Cullen Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Co.	COM	88579Y101	950,490	7,363	SH		SOLE		7,363	0	0
AbbVie Inc.	COM	00287Y109	670,284	3,772	SH		SOLE		3,772	0	0
Advanced Drainage Systems Inc.	COM	00790R104	252,355	2,183	SH		SOLE		2,183	0	0
Alphabet Inc.	COM	02079K305	1,468,400	7,757	SH		SOLE		7,757	0	0
Altria Group Inc.	COM	02209S103	139,060,808	2,659,415	SH		SOLE		2,137,381	0	522,034
American Express Co.	COM	025816109	5,095,291	17,168	SH		SOLE		17,168	0	0
American States Water Co.	COM	029899101	515,284	6,630	SH		SOLE		6,630	0	0
American Water Works Company I	COM	030420103	699,260	5,617	SH		SOLE		5,617	0	0
Ameris Bancorp	COM	03076K108	1,071,449	17,124	SH		SOLE		17,124	0	0
Apple Inc.	COM	037833100	1,588,664	6,344	SH		SOLE		6,344	0	0
Applied Materials Inc.	COM	038222105	3,133,067	19,265	SH		SOLE		19,265	0	0
Archer-Daniels-Midland Co.	COM	039483102	1,140,641	22,578	SH		SOLE		22,578	0	0
Arrow Electronics Inc.	COM	042735100	2,621,330	23,173	SH		SOLE		23,173	0	0
AT&T Inc.	COM	00206R102	160,062,249	7,029,523	SH		SOLE		4,984,992	0	2,044,531
Axalta Coating Systems Ltd.	COM	G0750C108	3,450,608	100,836	SH		SOLE		100,836	0	0
Bank of America Corp.	COM	060505104	249,973,506	5,687,679	SH		SOLE		4,248,611	0	1,439,068
Baxter International Inc.	COM	071813109	40,423,960	1,386,281	SH		SOLE		1,386,281	0	0
BCE Inc.	COM	05534B760	81,792,822	3,528,595	SH		SOLE		2,120,616	0	1,407,979
Blackstone Inc	COM	09260D107	1,035,382	6,005	SH		SOLE		6,005	0	0
BOEING CO/THE	COM	097023105	1,463,790	8,270	SH		SOLE		8,270	0	0
BorgWarner Inc.	COM	099724106	2,909,008	91,507	SH		SOLE		91,507	0	0
Bristol-Myers Squibb Co.	COM	110122108	65,958,998	1,166,177	SH		SOLE		1,166,177	0	0
Broadcom Ltd.	COM	11135F101	210,617,434	908,460	SH		SOLE		636,701	0	271,759
California Water Service Group	COM	130788102	228,191	5,034	SH		SOLE		5,034	0	0
Canadian National Railway Co.	COM	136375102	1,802,209	17,754	SH		SOLE		17,754	0	0
Canadian Pacific Kansas City L	COM	13646K108	387,107	5,349	SH		SOLE		5,349	0	0
Caterpillar Inc.	COM	149123101	315,238	869	SH		SOLE		869	0	0
Chevron Corp.	COM	166764100	214,665,570	1,482,088	SH		SOLE		1,160,518	0	321,570
Chubb Ltd.	COM	H1467J104	218,539,762	790,951	SH		SOLE		555,620	0	235,331
Cisco Systems Inc.	COM	17275R102	272,419,045	4,601,673	SH		SOLE		3,600,610	0	1,001,063
Citigroup Inc.	COM	172967424	208,623,612	2,963,825	SH		SOLE		2,242,071	0	721,754
Civitas Resources Inc.	COM	17888H103	316,274	6,895	SH		SOLE		6,895	0	0
Coca Cola Euro Pacific Partner	COM	G25839104	48,096,619	626,177	SH		SOLE		405,256	0	220,921
Comcast Corp. (Cl A)	COM	20030N101	185,397,498	4,939,981	SH		SOLE		3,793,514	0	1,146,468
