Cullen Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UL	Unilever PLC (ADR)	2,186,791	$143,016	1.6%	$65.40	—	ADR	904767803
AIG	American International Group I	494,273	$42,285	0.5%	$79.68	0.0%	COM	026874784
NVO	Novo Nordisk A/S (ADR)	547,520	$27,858	0.3%	$50.88	—	ADR	670100205
TTE	TotalEnergies SE	199,123	$13,027	0.1%	$63.23	0.0%	COM	F92124100
XLE	State Street Energy Select Sec	204,009	$9,121	0.1%	$44.71	—	COM	81369Y506
XLF	State Street Financial Select	71,693	$3,927	0.0%	$54.77	—	COM	81369Y605
AXIA	Axia Energia ADR	330,217	$3,025	0.0%	$9.16	—	ADR	15234Q207
DVY	iShares Select Dividend ETF	21,130	$2,982	0.0%	$141.14	—	COM	464287168
CGW	Invesco S&P Global Water Index	27,203	$1,714	0.0%	$63.01	—	COM	46138E263
Q	Qnity Electronics Inc	11,774	$961	0.0%	$84.91	0.0%	COM	74743L100
XLU	State Street Utilities Select	21,872	$934	0.0%	$42.69	—	COM	81369Y886
AXIA/PC	Axia Energia Preferred C (ADR)	82,991	$715	0.0%	$8.62	—	ADR	15236F100
REET	iShares Trust iShares Global	23,559	$588	0.0%	$24.95	—	COM	46434V647
PPH	VanEck Vectors Pharmaceutical	4,620	$477	0.0%	$103.17	—	COM	92189F692
WOOD	iShares Global Timber & Forest	6,560	$472	0.0%	$72.01	—	COM	464288174
POOL	Pool Corp.	2,001	$458	0.0%	$259.46	0.0%	COM	73278L105
XLK	State Street Technology Select	2,134	$307	0.0%	$143.97	—	COM	81369Y803
MICC	The Magnum Ice Cream Company N	18,727	$297	0.0%	$15.68	0.0%	COM	N5505D105
JBSS	John B. Sanfilippo & Son Inc.	3,624	$256	0.0%	$67.96	0.0%	COM	800422107
SOLS	Solstice Advanced Materials In	4,516	$219	0.0%	$47.08	0.0%	COM	83443Q103
CRI	Carter's Inc.	6,514	$211	0.0%	$31.07	0.0%	COM	146229109

Increased Positions (51)

XLC State Street Communication Ser 0.6%

Value ($000) $57,715 (+2924.9%) Shares 490,271 (+2941.6%) Est. Cost $117.40 Unrealized —

FHN First Horizon Corp. 0.5%

Value ($000) $48,528 (+3600.8%) Shares 2,030,457 (+3401.0%) Est. Cost $21.92 Unrealized +1.2%

QCOM Qualcomm Inc. 1.6%

Value ($000) $147,629 (+33.4%) Shares 863,078 (+29.7%) Est. Cost $166.43 Unrealized +2.6%

XLI State Street Industrial Select 0.4%

Value ($000) $36,900 (+3139.7%) Shares 237,878 (+3121.1%) Est. Cost $154.85 Unrealized —

XLP State Street Consumer Staples 0.4%

Value ($000) $35,829 (+5962.6%) Shares 461,242 (+6016.5%) Est. Cost $77.70 Unrealized —

UNP Union Pacific Corp. 0.4%

Value ($000) $36,008 (+1576.1%) Shares 155,665 (+1612.7%) Est. Cost $225.94 Unrealized +0.6%

XLRE State Street Real Estate Selec 0.4%

Value ($000) $32,939 (+10598.4%) Shares 816,329 (+11070.3%) Est. Cost $40.36 Unrealized —

UNH UnitedHealth Group Inc. 1.2%

Value ($000) $109,892 (+34.5%) Shares 332,894 (+40.7%) Est. Cost $310.00 Unrealized +8.8%

XLB State Street Materials Select 0.3%

Value ($000) $28,401 (+7505.1%) Shares 626,265 (+14929.2%) Est. Cost $45.63 Unrealized —

RIO Rio Tinto PLC (ADR) 0.4%

Value ($000) $39,924 (+108.7%) Shares 498,868 (+72.2%) Est. Cost $74.89 Unrealized —

PNC The PNC Financial Services Gro 0.6%

Value ($000) $54,225 (+34.0%) Shares 259,784 (+29.0%) Est. Cost $180.96 Unrealized +6.5%

XLV State Street Health Care Selec 0.2%

Value ($000) $14,593 (+1117.8%) Shares 94,269 (+994.9%) Est. Cost $152.99 Unrealized —

TM Toyota Motor Corp. (ADR) 0.6%

Value ($000) $50,594 (+34.3%) Shares 236,355 (+19.9%) Est. Cost $200.19 Unrealized —

EWY iShares MSCI South Korea ETF 0.3%

Value ($000) $26,175 (+46.7%) Shares 269,232 (+20.9%) Est. Cost $71.98 Unrealized —

PBR Petroleo Brasileiro SA (ADR) 0.3%

Value ($000) $26,915 (+34.9%) Shares 2,271,269 (+44.1%) Est. Cost $13.87 Unrealized —

IWD iShares Russell 1000 Value ETF 0.1%

Value ($000) $6,428 (+1853.9%) Shares 30,562 (+1791.2%) Est. Cost $209.98 Unrealized —

NGG National Grid PLC (ADR) 0.6%

Value ($000) $58,939 (+10.9%) Shares 761,975 (+4.2%) Est. Cost $74.53 Unrealized —

TIGO Millicom Intl Cellular 0.4%

Value ($000) $36,402 (+16.6%) Shares 656,608 (+2.1%) Est. Cost $44.02 Unrealized +14.4%

ACWX iShares MSCI ACWI ex US ETF 0.1%

Value ($000) $12,500 (+60.7%) Shares 186,200 (+55.6%) Est. Cost $65.77 Unrealized —

XLY State Street Consumer Discreti 0.0%

Value ($000) $3,478 (+872.1%) Shares 29,126 (+1850.8%) Est. Cost $125.01 Unrealized —

ENB Enbridge Inc. 0.6%

Value ($000) $50,887 (-2.1%) Shares 1,063,905 (+3.3%) Est. Cost $42.05 Unrealized +12.0%

ADBE Adobe Systems Inc. 0.0%

Value ($000) $1,552 (+44.4%) Shares 4,435 (+45.6%) Est. Cost $352.91 Unrealized -3.6%

AVNT Avient Corp. 0.0%

Value ($000) $813 (+65.4%) Shares 26,039 (+74.4%) Est. Cost $32.76 Unrealized -6.2%

ST Sensata Technologies Holding P 0.0%

Value ($000) $1,003 (+38.4%) Shares 30,125 (+27.0%) Est. Cost $42.56 Unrealized -24.8%

ETN Eaton Corp. PLC 0.0%

Value ($000) $4,556 (-5.1%) Shares 14,304 (+11.5%) Est. Cost $180.26 Unrealized +96.6%

KWR Quaker Chemical Corp. 0.0%

Value ($000) $636 (+60.7%) Shares 4,634 (+54.2%) Est. Cost $132.76 Unrealized +1.7%

IBN ICICI Bank Ltd. (ADR) 0.6%

Value ($000) $52,072 (-0.4%) Shares 1,747,387 (+1.0%) Est. Cost $23.09 Unrealized —

SBS Companhia de Saneamento Basico (ADR) 0.0%

Value ($000) $986 (+27.9%) Shares 41,350 (+33.4%) Est. Cost $21.27 Unrealized —

CNI Canadian National Railway Co. 0.0%

Value ($000) $1,830 (+12.2%) Shares 18,516 (+7.1%) Est. Cost $102.61 Unrealized -6.3%

ABBV AbbVie Inc. 0.0%

Value ($000) $456 (+58.0%) Shares 1,997 (+60.1%) Est. Cost $154.34 Unrealized +47.4%

INDA iShares MSCI India ETF 0.0%

Value ($000) $2,180 (+8.3%) Shares 40,331 (+4.3%) Est. Cost $43.17 Unrealized —

MHO M/I Homes Inc. 0.0%

Value ($000) $762 (+22.7%) Shares 5,955 (+38.5%) Est. Cost $138.31 Unrealized -4.4%

VREX Varex Imaging Corp. 0.0%

Value ($000) $250 (+72.5%) Shares 21,467 (+83.6%) Est. Cost $10.73 Unrealized +9.1%

DOUG Douglas Elliman Inc. 0.0%

Value ($000) $1,157 (-7.8%) Shares 488,258 (+11.3%) Est. Cost $1.99 Unrealized +29.0%

HUN Huntsman Corp. 0.0%

Value ($000) $202 (+66.3%) Shares 20,231 (+49.4%) Est. Cost $10.06 Unrealized -9.0%

