLE |  | 1729815 | 0 | 0 |
| Itau Unibanco Holding SA (ADR) | ADR | 465562106 |  | 4913484 | 669412 | SH |  | SOLE |  | 669412 | 0 | 0 |
| Kaspi.kz JSC | ADR | 48581R205 |  | 379077 | 4641 | SH |  | SOLE |  | 4641 | 0 | 0 |
| KB Financial Group Inc. (ADR) | ADR | 48241A105 |  | 9288324 | 112029 | SH |  | SOLE |  | 112029 | 0 | 0 |
| KT Corp. (ADR) | ADR | 48268K101 |  | 902577 | 46286 | SH |  | SOLE |  | 46286 | 0 | 0 |
| National Grid PLC (ADR) | ADR | 636274409 |  | 53162510 | 731561 | SH |  | SOLE |  | 467749 | 0 | 263812 |
| Novartis AG (ADR) | ADR | 66987V109 |  | 265505195 | 2070377 | SH |  | SOLE |  | 1363309 | 0 | 707069 |
| Petroleo Brasileiro SA (ADR) | ADR | 71654V408 |  | 19955673 | 1576277 | SH |  | SOLE |  | 707833 | 0 | 868444 |
| Rio Tinto PLC (ADR) | ADR | 767204100 |  | 19127101 | 289761 | SH |  | SOLE |  | 137579 | 0 | 152182 |
| Sanofi (ADR) | ADR | 80105N105 |  | 18147569 | 384482 | SH |  | SOLE |  | 167426 | 0 | 217056 |
| Shell PLC (ADR) | ADR | 780259305 |  | 35023275 | 489631 | SH |  | SOLE |  | 288419 | 0 | 201212 |
| Suzano SA (ADR) | ADR | 86959K105 |  | 184193 | 19595 | SH |  | SOLE |  | 19595 | 0 | 0 |
| Taiwan Semiconductor Manufacturing (ADR) | ADR | 874039100 |  | 70122457 | 251074 | SH |  | SOLE |  | 251074 | 0 | 0 |
| TotalEnergies SE (ADR) | ADR | 89151E109 |  | 11371837 | 190515 | SH |  | SOLE |  | 96290 | 0 | 94225 |
| Toyota Motor Corp. (ADR) | ADR | 892331307 |  | 37666585 | 197114 | SH |  | SOLE |  | 128551 | 0 | 68564 |
| Unilever PLC (ADR) | ADR | 904767704 |  | 147770246 | 2492750 | SH |  | SOLE |  | 1726246 | 0 | 766505 |

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