Communication Services Select	COM	81369Y852	41,247,159	426,063	SH		SOLE		426,063	0	0
Conagra Brands Inc.	COM	205887102	49,036,351	1,767,076	SH		SOLE		1,767,076	0	0
ConocoPhillips	COM	20825C104	125,815,367	1,268,684	SH		SOLE		942,070	0	326,614
Consolidated Water Company Ltd	COM	G23773107	244,117	9,429	SH		SOLE		9,429	0	0
Consumer Discretionary Select	COM	81369Y407	11,282,786	50,291	SH		SOLE		50,291	0	0
Consumer Staples Select Sector	COM	81369Y308	10,810,997	137,527	SH		SOLE		137,527	0	0
Copa Holdings SA	COM	P31076105	4,630,661	52,693	SH		SOLE		52,693	0	0
Core & Main Inc	COM	21874C102	794,807	15,612	SH		SOLE		15,612	0	0
Coterra Energy Inc.	COM	127097103	630,736	24,696	SH		SOLE		24,696	0	0
Cousins Properties Inc.	COM	222795502	1,047,153	34,176	SH		SOLE		34,176	0	0
Crocs Inc.	COM	227046109	399,894	3,651	SH		SOLE		3,651	0	0
Crown Castle Inc.	COM	22822V101	99,395,047	1,095,142	SH		SOLE		777,458	0	317,684
CSX Corp.	COM	126408103	1,364,021	42,269	SH		SOLE		42,269	0	0
Denny's Corp.	COM	24869P104	345,062	57,035	SH		SOLE		57,035	0	0
Dominion Energy Inc.	COM	25746U109	430,072	7,985	SH		SOLE		7,985	0	0
Douglas Elliman Inc.	COM	25961D105	749,189	448,616	SH		SOLE		448,616	0	0
Dow Inc	COM	260557103	150,204,318	3,742,943	SH		SOLE		2,543,744	0	1,199,200
Duke Energy Corp.	COM	26441C204	230,728,346	2,141,529	SH		SOLE		1,653,057	0	488,472
DuPont De Nemours Inc.	COM	26614N102	1,226,481	16,085	SH		SOLE		16,085	0	0
Eaton Corp. PLC	COM	G29183103	4,706,580	14,182	SH		SOLE		14,182	0	0
Ecolab Inc.	COM	278865100	336,015	1,434	SH		SOLE		1,434	0	0
Enbridge Inc.	COM	29250N105	333,500	7,860	SH		SOLE		7,860	0	0
Energy Select Sector SPDR Fund	COM	81369Y506	3,449,785	40,273	SH		SOLE		40,273	0	0
Energy Transfer LP	COM	29273V100	5,504,868	281,004	SH		SOLE		281,004	0	0
Enterprise Financial Services	COM	293712105	880,460	15,611	SH		SOLE		15,611	0	0
Enterprise Products Partners L	COM	293792107	4,509,411	143,795	SH		SOLE		143,795	0	0
EOG Resources Inc.	COM	26875P101	66,386,211	541,575	SH		SOLE		541,575	0	0
Essential Utilites Inc.	COM	29670G102	627,501	17,277	SH		SOLE		17,277	0	0
Exxon Mobil Corp.	COM	30231G102	210,773,200	1,959,405	SH		SOLE		1,526,102	0	433,303
Fidelity National Information	COM	31620M106	1,281,416	15,865	SH		SOLE		15,865	0	0
Financial Select Sector SPDR F	COM	81369Y605	856,408	17,720	SH		SOLE		17,720	0	0
First Horizon Corp.	COM	320517105	1,697,701	84,295	SH		SOLE		84,295	0	0
First Interstate Bancsystem In	COM	32055Y201	586,278	18,056	SH		SOLE		18,056	0	0
GE Vernova LLC	COM	36828A101	526,288	1,600	SH		SOLE		1,600	0	0
General Dynamics Corp.	COM	369550108	195,500,384	741,965	SH		SOLE		557,105	0	184,861
General Electric Co.	COM	369604301	1,075,962	6,451	SH		SOLE		6,451	0	0