WMS Advanced Drainage Systems Inc. 0.0%

Value ($000) $580 (+15.7%) Shares 4,002 (+10.8%) Est. Cost $128.67 Unrealized +12.4%

VMI Valmont Industries Inc. 0.0%

Value ($000) $518 (+14.4%) Shares 1,288 (+10.3%) Est. Cost $240.88 Unrealized +68.9%

SWIM Latham Group Inc. 0.0%

Value ($000) $662 (-7.8%) Shares 104,299 (+10.5%) Est. Cost $3.41 Unrealized +105.1%

VLTO Veralto Corp. 0.0%

Value ($000) $772 (+6.4%) Shares 7,736 (+13.7%) Est. Cost $93.31 Unrealized +8.3%

AOS A.O. Smith Corp. 0.0%

Value ($000) $326 (+14.7%) Shares 4,875 (+25.9%) Est. Cost $66.65 Unrealized +1.2%

WTTR Select Water Solutions Inc. 0.0%

Value ($000) $619 (+6.9%) Shares 58,824 (+8.6%) Est. Cost $8.26 Unrealized —

CWCO Consolidated Water Company Ltd 0.0%

Value ($000) $443 (+8.3%) Shares 12,539 (+8.3%) Est. Cost $27.74 Unrealized +25.2%

SFNC Simons First National Corp. 0.0%

Value ($000) $572 (+5.6%) Shares 30,325 (+7.4%) Est. Cost $20.66 Unrealized -10.3%

YORW The York Water Co. 0.0%

Value ($000) $346 (+8.6%) Shares 10,868 (+3.8%) Est. Cost $31.74 Unrealized +0.1%

PNR Pentair PLC 0.0%

Value ($000) $684 (+3.4%) Shares 6,571 (+10.0%) Est. Cost $80.91 Unrealized +31.9%

XYL Xylem Inc. 0.0%

Value ($000) $770 (+2.3%) Shares 5,651 (+10.8%) Est. Cost $115.16 Unrealized +24.7%

ECL Ecolab Inc. 0.0%

Value ($000) $251 (+5.1%) Shares 956 (+9.6%) Est. Cost $216.50 Unrealized +22.7%

ITUB Itau Unibanco Holding SA (ADR) 0.1%

Value ($000) $4,911 (-0.1%) Shares 685,872 (+2.5%) Est. Cost $6.80 Unrealized —

STN Stantec Inc. 0.0%

Value ($000) $311 (-0.7%) Shares 3,292 (+13.4%) Est. Cost $84.20 Unrealized —

ARTNA Artesian Resources Corp. 0.0%

Value ($000) $258 (+0.4%) Shares 8,165 (+3.5%) Est. Cost $30.15 Unrealized +5.3%

MSEX Middlesex Water Co. 0.0%

Value ($000) $255 (+0.3%) Shares 5,053 (+7.6%) Est. Cost $55.20 Unrealized -2.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLC	State Street Communication Ser	490,271 (+2941.6%)	$57,715 (+2924.9%)	0.6%	$117.40	—	COM	81369Y852
FHN	First Horizon Corp.	2,030,457 (+3401.0%)	$48,528 (+3600.8%)	0.5%	$21.92	+1.2%	COM	320517105
QCOM	Qualcomm Inc.	863,078 (+29.7%)	$147,629 (+33.4%)	1.6%	$166.43	+2.6%	COM	747525103
XLI	State Street Industrial Select	237,878 (+3121.1%)	$36,900 (+3139.7%)	0.4%	$154.85	—	COM	81369Y704
XLP	State Street Consumer Staples	461,242 (+6016.5%)	$35,829 (+5962.6%)	0.4%	$77.70	—	COM	81369Y308
UNP	Union Pacific Corp.	155,665 (+1612.7%)	$36,008 (+1576.1%)	0.4%	$225.94	+0.6%	COM	907818108
XLRE	State Street Real Estate Selec	816,329 (+11070.3%)	$32,939 (+10598.4%)	0.4%	$40.36	—	COM	81369Y860
UNH	UnitedHealth Group Inc.	332,894 (+40.7%)	$109,892 (+34.5%)	1.2%	$310.00	+8.8%	COM	91324P102
XLB	State Street Materials Select	626,265 (+14929.2%)	$28,401 (+7505.1%)	0.3%	$45.63	—	COM	81369Y100
RIO	Rio Tinto PLC (ADR)	498,868 (+72.2%)	$39,924 (+108.7%)	0.4%	$74.89	—	ADR	767204100
PNC	The PNC Financial Services Gro	259,784 (+29.0%)	$54,225 (+34.0%)	0.6%	$180.96	+6.5%	COM	693475105
XLV	State Street Health Care Selec	94,269 (+994.9%)	$14,593 (+1117.8%)	0.2%	$152.99	—	COM	81369Y209
TM	Toyota Motor Corp. (ADR)	236,355 (+19.9%)	$50,594 (+34.3%)	0.6%	$200.19	—	ADR	892331307
EWY	iShares MSCI South Korea ETF	269,232 (+20.9%)	$26,175 (+46.7%)	0.3%	$71.98	—	COM	464286772
PBR	Petroleo Brasileiro SA (ADR)	2,271,269 (+44.1%)	$26,915 (+34.9%)	0.3%	$13.87	—	ADR	71654V408
IWD	iShares Russell 1000 Value ETF	30,562 (+1791.2%)	$6,428 (+1853.9%)	0.1%	$209.98	—	COM	464287598
NGG	National Grid PLC (ADR)	761,975 (+4.2%)	$58,939 (+10.9%)	0.6%	$74.53	—	ADR	636274409
TIGO	Millicom Intl Cellular	656,608 (+2.1%)	$36,402 (+16.6%)	0.4%	$44.02	+14.4%	COM	L6388F110
ACWX	iShares MSCI ACWI ex US ETF	186,200 (+55.6%)	$12,500 (+60.7%)	0.1%	$65.77	—	COM	464288240
XLY	State Street Consumer Discreti	29,126 (+1850.8%)	$3,478 (+872.1%)	0.0%	$125.01	—	COM	81369Y407
ENB	Enbridge Inc.	1,063,905 (+3.3%)	$50,887 (-2.1%)	0.6%	$42.05	+12.0%	COM	29250N105
ADBE	Adobe Systems Inc.	4,435 (+45.6%)	$1,552 (+44.4%)	0.0%	$352.91	-3.6%	COM	00724F101
AVNT	Avient Corp.	26,039 (+74.4%)	$813 (+65.4%)	0.0%	$32.76	-6.2%	COM	05368V106
ST	Sensata Technologies Holding P	30,125 (+27.0%)	$1,003 (+38.4%)	0.0%	$42.56	-24.8%	COM	G8060N102
ETN	Eaton Corp. PLC	14,304 (+11.5%)	$4,556 (-5.1%)	0.0%	$180.26	+96.6%	COM	G29183103
KWR	Quaker Chemical Corp.	4,634 (+54.2%)	$636 (+60.7%)	0.0%	$132.76	+1.7%	COM	747316107
IBN	ICICI Bank Ltd. (ADR)	1,747,387 (+1.0%)	$52,072 (-0.4%)	0.6%	$23.09	—	ADR	45104G104
SBS	Companhia de Saneamento Basico (ADR)	41,350 (+33.4%)	$986 (+27.9%)	0.0%	$21.27	—	ADR	20441A102
CNI	Canadian National Railway Co.	18,516 (+7.1%)	$1,830 (+12.2%)	0.0%	$102.61	-6.3%	COM	136375102
ABBV	AbbVie Inc.	1,997 (+60.1%)	$456 (+58.0%)	0.0%	$154.34	+47.4%	COM	00287Y109
INDA	iShares MSCI India ETF	40,331 (+4.3%)	$2,180 (+8.3%)	0.0%	$43.17	—	COM	46429B598
MHO	M/I Homes Inc.	5,955 (+38.5%)	$762 (+22.7%)	0.0%	$138.31	-4.4%	COM	55305B101
VREX	Varex Imaging Corp.	21,467 (+83.6%)	$250 (+72.5%)	0.0%	$10.73	+9.1%	COM	92214X106
DOUG	Douglas Elliman Inc.	488,258 (+11.3%)	$1,157 (-7.8%)	0.0%	$1.99	+29.0%	COM	25961D105
HUN	Huntsman Corp.	20,231 (+49.4%)	$202 (+66.3%)	0.0%	$10.06	-9.0%	COM	447011107
WMS	Advanced Drainage Systems Inc.	4,002 (+10.8%)	$580 (+15.7%)	0.0%	$128.67	+12.4%	COM	00790R104
VMI	Valmont Industries Inc.	1,288 (+10.3%)	$518 (+14.4%)	0.0%	$240.88	+68.9%	COM	920253101
SWIM	Latham Group Inc.	104,299 (+10.5%)	$662 (-7.8%)	0.0%	$3.41	+105.1%	COM	51819L107
VLTO	Veralto Corp.	7,736 (+13.7%)	$772 (+6.4%)	0.0%	$93.31	+8.3%	COM	92338C103
AOS	A.O. Smith Corp.	4,875 (+25.9%)	$326 (+14.7%)	0.0%	$66.65	+1.2%	COM	831865209
WTTR	Select Water Solutions Inc.	58,824 (+8.6%)	$619 (+6.9%)	0.0%	$8.26	—	COM	81617J301
CWCO	Consolidated Water Company Ltd	12,539 (+8.3%)	$443 (+8.3%)	0.0%	$27.74	+25.2%	COM	G23773107
SFNC	Simons First National Corp.	30,325 (+7.4%)	$572 (+5.6%)	0.0%	$20.66	-10.3%	COM	828730200
YORW	The York Water Co.	10,868 (+3.8%)	$346 (+8.6%)	0.0%	$31.74	+0.1%	COM	987184108
PNR	Pentair PLC	6,571 (+10.0%)	$684 (+3.4%)	0.0%	$80.91	+31.9%	COM	G7S00T104
XYL	Xylem Inc.	5,651 (+10.8%)	$770 (+2.3%)	0.0%	$115.16	+24.7%	COM	98419M100
ECL	Ecolab Inc.	956 (+9.6%)	$251 (+5.1%)	0.0%	$216.50	+22.7%	COM	278865100
ITUB	Itau Unibanco Holding SA (ADR)	685,872 (+2.5%)	$4,911 (-0.1%)	0.1%	$6.80	—	ADR	465562106
STN	Stantec Inc.	3,292 (+13.4%)	$311 (-0.7%)	0.0%	$84.20	—	COM	85472N109
ARTNA	Artesian Resources Corp.	8,165 (+3.5%)	$258 (+0.4%)	0.0%	$30.15	+5.3%	COM	043113208
MSEX	Middlesex Water Co.	5,053 (+7.6%)	$255 (+0.3%)	0.0%	$55.20	-2.6%	COM	596680108

Exited Positions (13)

— Unilever PLC (ADR) 1.6%

Value ($000) $147,770 Shares 2,492,750 Est. Cost $53.71 Unrealized —

— TotalEnergies SE (ADR) 0.1%

Value ($000) $11,372 Shares 190,515 Est. Cost $56.71 Unrealized —

EWZ iShares MSCI Brazil ETF 0.1%

Value ($000) $5,982 Shares 192,956 Est. Cost $31.00 Unrealized —

EWM iShares MSCI Malaysia ETF 0.0%

Value ($000) $1,770 Shares 68,275 Est. Cost $24.23 Unrealized —

IWM iShares Russell 2000 ETF 0.0%

Value ($000) $927 Shares 3,830 Est. Cost $241.96 Unrealized —

KFY Korn Ferry 0.0%

Value ($000) $431 Shares 6,162 Est. Cost $60.32 Unrealized +10.8%

ILF iShares S&P Latin America 40 E 0.0%

Value ($000) $381 Shares 13,198 Est. Cost $28.89 Unrealized —

KSPI Kaspi.kz JSC 0.0%

Value ($000) $379 Shares 4,641 Est. Cost $129.01 Unrealized —

RYN Rayonier Inc. 0.0%

Value ($000) $219 Shares 8,262 Est. Cost $26.54 Unrealized —

PSA Public Storage 0.0%

Value ($000) $208 Shares 721 Est. Cost $263.54 Unrealized +5.2%

NOC Northrop Grumman Corp. 0.0%

Value ($000) $204 Shares 334 Est. Cost $563.27 Unrealized +2.8%

SUZ Suzano SA (ADR) 0.0%

Value ($000) $184 Shares 19,595 Est. Cost $9.88 Unrealized —

— Hudson Pacific Properties, Inc 0.0%

Value ($000) $33 Shares 12,000 Est. Cost $2.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Unilever PLC (ADR)	2,492,750	$147,770	1.6%	$53.71	—	—	904767704
—	TotalEnergies SE (ADR)	190,515	$11,372	0.1%	$56.71	—	—	89151E109
EWZ	iShares MSCI Brazil ETF	192,956	$5,982	0.1%	$31.00	—	—	464286400
EWM	iShares MSCI Malaysia ETF	68,275	$1,770	0.0%	$24.23	—	—	46434G814
IWM	iShares Russell 2000 ETF	3,830	$927	0.0%	$241.96	—	—	464287655
KFY	Korn Ferry	6,162	$431	0.0%	$60.32	+10.8%	—	500643200
ILF	iShares S&P Latin America 40 E	13,198	$381	0.0%	$28.89	—	—	464287390
KSPI	Kaspi.kz JSC	4,641	$379	0.0%	$129.01	—	—	48581R205
RYN	Rayonier Inc.	8,262	$219	0.0%	$26.54	—	—	754907103
PSA	Public Storage	721	$208	0.0%	$263.54	+5.2%	—	74460D109
NOC	Northrop Grumman Corp.	334	$204	0.0%	$563.27	+2.8%	—	666807102
SUZ	Suzano SA (ADR)	19,595	$184	0.0%	$9.88	—	—	86959K105
—	Hudson Pacific Properties, Inc	12,000	$33	0.0%	$2.76	—	—	444097109

Decreased Positions (101)

DEO Diageo PLC (ADR) 0.6%

Value ($000) $56,094 (-55.1%) Shares 650,211 (-50.3%) Est. Cost $126.53 Unrealized —

DOC Healthpeak Properties Inc 1.6%

Value ($000) $148,697 (-24.1%) Shares 9,247,344 (-9.6%) Est. Cost $20.29 Unrealized -14.0%

VICI Vici Properties Inc. 1.7%

Value ($000) $159,962 (-22.5%) Shares 5,688,540 (-10.1%) Est. Cost $25.52 Unrealized +14.8%

JPM JP Morgan Chase & Co. 3.0%

Value ($000) $271,257 (-14.6%) Shares 841,839 (-16.4%) Est. Cost $123.53 Unrealized +150.6%

MRK Merck & Co. Inc. 2.6%

Value ($000) $241,155 (+22.6%) Shares 2,291,041 (-2.2%) Est. Cost $79.87 Unrealized +16.7%

CMCSA Comcast Corp. (Cl A) 1.4%

Value ($000) $124,322 (-26.0%) Shares 4,159,312 (-22.2%) Est. Cost $37.07 Unrealized -23.0%

KVUE Kenvue Inc 0.0%

Value ($000) $176 (-99.5%) Shares 10,213 (-99.6%) Est. Cost $20.38 Unrealized -20.2%

NSC Norfolk Southern Corp. 0.0%

Value ($000) $216 (-99.4%) Shares 747 (-99.4%) Est. Cost $243.42 Unrealized +18.6%

DOW Dow Inc 0.6%

Value ($000) $52,780 (-38.8%) Shares 2,257,481 (-39.9%) Est. Cost $41.08 Unrealized -44.6%

MO Altria Group Inc. 1.5%

Value ($000) $134,813 (-17.7%) Shares 2,338,076 (-5.8%) Est. Cost $33.99 Unrealized +74.7%

DUK Duke Energy Corp. 2.4%

Value ($000) $223,486 (-10.6%) Shares 1,906,717 (-5.6%) Est. Cost $82.17 Unrealized +47.9%

GPC Genuine Parts Co. 1.8%

Value ($000) $164,347 (-12.7%) Shares 1,336,590 (-1.6%) Est. Cost $113.79 Unrealized +13.1%

T AT&T Inc. 1.6%

Value ($000) $141,949 (-13.6%) Shares 5,714,515 (-1.8%) Est. Cost $17.74 Unrealized +42.5%

C Citigroup Inc. 2.9%

Value ($000) $268,708 (+7.8%) Shares 2,302,748 (-6.3%) Est. Cost $54.74 Unrealized +89.3%

MS Morgan Stanley 2.9%

Value ($000) $267,170 (+7.6%) Shares 1,504,927 (-3.7%) Est. Cost $68.84 Unrealized +141.8%

JNJ Johnson & Johnson 2.6%

Value ($000) $239,865 (+8.2%) Shares 1,159,046 (-3.0%) Est. Cost $138.53 Unrealized +42.2%

CSCO Cisco Systems Inc. 3.1%

Value ($000) $287,510 (+6.7%) Shares 3,732,436 (-5.2%) Est. Cost $42.38 Unrealized +74.1%

EOG EOG Resources Inc. 0.5%

Value ($000) $47,554 (-26.5%) Shares 452,854 (-21.5%) Est. Cost $104.03 Unrealized +3.1%

VZ Verizon Communications Inc. 0.6%

Value ($000) $51,346 (-24.0%) Shares 1,260,646 (-18.0%) Est. Cost $36.58 Unrealized +10.7%