Genuine Parts Co.	COM	372460105	146,094,029	1,251,234	SH		SOLE		934,009	0	317,225
Global Water Resources Inc.	COM	379463102	190,705	16,583	SH		SOLE		16,583	0	0
Great Lakes Dredge & Dock Corp	COM	390607109	1,562,333	138,382	SH		SOLE		138,382	0	0
Health Care Select Sector SPDR	COM	81369Y209	32,295,796	234,759	SH		SOLE		234,759	0	0
Healthpeak Properties Inc	COM	42250P103	178,798,385	8,820,838	SH		SOLE		6,832,486	0	1,988,352
Highwoods Properties Inc.	COM	431284108	828,259	27,085	SH		SOLE		27,085	0	0
Honeywell International Inc.	COM	438516106	4,111,530	18,191	SH		SOLE		18,191	0	0
Industrial Select Sector SPDR	COM	81369Y704	28,983,774	219,974	SH		SOLE		219,974	0	0
International Business Machine	COM	459200101	43,826,888	199,367	SH		SOLE		199,367	0	0
International Paper Co.	COM	460146103	266,947	4,960	SH		SOLE		4,960	0	0
Invesco S&P Global Water Index	COM	46138E263	3,343,815	61,694	SH		SOLE		61,694	0	0
iShares China Large-Cap ETF	COM	464287184	204,861	6,730	SH		SOLE		6,730	0	0
iShares Global Timber & Forest	COM	464288174	908,446	11,900	SH		SOLE		11,900	0	0
iShares MSCI EAFE ETF	COM	464287465	38,377,973	507,578	SH		SOLE		507,578	0	0
iShares MSCI EAFE Value ETF	COM	464288877	1,181,572	22,519	SH		SOLE		22,519	0	0
iShares MSCI Emerging Markets	COM	464287234	1,052,651	25,171	SH		SOLE		25,171	0	0
iShares MSCI India ETF	COM	46429B598	4,274,315	81,199	SH		SOLE		81,199	0	0
iShares MSCI Malaysia ETF	COM	46434G814	12,602,435	513,756	SH		SOLE		513,756	0	0
iShares MSCI South Korea ETF	COM	464286772	1,061,820	20,865	SH		SOLE		20,865	0	0
iShares MSCI Taiwan ETF	COM	46434G772	14,994,665	289,696	SH		SOLE		289,696	0	0
iShares Russell 1000 Value ETF	COM	464287598	30,199,146	163,124	SH		SOLE		163,124	0	0
iShares Russell 2000 Value ETF	COM	464287630	416,663	2,538	SH		SOLE		2,538	0	0
iShares S&P Global 100 ETF	COM	464287572	2,205,755	21,889	SH		SOLE		21,889	0	0
iShares Select Dividend ETF	COM	464287168	3,426,669	26,100	SH		SOLE		26,100	0	0
iShares Trust iShares Global	COM	46434V647	1,232,298	51,410	SH		SOLE		51,410	0	0
Johnson & Johnson	COM	478160104	170,648,970	1,179,982	SH		SOLE		819,198	0	360,783
Johnson Controls International	COM	G51502105	240,535,735	3,047,456	SH		SOLE		2,261,260	0	786,196
JP Morgan Chase & Co.	COM	46625H100	309,378,479	1,290,637	SH		SOLE		946,869	0	343,767
Kenvue Inc	COM	49177J102	194,295,585	9,100,496	SH		SOLE		6,863,922	0	2,236,574
Kimberly-Clark Corp.	COM	494368103	723,341	5,520	SH		SOLE		5,520	0	0
Korn Ferry	COM	500643200	793,482	11,764	SH		SOLE		11,764	0	0
Latham Group Inc.	COM	51819L107	659,383	94,739	SH		SOLE		94,739	0	0
Laureate Education Inc.	COM	518613203	16,553,675	905,067	SH		SOLE		905,067	0	0