RTX RTX Corp 2.4%

Value ($000) $218,281 (-6.8%) Shares 1,190,191 (-15.0%) Est. Cost $80.29 Unrealized +115.9%

PPL PPL Corp. 0.6%

Value ($000) $52,860 (-21.9%) Shares 1,509,426 (-17.1%) Est. Cost $24.64 Unrealized +45.4%

MDT Medtronic PLC 2.6%

Value ($000) $239,690 (-5.8%) Shares 2,495,206 (-6.6%) Est. Cost $76.87 Unrealized +26.4%

CCI Crown Castle Inc. 1.0%

Value ($000) $94,770 (-13.2%) Shares 1,066,389 (-5.8%) Est. Cost $91.96 Unrealized -0.9%

AVGO Broadcom Ltd. 2.0%

Value ($000) $183,917 (-7.1%) Shares 531,398 (-11.4%) Est. Cost $147.47 Unrealized +142.1%

BCE BCE Inc. 1.5%

Value ($000) $135,624 (-9.3%) Shares 5,693,693 (-10.9%) Est. Cost $25.95 Unrealized -11.2%

SW Smurfit Westrock PLC 0.4%

Value ($000) $35,748 (-27.2%) Shares 924,448 (-19.8%) Est. Cost $44.50 Unrealized -14.3%

XOM Exxon Mobil Corp. 2.2%

Value ($000) $203,752 (-5.5%) Shares 1,693,138 (-11.5%) Est. Cost $64.43 Unrealized +79.3%

GD General Dynamics Corp. 2.6%

Value ($000) $234,040 (-4.8%) Shares 695,181 (-3.6%) Est. Cost $192.58 Unrealized +77.0%

MSFT Microsoft Corp. 1.1%

Value ($000) $98,157 (-10.0%) Shares 202,963 (-3.6%) Est. Cost $227.26 Unrealized +120.3%

SYY Sysco Corp. 0.5%

Value ($000) $45,635 (-19.2%) Shares 619,282 (-9.7%) Est. Cost $73.39 Unrealized +2.9%

LOW Lowe's Companies Inc. 1.6%

Value ($000) $146,571 (-6.2%) Shares 607,775 (-2.3%) Est. Cost $178.43 Unrealized +34.4%

UPS United Parcel Service Inc. 1.2%

Value ($000) $107,271 (-8.0%) Shares 1,081,467 (-22.5%) Est. Cost $122.38 Unrealized -24.2%

OMC Omnicom Group Inc. 1.0%

Value ($000) $87,289 (-9.6%) Shares 1,080,978 (-8.7%) Est. Cost $79.57 Unrealized -4.8%

NEE NextEra Energy Inc. 2.2%

Value ($000) $197,493 (+4.9%) Shares 2,460,053 (-1.4%) Est. Cost $61.72 Unrealized +33.7%

LAUR Laureate Education Inc. 0.1%

Value ($000) $6,282 (-51.2%) Shares 186,590 (-54.3%) Est. Cost $15.28 Unrealized +102.1%

CVX Chevron Corp. 1.4%

Value ($000) $132,715 (-4.4%) Shares 870,778 (-2.6%) Est. Cost $106.48 Unrealized +42.2%

COP ConocoPhillips 2.0%

Value ($000) $179,268 (-3.2%) Shares 1,915,053 (-2.1%) Est. Cost $77.18 Unrealized +16.6%

PFE Pfizer Inc. 0.6%

Value ($000) $52,224 (-9.3%) Shares 2,097,331 (-7.1%) Est. Cost $27.21 Unrealized -8.0%

CPA Copa Holdings SA 0.2%

Value ($000) $19,727 (-20.7%) Shares 163,557 (-21.9%) Est. Cost $92.53 Unrealized +31.1%

TGT Target Corp. 1.0%

Value ($000) $90,462 (-4.5%) Shares 925,442 (-12.3%) Est. Cost $135.99 Unrealized -32.6%

TFC Truist Financial Corp 2.3%

Value ($000) $213,917 (+1.9%) Shares 4,347,033 (-5.3%) Est. Cost $37.67 Unrealized +21.6%

JCI Johnson Controls International 2.3%

Value ($000) $207,023 (+1.8%) Shares 1,728,794 (-6.5%) Est. Cost $59.80 Unrealized +92.0%

BAC Bank of America Corp. 3.1%

Value ($000) $284,365 (+1.1%) Shares 5,170,265 (-5.2%) Est. Cost $31.22 Unrealized +68.7%

PPG PPG Industries Inc. 0.4%

Value ($000) $39,565 (-7.2%) Shares 386,150 (-4.8%) Est. Cost $106.34 Unrealized -5.9%

BMY Bristol-Myers Squibb Co. 0.7%

Value ($000) $63,473 (+5.0%) Shares 1,176,726 (-12.2%) Est. Cost $51.61 Unrealized -7.9%

PCAR PACCAR Inc. 0.6%

Value ($000) $57,497 (+4.7%) Shares 525,036 (-6.0%) Est. Cost $90.46 Unrealized +11.9%

CCEP Coca Cola Euro Pacific Partner 0.5%

Value ($000) $44,539 (-5.3%) Shares 491,058 (-5.6%) Est. Cost $63.16 Unrealized +41.9%

KDP Keurig Dr Pepper Inc 0.5%

Value ($000) $41,419 (+6.4%) Shares 1,478,726 (-3.1%) Est. Cost $31.49 Unrealized -13.5%

IBM International Business Machine 0.5%

Value ($000) $45,791 (-5.1%) Shares 154,588 (-9.6%) Est. Cost $168.88 Unrealized +76.9%

TRV The Travelers Companies Inc. 1.6%

Value ($000) $144,210 (+1.6%) Shares 497,171 (-2.2%) Est. Cost $144.24 Unrealized +94.5%

TSM Taiwan Semiconductor Mfg Ltd (ADR) 0.8%

Value ($000) $72,267 (+3.1%) Shares 237,805 (-5.3%) Est. Cost $139.32 Unrealized —

KOF Coca-Cola Femsa SAB de CV (ADR) 0.4%

Value ($000) $40,123 (+5.4%) Shares 423,641 (-7.6%) Est. Cost $77.14 Unrealized —

EEM iShares MSCI Emerging Markets 0.1%

Value ($000) $10,240 (-16.5%) Shares 187,165 (-18.5%) Est. Cost $53.40 Unrealized —

BABA Alibaba Group Holding Ltd. (ADR) 0.1%

Value ($000) $6,224 (-23.7%) Shares 42,462 (-7.0%) Est. Cost $132.23 Unrealized —

BDX Becton Dickinson & Co. 1.5%

Value ($000) $135,418 (+1.0%) Shares 697,777 (-2.6%) Est. Cost $182.21 Unrealized +4.0%

MCHI iShares MSCI China ETF 0.0%

Value ($000) $907 (-55.9%) Shares 15,098 (-51.7%) Est. Cost $65.85 Unrealized —

DD DuPont De Nemours Inc. 0.0%

Value ($000) $932 (-49.2%) Shares 23,183 (-1.6%) Est. Cost $29.73 Unrealized +25.8%

GOOGL Alphabet Inc. 0.0%

Value ($000) $1,810 (-29.8%) Shares 5,782 (-45.5%) Est. Cost $175.14 Unrealized +63.1%

KT KT Corp. (ADR) 0.0%

Value ($000) $219 (-75.8%) Shares 11,530 (-75.1%) Est. Cost $19.50 Unrealized —

SNY Sanofi (ADR) 0.2%

Value ($000) $17,483 (-3.7%) Shares 360,777 (-6.2%) Est. Cost $51.67 Unrealized —

MDLZ Mondelez International Inc. 0.0%

Value ($000) $3,022 (-17.1%) Shares 56,137 (-3.9%) Est. Cost $60.36 Unrealized -5.5%

AMAT Applied Materials Inc. 0.1%

Value ($000) $5,168 (+13.7%) Shares 20,110 (-9.4%) Est. Cost $127.18 Unrealized +88.3%

AXP American Express Co. 0.1%

Value ($000) $6,281 (+10.1%) Shares 16,977 (-1.1%) Est. Cost $161.10 Unrealized +121.6%

SJM The JM Smucker Co. 0.0%

Value ($000) $1,497 (-27.7%) Shares 15,304 (-19.7%) Est. Cost $118.79 Unrealized -13.4%

ET Energy Transfer LP 0.0%

Value ($000) $2,213 (-17.8%) Shares 134,221 (-14.4%) Est. Cost $10.18 Unrealized —

SRE Sempra 0.0%

Value ($000) $2,159 (-17.7%) Shares 24,450 (-16.1%) Est. Cost $70.05 Unrealized +29.3%

KMB Kimberly-Clark Corp. 0.0%

Value ($000) $413 (-51.7%) Shares 4,094 (-40.4%) Est. Cost $109.69 Unrealized -1.2%