LendingTree Inc.	COM	52603B107	1,050,629	27,113	SH		SOLE		27,113	0	0
Leslie's Inc.	COM	527064109	132,507	59,420	SH		SOLE		59,420	0	0
Linde PLC	COM	G54950103	408,544	976	SH		SOLE		976	0	0
Lindsay Corp.	COM	535555106	202,310	1,710	SH		SOLE		1,710	0	0
LoanDepot Inc.	COM	53946R106	919,006	450,493	SH		SOLE		450,493	0	0
Lowe's Companies Inc.	COM	548661107	137,889,620	558,710	SH		SOLE		407,775	0	150,935
M/I Homes Inc.	COM	55305B101	830,672	6,248	SH		SOLE		6,248	0	0
Malibu Boats Inc.	COM	56117J100	859,871	22,875	SH		SOLE		22,875	0	0
Marriot Vacations Worldwide Co	COM	57164Y107	879,681	9,796	SH		SOLE		9,796	0	0
Masco Corp.	COM	574599106	384,186	5,294	SH		SOLE		5,294	0	0
Masterbrand Inc.	COM	57638P104	910,904	62,348	SH		SOLE		62,348	0	0
Materials Select Sector SPDR F	COM	81369Y100	14,667,706	174,325	SH		SOLE		174,325	0	0
McDonald's Corp.	COM	580135101	2,253,895	7,775	SH		SOLE		7,775	0	0
Medtronic PLC	COM	G5960L103	204,297,813	2,557,559	SH		SOLE		1,980,704	0	576,855
Merck & Co. Inc.	COM	58933Y105	195,548,829	1,965,710	SH		SOLE		1,551,985	0	413,725
Micron Technology Inc.	COM	595112103	1,078,090	12,810	SH		SOLE		12,810	0	0
Microsoft Corp.	COM	594918104	98,789,263	234,375	SH		SOLE		182,226	0	52,149
Middlesex Water Co.	COM	596680108	226,309	4,300	SH		SOLE		4,300	0	0
Mondelez International Inc.	COM	609207105	3,517,978	58,898	SH		SOLE		58,898	0	0
Morgan Stanley	COM	617446448	230,076,265	1,830,069	SH		SOLE		1,291,799	0	538,270
NextEra Energy Inc.	COM	65339F101	182,475,327	2,545,339	SH		SOLE		1,730,144	0	815,195
Oracle Corp.	COM	68389X105	5,123,513	30,746	SH		SOLE		30,746	0	0
Packaging Corp. of America	COM	695156109	2,895,847	12,863	SH		SOLE		12,863	0	0
PennyMac Financial Services In	COM	70932M107	822,125	8,049	SH		SOLE		8,049	0	0
Pentair PLC	COM	G7S00T104	649,229	6,451	SH		SOLE		6,451	0	0
PepsiCo Inc.	COM	713448108	1,277,456	8,401	SH		SOLE		8,401	0	0
Pfizer Inc.	COM	717081103	126,664,306	4,774,380	SH		SOLE		3,264,490	0	1,509,890
Philip Morris International In	COM	718172109	243,579,683	2,023,928	SH		SOLE		1,517,163	0	506,764
Pool Corp.	COM	73278L105	314,688	923	SH		SOLE		923	0	0
Portland General Electric Co.	COM	736508847	658,618	15,099	SH		SOLE		15,099	0	0
PPL Corp.	COM	69351T106	61,352,414	1,890,093	SH		SOLE		1,890,093	0	0
Premier Financial Corp	COM	74052F108	1,082,327	42,328	SH		SOLE		42,328	0	0
Public Service Enterprise Grou	COM	744573106	760,326	8,999	SH		SOLE		8,999	0	0
Public Storage	COM	74460D109	566,241	1,891	SH		SOLE		1,891	0	0
Qualcomm Inc.	COM	747525103	67,722,858	440,847	SH		SOLE		303,066	0	137,781
Raymond James Financial Inc.	COM	754730109	1,871,261	12,047	SH		SOLE		12,047	0	0