CAG Conagra Brands Inc. 0.0%

Value ($000) $822 (-33.1%) Shares 47,463 (-29.2%) Est. Cost $22.59 Unrealized -21.9%

MU Micron Technology Inc. 0.0%

Value ($000) $1,567 (+34.1%) Shares 5,490 (-21.4%) Est. Cost $100.55 Unrealized +128.1%

AXTA Axalta Coating Systems Ltd. 0.0%

Value ($000) $3,173 (+10.4%) Shares 98,191 (-2.2%) Est. Cost $29.29 Unrealized +0.2%

ABCB Ameris Bancorp 0.0%

Value ($000) $701 (-29.7%) Shares 9,441 (-30.7%) Est. Cost $44.79 Unrealized +65.7%

AWK American Water Works Company I 0.0%

Value ($000) $587 (-33.0%) Shares 4,497 (-28.5%) Est. Cost $127.21 Unrealized +4.7%

SHEL Shell PLC (ADR) 0.4%

Value ($000) $35,296 (+0.8%) Shares 480,347 (-1.9%) Est. Cost $60.09 Unrealized —

TTEK Tetra Tech Inc. 0.0%

Value ($000) $484 (-35.4%) Shares 14,433 (-35.7%) Est. Cost $37.44 Unrealized -9.7%

CWT California Water Service Group 0.0%

Value ($000) $309 (-46.1%) Shares 7,125 (-42.9%) Est. Cost $45.00 Unrealized +0.3%

KB KB Financial Group Inc. (ADR) 0.1%

Value ($000) $9,527 (+2.6%) Shares 110,730 (-1.2%) Est. Cost $59.07 Unrealized —

HTO H2O America 0.0%

Value ($000) $360 (-37.4%) Shares 7,342 (-37.7%) Est. Cost $51.32 Unrealized -6.6%

GWRS Global Water Resources Inc. 0.0%

Value ($000) $205 (-50.7%) Shares 24,218 (-39.9%) Est. Cost $11.06 Unrealized -15.8%

DIS The Walt Disney Co. 0.0%

Value ($000) $4,261 (-4.5%) Shares 37,453 (-3.9%) Est. Cost $122.54 Unrealized -10.6%

VAC Marriot Vacations Worldwide Co 0.0%

Value ($000) $755 (-19.5%) Shares 13,087 (-7.1%) Est. Cost $81.94 Unrealized -27.9%

WMT Walmart Inc. 0.1%

Value ($000) $4,682 (+4.0%) Shares 42,019 (-3.8%) Est. Cost $51.39 Unrealized +108.6%

POR Portland General Electric Co. 0.0%

Value ($000) $491 (-23.9%) Shares 10,236 (-30.2%) Est. Cost $37.45 Unrealized +24.9%

EFV iShares MSCI EAFE Value ETF 0.2%

Value ($000) $15,560 (-1.0%) Shares 217,890 (-5.9%) Est. Cost $67.83 Unrealized —

EPD Enterprise Products Partners L 0.0%

Value ($000) $2,507 (-5.6%) Shares 78,203 (-7.9%) Est. Cost $26.35 Unrealized —

MAS Masco Corp. 0.0%

Value ($000) $225 (-39.4%) Shares 3,547 (-32.8%) Est. Cost $62.68 Unrealized +3.3%

VNOM Viper Energy Inc 0.0%

Value ($000) $385 (-24.6%) Shares 9,977 (-25.4%) Est. Cost $40.01 Unrealized -5.4%

PG The Procter & Gamble Co. 0.0%

Value ($000) $1,309 (-8.1%) Shares 9,131 (-1.5%) Est. Cost $122.36 Unrealized +20.3%

CVS CVS Health Corp. 0.0%

Value ($000) $377 (-22.6%) Shares 4,745 (-26.5%) Est. Cost $67.82 Unrealized +16.0%

CNM Core & Main Inc 0.0%

Value ($000) $653 (-13.5%) Shares 12,559 (-10.4%) Est. Cost $44.41 Unrealized +15.5%

PFSI PennyMac Financial Services In 0.0%

Value ($000) $255 (-28.6%) Shares 1,937 (-32.9%) Est. Cost $94.13 Unrealized +34.8%

CTRA Coterra Energy Inc. 0.0%

Value ($000) $471 (-17.4%) Shares 17,899 (-25.7%) Est. Cost $19.11 Unrealized +31.4%

WTRG Essential Utilites Inc. 0.0%

Value ($000) $967 (-9.3%) Shares 25,201 (-5.6%) Est. Cost $37.59 Unrealized +4.7%

MCD McDonald's Corp. 0.0%

Value ($000) $2,032 (-3.2%) Shares 6,647 (-3.8%) Est. Cost $201.37 Unrealized +51.5%

CIVI Civitas Resources Inc. 0.0%

Value ($000) $216 (-22.9%) Shares 7,956 (-7.5%) Est. Cost $31.09 Unrealized -8.2%

SSB SouthState Bank Corp. 0.0%

Value ($000) $619 (-8.6%) Shares 6,579 (-4.0%) Est. Cost $85.95 Unrealized +6.9%

SPG Simon Property Group Inc. 0.0%

Value ($000) $1,712 (-2.9%) Shares 9,250 (-1.6%) Est. Cost $119.03 Unrealized +51.2%

FIS Fidelity National Information 0.0%

Value ($000) $1,473 (-3.1%) Shares 22,168 (-3.9%) Est. Cost $67.61 Unrealized -2.9%

EPI WisdomTree India Earnings Fund 0.0%

Value ($000) $4,118 (+1.1%) Shares 88,959 (-3.5%) Est. Cost $43.18 Unrealized —

D Dominion Energy Inc. 0.0%

Value ($000) $328 (-7.5%) Shares 5,600 (-3.4%) Est. Cost $58.49 Unrealized +2.2%

AWR American States Water Co. 0.0%

Value ($000) $576 (-2.7%) Shares 7,943 (-1.6%) Est. Cost $74.94 Unrealized -2.1%

CSX CSX Corp. 0.0%

Value ($000) $1,662 (+0.5%) Shares 45,854 (-1.6%) Est. Cost $30.66 Unrealized +16.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DEO	Diageo PLC (ADR)	650,211 (-50.3%)	$56,094 (-55.1%)	0.6%	$126.53	—	ADR	25243Q205
DOC	Healthpeak Properties Inc	9,247,344 (-9.6%)	$148,697 (-24.1%)	1.6%	$20.29	-14.0%	COM	42250P103
VICI	Vici Properties Inc.	5,688,540 (-10.1%)	$159,962 (-22.5%)	1.7%	$25.52	+14.8%	COM	925652109
JPM	JP Morgan Chase & Co.	841,839 (-16.4%)	$271,257 (-14.6%)	3.0%	$123.53	+150.6%	COM	46625H100
MRK	Merck & Co. Inc.	2,291,041 (-2.2%)	$241,155 (+22.6%)	2.6%	$79.87	+16.7%	COM	58933Y105
CMCSA	Comcast Corp. (Cl A)	4,159,312 (-22.2%)	$124,322 (-26.0%)	1.4%	$37.07	-23.0%	COM	20030N101
KVUE	Kenvue Inc	10,213 (-99.6%)	$176 (-99.5%)	0.0%	$20.38	-20.2%	COM	49177J102
NSC	Norfolk Southern Corp.	747 (-99.4%)	$216 (-99.4%)	0.0%	$243.42	+18.6%	COM	655844108
DOW	Dow Inc	2,257,481 (-39.9%)	$52,780 (-38.8%)	0.6%	$41.08	-44.6%	COM	260557103
MO	Altria Group Inc.	2,338,076 (-5.8%)	$134,813 (-17.7%)	1.5%	$33.99	+74.7%	COM	02209S103
DUK	Duke Energy Corp.	1,906,717 (-5.6%)	$223,486 (-10.6%)	2.4%	$82.17	+47.9%	COM	26441C204
GPC	Genuine Parts Co.	1,336,590 (-1.6%)	$164,347 (-12.7%)	1.8%	$113.79	+13.1%	COM	372460105
T	AT&T Inc.	5,714,515 (-1.8%)	$141,949 (-13.6%)	1.6%	$17.74	+42.5%	COM	00206R102
C	Citigroup Inc.	2,302,748 (-6.3%)	$268,708 (+7.8%)	2.9%	$54.74	+89.3%	COM	172967424
MS	Morgan Stanley	1,504,927 (-3.7%)	$267,170 (+7.6%)	2.9%	$68.84	+141.8%	COM	617446448
JNJ	Johnson & Johnson	1,159,046 (-3.0%)	$239,865 (+8.2%)	2.6%	$138.53	+42.2%	COM	478160104
CSCO	Cisco Systems Inc.	3,732,436 (-5.2%)	$287,510 (+6.7%)	3.1%	$42.38	+74.1%	COM	17275R102
EOG	EOG Resources Inc.	452,854 (-21.5%)	$47,554 (-26.5%)	0.5%	$104.03	+3.1%	COM	26875P101
VZ	Verizon Communications Inc.	1,260,646 (-18.0%)	$51,346 (-24.0%)	0.6%	$36.58	+10.7%	COM	92343V104
RTX	RTX Corp	1,190,191 (-15.0%)	$218,281 (-6.8%)	2.4%	$80.29	+115.9%	COM	75513E101
PPL	PPL Corp.	1,509,426 (-17.1%)	$52,860 (-21.9%)	0.6%	$24.64	+45.4%	COM	69351T106
MDT	Medtronic PLC	2,495,206 (-6.6%)	$239,690 (-5.8%)	2.6%	$76.87	+26.4%	COM	G5960L103
CCI	Crown Castle Inc.	1,066,389 (-5.8%)	$94,770 (-13.2%)	1.0%	$91.96	-0.9%	COM	22822V101
AVGO	Broadcom Ltd.	531,398 (-11.4%)	$183,917 (-7.1%)	2.0%	$147.47	+142.1%	COM	11135F101
BCE	BCE Inc.	5,693,693 (-10.9%)	$135,624 (-9.3%)	1.5%	$25.95	-11.2%	COM	05534B760
SW	Smurfit Westrock PLC	924,448 (-19.8%)	$35,748 (-27.2%)	0.4%	$44.50	-14.3%	COM	G8267P108
XOM	Exxon Mobil Corp.	1,693,138 (-11.5%)	$203,752 (-5.5%)	2.2%	$64.43	+79.3%	COM	30231G102
GD	General Dynamics Corp.	695,181 (-3.6%)	$234,040 (-4.8%)	2.6%	$192.58	+77.0%	COM	369550108
MSFT	Microsoft Corp.	202,963 (-3.6%)	$98,157 (-10.0%)	1.1%	$227.26	+120.3%	COM	594918104
SYY	Sysco Corp.	619,282 (-9.7%)	$45,635 (-19.2%)	0.5%	$73.39	+2.9%	COM	871829107
LOW	Lowe's Companies Inc.	607,775 (-2.3%)	$146,571 (-6.2%)	1.6%	$178.43	+34.4%	COM	548661107
UPS	United Parcel Service Inc.	1,081,467 (-22.5%)	$107,271 (-8.0%)	1.2%	$122.38	-24.2%	COM	911312106
OMC	Omnicom Group Inc.	1,080,978 (-8.7%)	$87,289 (-9.6%)	1.0%	$79.57	-4.8%	COM	681919106
NEE	NextEra Energy Inc.	2,460,053 (-1.4%)	$197,493 (+4.9%)	2.2%	$61.72	+33.7%	COM	65339F101
LAUR	Laureate Education Inc.	186,590 (-54.3%)	$6,282 (-51.2%)	0.1%	$15.28	+102.1%	COM	518613203
CVX	Chevron Corp.	870,778 (-2.6%)	$132,715 (-4.4%)	1.4%	$106.48	+42.2%	COM	166764100
COP	ConocoPhillips	1,915,053 (-2.1%)	$179,268 (-3.2%)	2.0%	$77.18	+16.6%	COM	20825C104
PFE	Pfizer Inc.	2,097,331 (-7.1%)	$52,224 (-9.3%)	0.6%	$27.21	-8.0%	COM	717081103
CPA	Copa Holdings SA	163,557 (-21.9%)	$19,727 (-20.7%)	0.2%	$92.53	+31.1%	COM	P31076105
TGT	Target Corp.	925,442 (-12.3%)	$90,462 (-4.5%)	1.0%	$135.99	-32.6%	COM	87612E106
TFC	Truist Financial Corp	4,347,033 (-5.3%)	$213,917 (+1.9%)	2.3%	$37.67	+21.6%	COM	89832Q109
JCI	Johnson Controls International	1,728,794 (-6.5%)	$207,023 (+1.8%)	2.3%	$59.80	+92.0%	COM	G51502105
BAC	Bank of America Corp.	5,170,265 (-5.2%)	$284,365 (+1.1%)	3.1%	$31.22	+68.7%	COM	060505104
PPG	PPG Industries Inc.	386,150 (-4.8%)	$39,565 (-7.2%)	0.4%	$106.34	-5.9%	COM	693506107
BMY	Bristol-Myers Squibb Co.	1,176,726 (-12.2%)	$63,473 (+5.0%)	0.7%	$51.61	-7.9%	COM	110122108
PCAR	PACCAR Inc.	525,036 (-6.0%)	$57,497 (+4.7%)	0.6%	$90.46	+11.9%	COM	693718108
CCEP	Coca Cola Euro Pacific Partner	491,058 (-5.6%)	$44,539 (-5.3%)	0.5%	$63.16	+41.9%	COM	G25839104