Rayonier Inc.	COM	754907103	222,450	8,523	SH		SOLE		8,523	0	0
Real Estate Select Sector SPDR	COM	81369Y860	4,797,393	117,959	SH		SOLE		117,959	0	0
RTX Corp	COM	75513E101	230,261,937	1,989,820	SH		SOLE		1,540,185	0	449,634
Select Water Solutions Inc.	COM	81617J301	832,028	62,842	SH		SOLE		62,842	0	0
Sempra	COM	816851109	4,451,702	50,749	SH		SOLE		50,749	0	0
Sensata Technologies Holding P	COM	G8060N102	852,441	31,111	SH		SOLE		31,111	0	0
Simon Property Group Inc.	COM	828806109	1,538,869	8,936	SH		SOLE		8,936	0	0
Simons First National Corp.	COM	828730200	739,015	33,319	SH		SOLE		33,319	0	0
Sitio Royalties Corp	COM	82983N108	357,093	18,618	SH		SOLE		18,618	0	0
Smurfit Westrock PLC	COM	G8267P108	65,220,312	1,210,923	SH		SOLE		773,549	0	437,374
SouthState Corp.	COM	840441109	704,566	7,082	SH		SOLE		7,082	0	0
SPDR Euro Stoxx 50 ETF	COM	78463X202	16,164,966	335,721	SH		SOLE		335,721	0	0
SPDR S&P500 ETF Trust	COM	78462F103	3,925,564	6,698	SH		SOLE		6,698	0	0
Sysco Corp.	COM	871829107	51,241,045	670,168	SH		SOLE		670,168	0	0
Target Corp.	COM	87612E106	121,536,852	899,074	SH		SOLE		615,332	0	283,742
Technology Select Sector SPDR	COM	81369Y803	6,700,064	28,815	SH		SOLE		28,815	0	0
Tetra Tech Inc.	COM	88162G103	438,997	11,019	SH		SOLE		11,019	0	0
The Allstate Corp.	COM	020002101	3,582,617	18,583	SH		SOLE		18,583	0	0
The Cigna Group	COM	125523100	3,803,276	13,773	SH		SOLE		13,773	0	0
The Coca-Cola Co.	COM	191216100	593,898	9,539	SH		SOLE		9,539	0	0
The JM Smucker Co.	COM	832696405	1,669,309	15,159	SH		SOLE		15,159	0	0
The PNC Financial Services Gro	COM	693475105	3,414,602	17,706	SH		SOLE		17,706	0	0
The Procter & Gamble Co.	COM	742718109	1,574,736	9,393	SH		SOLE		9,393	0	0
The Travelers Companies Inc.	COM	89417E109	170,272,957	706,849	SH		SOLE		559,053	0	147,796
The Walt Disney Co.	COM	254687106	3,582,909	32,177	SH		SOLE		32,177	0	0
Trip.com Group Ltd. (ADR)	COM	89677Q107	12,032,047	175,241	SH		SOLE		175,241	0	0
Truist Financial Corp	COM	89832Q109	199,215,771	4,592,341	SH		SOLE		3,502,044	0	1,090,297
Under Armour Inc. (class C)	COM	904311206	236,213	31,664	SH		SOLE		31,664	0	0
Union Pacific Corp.	COM	907818108	2,377,773	10,427	SH		SOLE		10,427	0	0
Unisys Corp.	COM	909214306	394,296	62,290	SH		SOLE		62,290	0	0
United Parcel Service Inc.	COM	911312106	95,463,852	757,049	SH		SOLE		503,396	0	253,653
Utilities Select Sector SPDR F	COM	81369Y886	1,406,547	18,583	SH		SOLE		18,583	0	0
Valmont Industries Inc.	COM	920253101	359,111	1,171	SH		SOLE		1,171	0	0
Vanguard FTSE Emerging Markets	COM	922042858	2,698,551	61,275	SH		SOLE		61,275	0	0
Veralto Corp.	COM	92338C103	534,814	5,251	SH		SOLE		5,251	0	0
Verizon Communications Inc.	COM	92343V104	56,818,065	1,420,807	SH		SOLE		1,420,807	0	0