KDP	Keurig Dr Pepper Inc	1,478,726 (-3.1%)	$41,419 (+6.4%)	0.5%	$31.49	-13.5%	COM	49271V100
IBM	International Business Machine	154,588 (-9.6%)	$45,791 (-5.1%)	0.5%	$168.88	+76.9%	COM	459200101
TRV	The Travelers Companies Inc.	497,171 (-2.2%)	$144,210 (+1.6%)	1.6%	$144.24	+94.5%	COM	89417E109
TSM	Taiwan Semiconductor Mfg Ltd (ADR)	237,805 (-5.3%)	$72,267 (+3.1%)	0.8%	$139.32	—	ADR	874039100
KOF	Coca-Cola Femsa SAB de CV (ADR)	423,641 (-7.6%)	$40,123 (+5.4%)	0.4%	$77.14	—	ADR	191241108
EEM	iShares MSCI Emerging Markets	187,165 (-18.5%)	$10,240 (-16.5%)	0.1%	$53.40	—	COM	464287234
BABA	Alibaba Group Holding Ltd. (ADR)	42,462 (-7.0%)	$6,224 (-23.7%)	0.1%	$132.23	—	ADR	01609W102
BDX	Becton Dickinson & Co.	697,777 (-2.6%)	$135,418 (+1.0%)	1.5%	$182.21	+4.0%	COM	075887109
MCHI	iShares MSCI China ETF	15,098 (-51.7%)	$907 (-55.9%)	0.0%	$65.85	—	COM	46429B671
DD	DuPont De Nemours Inc.	23,183 (-1.6%)	$932 (-49.2%)	0.0%	$29.73	+25.8%	COM	26614N102
GOOGL	Alphabet Inc.	5,782 (-45.5%)	$1,810 (-29.8%)	0.0%	$175.14	+63.1%	COM	02079K305
KT	KT Corp. (ADR)	11,530 (-75.1%)	$219 (-75.8%)	0.0%	$19.50	—	ADR	48268K101
SNY	Sanofi (ADR)	360,777 (-6.2%)	$17,483 (-3.7%)	0.2%	$51.67	—	ADR	80105N105
MDLZ	Mondelez International Inc.	56,137 (-3.9%)	$3,022 (-17.1%)	0.0%	$60.36	-5.5%	COM	609207105
AMAT	Applied Materials Inc.	20,110 (-9.4%)	$5,168 (+13.7%)	0.1%	$127.18	+88.3%	COM	038222105
AXP	American Express Co.	16,977 (-1.1%)	$6,281 (+10.1%)	0.1%	$161.10	+121.6%	COM	025816109
SJM	The JM Smucker Co.	15,304 (-19.7%)	$1,497 (-27.7%)	0.0%	$118.79	-13.4%	COM	832696405
ET	Energy Transfer LP	134,221 (-14.4%)	$2,213 (-17.8%)	0.0%	$10.18	—	COM	29273V100
SRE	Sempra	24,450 (-16.1%)	$2,159 (-17.7%)	0.0%	$70.05	+29.3%	COM	816851109
KMB	Kimberly-Clark Corp.	4,094 (-40.4%)	$413 (-51.7%)	0.0%	$109.69	-1.2%	COM	494368103
CAG	Conagra Brands Inc.	47,463 (-29.2%)	$822 (-33.1%)	0.0%	$22.59	-21.9%	COM	205887102
MU	Micron Technology Inc.	5,490 (-21.4%)	$1,567 (+34.1%)	0.0%	$100.55	+128.1%	COM	595112103
AXTA	Axalta Coating Systems Ltd.	98,191 (-2.2%)	$3,173 (+10.4%)	0.0%	$29.29	+0.2%	COM	G0750C108
ABCB	Ameris Bancorp	9,441 (-30.7%)	$701 (-29.7%)	0.0%	$44.79	+65.7%	COM	03076K108
AWK	American Water Works Company I	4,497 (-28.5%)	$587 (-33.0%)	0.0%	$127.21	+4.7%	COM	030420103
SHEL	Shell PLC (ADR)	480,347 (-1.9%)	$35,296 (+0.8%)	0.4%	$60.09	—	ADR	780259305
TTEK	Tetra Tech Inc.	14,433 (-35.7%)	$484 (-35.4%)	0.0%	$37.44	-9.7%	COM	88162G103
CWT	California Water Service Group	7,125 (-42.9%)	$309 (-46.1%)	0.0%	$45.00	+0.3%	COM	130788102
KB	KB Financial Group Inc. (ADR)	110,730 (-1.2%)	$9,527 (+2.6%)	0.1%	$59.07	—	ADR	48241A105
HTO	H2O America	7,342 (-37.7%)	$360 (-37.4%)	0.0%	$51.32	-6.6%	COM	784305104
GWRS	Global Water Resources Inc.	24,218 (-39.9%)	$205 (-50.7%)	0.0%	$11.06	-15.8%	COM	379463102
DIS	The Walt Disney Co.	37,453 (-3.9%)	$4,261 (-4.5%)	0.0%	$122.54	-10.6%	COM	254687106
VAC	Marriot Vacations Worldwide Co	13,087 (-7.1%)	$755 (-19.5%)	0.0%	$81.94	-27.9%	COM	57164Y107
WMT	Walmart Inc.	42,019 (-3.8%)	$4,682 (+4.0%)	0.1%	$51.39	+108.6%	COM	931142103
POR	Portland General Electric Co.	10,236 (-30.2%)	$491 (-23.9%)	0.0%	$37.45	+24.9%	COM	736508847
EFV	iShares MSCI EAFE Value ETF	217,890 (-5.9%)	$15,560 (-1.0%)	0.2%	$67.83	—	COM	464288877
EPD	Enterprise Products Partners L	78,203 (-7.9%)	$2,507 (-5.6%)	0.0%	$26.35	—	COM	293792107
MAS	Masco Corp.	3,547 (-32.8%)	$225 (-39.4%)	0.0%	$62.68	+3.3%	COM	574599106
VNOM	Viper Energy Inc	9,977 (-25.4%)	$385 (-24.6%)	0.0%	$40.01	-5.4%	COM	64361Q101
PG	The Procter & Gamble Co.	9,131 (-1.5%)	$1,309 (-8.1%)	0.0%	$122.36	+20.3%	COM	742718109
CVS	CVS Health Corp.	4,745 (-26.5%)	$377 (-22.6%)	0.0%	$67.82	+16.0%	COM	126650100
CNM	Core & Main Inc	12,559 (-10.4%)	$653 (-13.5%)	0.0%	$44.41	+15.5%	COM	21874C102
PFSI	PennyMac Financial Services In	1,937 (-32.9%)	$255 (-28.6%)	0.0%	$94.13	+34.8%	COM	70932M107
CTRA	Coterra Energy Inc.	17,899 (-25.7%)	$471 (-17.4%)	0.0%	$19.11	+31.4%	COM	127097103
WTRG	Essential Utilites Inc.	25,201 (-5.6%)	$967 (-9.3%)	0.0%	$37.59	+4.7%	COM	29670G102
MCD	McDonald's Corp.	6,647 (-3.8%)	$2,032 (-3.2%)	0.0%	$201.37	+51.5%	COM	580135101
CIVI	Civitas Resources Inc.	7,956 (-7.5%)	$216 (-22.9%)	0.0%	$31.09	-8.2%	COM	17888H103
SSB	SouthState Bank Corp.	6,579 (-4.0%)	$619 (-8.6%)	0.0%	$85.95	+6.9%	COM	84472E102
SPG	Simon Property Group Inc.	9,250 (-1.6%)	$1,712 (-2.9%)	0.0%	$119.03	+51.2%	COM	828806109
FIS	Fidelity National Information	22,168 (-3.9%)	$1,473 (-3.1%)	0.0%	$67.61	-2.9%	COM	31620M106
EPI	WisdomTree India Earnings Fund	88,959 (-3.5%)	$4,118 (+1.1%)	0.0%	$43.18	—	COM	97717W422
D	Dominion Energy Inc.	5,600 (-3.4%)	$328 (-7.5%)	0.0%	$58.49	+2.2%	COM	25746U109
AWR	American States Water Co.	7,943 (-1.6%)	$576 (-2.7%)	0.0%	$74.94	-2.1%	COM	029899101
CSX	CSX Corp.	45,854 (-1.6%)	$1,662 (+0.5%)	0.0%	$30.66	+16.5%	COM	126408103

Unchanged Positions (52)

ASX ASE Technology Holding Company (ADR) 1.0%

Value ($000) $90,279 Shares 5,607,381 Est. Cost $9.25 Unrealized —

NVS Novartis AG (ADR) 3.1%

Value ($000) $286,879 Shares 2,080,796 Est. Cost $90.60 Unrealized —

CB Chubb Ltd. 2.3%

Value ($000) $212,781 Shares 681,729 Est. Cost $211.39 Unrealized +38.3%

BTI British American Tobacco PLC (ADR) 0.8%

Value ($000) $75,586 Shares 1,334,963 Est. Cost $36.88 Unrealized —

PM Philip Morris International In 2.1%

Value ($000) $191,127 Shares 1,191,567 Est. Cost $75.46 Unrealized +103.5%

ORCL Oracle Corp. 0.0%

Value ($000) $4,180 Shares 21,445 Est. Cost $67.82 Unrealized +251.0%

LDI LoanDepot Inc. 0.0%

Value ($000) $752 Shares 363,333 Est. Cost $2.39 Unrealized +16.3%

TREE LendingTree Inc. 0.0%

Value ($000) $1,308 Shares 24,636 Est. Cost $27.58 Unrealized —

HON Honeywell International Inc. 0.0%

Value ($000) $3,525 Shares 18,068 Est. Cost $176.65 Unrealized +10.4%

ARW Arrow Electronics Inc. 0.0%

Value ($000) $2,407 Shares 21,848 Est. Cost $101.26 Unrealized +12.2%

CI The Cigna Group 0.0%

Value ($000) $3,829 Shares 13,912 Est. Cost $256.21 Unrealized +9.0%

RJF Raymond James Financial Inc. 0.0%

Value ($000) $2,133 Shares 13,284 Est. Cost $123.99 Unrealized +29.8%

PKG Packaging Corp. of America 0.0%

Value ($000) $2,499 Shares 12,116 Est. Cost $125.06 Unrealized +61.8%

ALL The Allstate Corp. 0.0%

Value ($000) $3,654 Shares 17,556 Est. Cost $110.73 Unrealized +84.3%

HIW Highwoods Properties Inc. 0.0%

Value ($000) $459 Shares 17,779 Est. Cost $28.50 Unrealized —

MBC Masterbrand Inc. 0.0%

Value ($000) $547 Shares 49,523 Est. Cost $15.57 Unrealized -24.8%

CUZ Cousins Properties Inc. 0.0%

Value ($000) $842 Shares 32,647 Est. Cost $26.32 Unrealized —

EWT iShares MSCI Taiwan ETF 0.1%

Value ($000) $9,846 Shares 154,975 Est. Cost $50.87 Unrealized —

AAPL Apple Inc. 0.0%

Value ($000) $1,343 Shares 4,940 Est. Cost $133.79 Unrealized +100.6%

GLDD Great Lakes Dredge & Dock Corp 0.0%

Value ($000) $980 Shares 74,678 Est. Cost $6.72 Unrealized +83.4%

CAT Caterpillar Inc. 0.0%

Value ($000) $498 Shares 869 Est. Cost $206.59 Unrealized +168.9%

HP Helmerich & Payne Inc. 0.0%

Value ($000) $340 Shares 11,846 Est. Cost $18.44 Unrealized +44.1%

GEV GE Vernova LLC 0.0%

Value ($000) $1,046 Shares 1,600 Est. Cost $158.10 Unrealized +285.2%

BWA BorgWarner Inc. 0.0%

Value ($000) $4,002 Shares 88,811 Est. Cost $36.19 Unrealized +20.7%

ADM Archer-Daniels-Midland Co. 0.0%

Value ($000) $1,295 Shares 22,518 Est. Cost $55.51 Unrealized +7.1%

FIBK First Interstate Bancsystem In 0.0%

Value ($000) $648 Shares 18,714 Est. Cost $27.21 Unrealized +18.1%

MBUU Malibu Boats Inc. 0.0%

Value ($000) $318 Shares 11,281 Est. Cost $36.93 Unrealized -21.5%

LIN Linde PLC 0.0%

Value ($000) $416 Shares 976 Est. Cost $322.30 Unrealized +32.6%

GE General Electric Co. 0.0%

Value ($000) $1,987 Shares 6,451 Est. Cost $59.96 Unrealized +401.6%

WPC WP Carey Inc. 0.0%

Value ($000) $891 Shares 13,847 Est. Cost $63.95 Unrealized —

PLD Prologis Inc. 0.0%

Value ($000) $373 Shares 2,920 Est. Cost $111.87 Unrealized +10.7%

KO The Coca-Cola Co. 0.0%

Value ($000) $729 Shares 10,429 Est. Cost $51.79 Unrealized +34.0%

LNN Lindsay Corp. 0.0%

Value ($000) $203 Shares 1,720 Est. Cost $113.96 Unrealized +5.1%

MMM 3M Co. 0.0%

Value ($000) $1,172 Shares 7,319 Est. Cost $94.77 Unrealized +72.2%

RY Royal Bank of Canada 0.0%

Value ($000) $257 Shares 1,505 Est. Cost $137.85 Unrealized +11.4%

GRTUF Granite Real Estate Investment 0.0%

Value ($000) $489 Shares 8,190 Est. Cost $48.10 Unrealized —

PEG Public Service Enterprise Grou 0.0%

Value ($000) $719 Shares 8,948 Est. Cost $49.97 Unrealized +62.2%

WSBC WesBanco Inc. 0.0%

Value ($000) $745 Shares 22,406 Est. Cost $33.39 Unrealized -3.2%

EFSC Enterprise Financial Services 0.0%

Value ($000) $361 Shares 6,681 Est. Cost $45.28 Unrealized +20.7%

BX Blackstone Inc 0.0%

Value ($000) $216 Shares 1,402 Est. Cost $169.47 Unrealized -10.6%

NMRK Newmark Group Inc. 0.0%

Value ($000) $298 Shares 17,208 Est. Cost $11.13 Unrealized +57.2%

PEP PepsiCo Inc. 0.0%

Value ($000) $1,159 Shares 8,074 Est. Cost $128.06 Unrealized +13.9%

WY Weyerhaeuser Co. 0.0%

Value ($000) $341 Shares 14,397 Est. Cost $28.08 Unrealized -18.1%

BIL State Street SPDR Bloomberg 1- 0.0%

Value ($000) $1,030 Shares 11,271 Est. Cost $91.73 Unrealized —

BA BOEING CO/THE 0.0%

Value ($000) $1,701 Shares 7,836 Est. Cost $195.32 Unrealized +5.3%

PCH PotlatchDeltic Corp 0.0%

Value ($000) $236 Shares 5,926 Est. Cost $45.12 Unrealized —

SPY SPDR S&P500 ETF Trust 0.0%

Value ($000) $211 Shares 309 Est. Cost $666.18 Unrealized —

CP Canadian Pacific Kansas City L 0.0%

Value ($000) $361 Shares 4,904 Est. Cost $75.65 Unrealized -2.7%

ADC Agree Realty Corp. 0.0%

Value ($000) $212 Shares 2,950 Est. Cost $71.04 Unrealized —

VWO Vanguard FTSE Emerging Markets 0.0%

Value ($000) $300 Shares 5,575 Est. Cost $44.63 Unrealized —

UA Under Armour Inc. (class C) 0.0%

Value ($000) $117 Shares 24,403 Est. Cost $8.48 Unrealized -47.5%

EPRT Essential Properties Realty Tr 0.0%

Value ($000) $211 Shares 7,120 Est. Cost $29.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASX	ASE Technology Holding Company (ADR)	5,607,381	$90,279	1.0%	$9.25	—	ADR	00215W100
NVS	Novartis AG (ADR)	2,080,796	$286,879	3.1%	$90.60	—	ADR	66987V109
CB	Chubb Ltd.	681,729	$212,781	2.3%	$211.39	+38.3%	COM	H1467J104
BTI	British American Tobacco PLC (ADR)	1,334,963	$75,586	0.8%	$36.88	—	ADR	110448107
PM	Philip Morris International In	1,191,567	$191,127	2.1%	$75.46	+103.5%	COM	718172109
ORCL	Oracle Corp.	21,445	$4,180	0.0%	$67.82	+251.0%	COM	68389X105
LDI	LoanDepot Inc.	363,333	$752	0.0%	$2.39	+16.3%	COM	53946R106
TREE	LendingTree Inc.	24,636	$1,308	0.0%	$27.58	—	COM	52603B107
HON	Honeywell International Inc.	18,068	$3,525	0.0%	$176.65	+10.4%	COM	438516106
ARW	Arrow Electronics Inc.	21,848	$2,407	0.0%	$101.26	+12.2%	COM	042735100
CI	The Cigna Group	13,912	$3,829	0.0%	$256.21	+9.0%	COM	125523100
RJF	Raymond James Financial Inc.	13,284	$2,133	0.0%	$123.99	+29.8%	COM	754730109
PKG	Packaging Corp. of America	12,116	$2,499	0.0%	$125.06	+61.8%	COM	695156109
ALL	The Allstate Corp.	17,556	$3,654	0.0%	$110.73	+84.3%	COM	020002101
HIW	Highwoods Properties Inc.	17,779	$459	0.0%	$28.50	—	COM	431284108
MBC	Masterbrand Inc.	49,523	$547	0.0%	$15.57	-24.8%	COM	57638P104
CUZ	Cousins Properties Inc.	32,647	$842	0.0%	$26.32	—	COM	222795502
EWT	iShares MSCI Taiwan ETF	154,975	$9,846	0.1%	$50.87	—	COM	46434G772
AAPL	Apple Inc.	4,940	$1,343	0.0%	$133.79	+100.6%	COM	037833100
GLDD	Great Lakes Dredge & Dock Corp	74,678	$980	0.0%	$6.72	+83.4%	COM	390607109
CAT	Caterpillar Inc.	869	$498	0.0%	$206.59	+168.9%	COM	149123101
HP	Helmerich & Payne Inc.	11,846	$340	0.0%	$18.44	+44.1%	COM	423452101
GEV	GE Vernova LLC	1,600	$1,046	0.0%	$158.10	+285.2%	COM	36828A101
BWA	BorgWarner Inc.	88,811	$4,002	0.0%	$36.19	+20.7%	COM	099724106
ADM	Archer-Daniels-Midland Co.	22,518	$1,295	0.0%	$55.51	+7.1%	COM	039483102
FIBK	First Interstate Bancsystem In	18,714	$648	0.0%	$27.21	+18.1%	COM	32055Y201
MBUU	Malibu Boats Inc.	11,281	$318	0.0%	$36.93	-21.5%	COM	56117J100
LIN	Linde PLC	976	$416	0.0%	$322.30	+32.6%	COM	G54950103
GE	General Electric Co.	6,451	$1,987	0.0%	$59.96	+401.6%	COM	369604301
WPC	WP Carey Inc.	13,847	$891	0.0%	$63.95	—	COM	92936U109
PLD	Prologis Inc.	2,920	$373	0.0%	$111.87	+10.7%	COM	74340W103
KO	The Coca-Cola Co.	10,429	$729	0.0%	$51.79	+34.0%	COM	191216100
LNN	Lindsay Corp.	1,720	$203	0.0%	$113.96	+5.1%	COM	535555106
MMM	3M Co.	7,319	$1,172	0.0%	$94.77	+72.2%	COM	88579Y101
RY	Royal Bank of Canada	1,505	$257	0.0%	$137.85	+11.4%	COM	780087102
GRTUF	Granite Real Estate Investment	8,190	$489	0.0%	$48.10	—	COM	387437205
PEG	Public Service Enterprise Grou	8,948	$719	0.0%	$49.97	+62.2%	COM	744573106
WSBC	WesBanco Inc.	22,406	$745	0.0%	$33.39	-3.2%	COM	950810101
EFSC	Enterprise Financial Services	6,681	$361	0.0%	$45.28	+20.7%	COM	293712105
BX	Blackstone Inc	1,402	$216	0.0%	$169.47	-10.6%	COM	09260D107
NMRK	Newmark Group Inc.	17,208	$298	0.0%	$11.13	+57.2%	COM	65158N102
PEP	PepsiCo Inc.	8,074	$1,159	0.0%	$128.06	+13.9%	COM	713448108
WY	Weyerhaeuser Co.	14,397	$341	0.0%	$28.08	-18.1%	COM	962166104
BIL	State Street SPDR Bloomberg 1-	11,271	$1,030	0.0%	$91.73	—	COM	78468R663
BA	BOEING CO/THE	7,836	$1,701	0.0%	$195.32	+5.3%	COM	097023105
PCH	PotlatchDeltic Corp	5,926	$236	0.0%	$45.12	—	COM	737630103
SPY	SPDR S&P500 ETF Trust	309	$211	0.0%	$666.18	—	COM	78462F103
CP	Canadian Pacific Kansas City L	4,904	$361	0.0%	$75.65	-2.7%	COM	13646K108
ADC	Agree Realty Corp.	2,950	$212	0.0%	$71.04	—	COM	008492100
VWO	Vanguard FTSE Emerging Markets	5,575	$300	0.0%	$44.63	—	COM	922042858
UA	Under Armour Inc. (class C)	24,403	$117	0.0%	$8.48	-47.5%	COM	904311206
EPRT	Essential Properties Realty Tr	7,120	$211	0.0%	$29.76	—	COM	29670E107