Vici Properties Inc.	COM	925652109	185,094,077	6,336,668	SH		SOLE		5,051,073	0	1,285,595
Viper Energy Inc	COM	927959106	1,368,121	27,881	SH		SOLE		27,881	0	0
Walmart Inc.	COM	931142103	4,700,730	52,028	SH		SOLE		52,028	0	0
Warner Brothers Discovery Inc.	COM	934423104	974,871	92,230	SH		SOLE		92,230	0	0
Weyerhaeuser Co.	COM	962166104	294,365	10,457	SH		SOLE		10,457	0	0
WisdomTree Emerging Markets Hi	COM	97717W315	1,133,720	28,000	SH		SOLE		28,000	0	0
WisdomTree India Earnings Fund	COM	97717W422	13,028,117	287,787	SH		SOLE		287,787	0	0
WisdomTree Japan Hedged Equity	COM	97717W851	7,104,661	64,418	SH		SOLE		64,418	0	0
Xtrackers MSCI EAFE High Divid	COM	233051630	2,047,210	84,282	SH		SOLE		84,282	0	0
Xylem Inc.	COM	98419M100	396,904	3,421	SH		SOLE		3,421	0	0
Zurn Elkay Water Solutions Cor	COM	98983L108	410,561	11,007	SH		SOLE		11,007	0	0
HudBay Minerals Inc.	COM	443628102	506,748	62,370	SH		SOLE		62,370	0	0
Airtel Africa PLC	COM	50050N103	2,692,485	1,888,769	SH		SOLE		1,888,769	0	0
Glencore PLC	COM	38149E101	825,273	186,095	SH		SOLE		186,095	0	0
ASE Technology Holding Company	ADR	00215W100	44,550,686	4,424,100	SH		SOLE		3,032,048	0	1,392,052
BHP Group Ltd. (ADR)	ADR	088606108	6,504,190	133,201	SH		SOLE		41,426	0	91,775
British American Tobacco PLC (	ADR	110448107	42,881,535	1,180,659	SH		SOLE		753,343	0	427,316
Coca-Cola Femsa SAB de CV (ADR	ADR	191241108	37,007,325	475,123	SH		SOLE		278,328	0	196,795
Diageo PLC (ADR)	ADR	25243Q205	91,630,645	720,763	SH		SOLE		463,526	0	257,237
ICICI Bank Ltd. (ADR)	ADR	45104G104	41,243,229	1,381,220	SH		SOLE		1,381,220	0	0
Itau Unibanco Holding SA (ADR)	ADR	465562106	149,103	30,061	SH		SOLE		30,061	0	0
Kaspi.kz JSC	ADR	48581R205	17,529,495	185,086	SH		SOLE		185,086	0	0
KB Financial Group Inc. (ADR)	ADR	48241A105	7,259,643	127,586	SH		SOLE		127,586	0	0
Novartis AG (ADR)	ADR	66987V109	209,860,558	2,156,619	SH		SOLE		1,447,376	0	709,243
Petroleo Brasileiro SA (ADR)	ADR	71654V408	21,473,129	1,669,761	SH		SOLE		783,691	0	886,070
Rio Tinto PLC (ADR)	ADR	767204100	49,475,569	841,278	SH		SOLE		634,924	0	206,354
Sanofi (ADR)	ADR	80105N105	12,593,416	261,112	SH		SOLE		152,542	0	108,570
Shell PLC (ADR)	ADR	780259305	27,807,461	443,854	SH		SOLE		245,761	0	198,093
Suzano SA (ADR)	ADR	86959K105	166,626	16,465	SH		SOLE		16,465	0	0
Taiwan Semiconductor Manufactu	ADR	874039100	59,370,036	300,623	SH		SOLE		300,623	0	0
TotalEnergies SE (ADR)	ADR	89151E109	15,334,441	281,366	SH		SOLE		148,079	0	133,287
Toyota Motor Corp. (ADR)	ADR	892331307	25,559,462	131,337	SH		SOLE		72,964	0	58,373
Unilever PLC (ADR)	ADR	904767704	149,682,746	2,639,907	SH		SOLE		1,862,340	0	777,567