• CVF maintains a diversified portfolio across 12 sectors
• Top 5 holdings represent 27.8% of the portfolio
• Largest position: BERKSHIRE HATHAWAY INCORPORATED DEL CLASS B NEW (BRK-B) at 6.7%

Trends by sector

Investment Adjustments from Previous Filing

Cullen Value Fund Holdings

Symbol	Company	Portfolio %	Price	Quantity	Change Qty	Change Value	% Change	Total Value
BRK-B BERKSHIRE HATHAWAY INCORPORATED DEL CLASS B NEW	BERKSHIRE HATHAWAY INCORPORATED DEL CLASS B NEW	6.68%	$485.77	97,409	-33	-$16,030	-0.03%	$47,318,370
MSFT MICROSOFT CORPORATION	MICROSOFT CORPORATION	6.22%	$497.41	88,611	686	$341,225	0.78%	$44,076,200
AAPL APPLE INCORPORATED	APPLE INCORPORATED	6.13%	$205.17	211,592	632	$129,667	0.30%	$43,412,327
WMT WALMART INCORPORATED	WALMART INCORPORATED	4.52%	$97.78	327,474	2,304	$225,285	0.71%	$32,020,430
JPM JPMORGAN CHASE & COMPANY.	JPMORGAN CHASE & COMPANY.	4.23%	$289.91	103,470	1,776	$514,881	1.75%	$29,997,018
AVGO BROADCOM INCORPORATED	BROADCOM INCORPORATED	3.28%	$275.65	84,170	2,804	$772,920	3.45%	$23,201,374
NVDA NVIDIA CORPORATION	NVIDIA CORPORATION	2.51%	$157.99	112,430	300	$47,397	0.27%	$17,762,869
GOOG ALPHABET INCORPORATED CAP STK CLASS C	ALPHABET INCORPORATED CAP STK CLASS C	2.36%	$177.39	94,105	-935	-$165,860	-0.98%	$16,693,334
AMZN AMAZON COM INCORPORATED	AMAZON COM INCORPORATED	1.77%	$219.39	57,202	881	$193,283	1.56%	$12,549,547
DE DEERE & COMPANY	DEERE & COMPANY	1.73%	$508.49	24,153	-997	-$506,968	-3.96%	$12,281,633
UNP UNION PAC CORPORATION	UNION PAC CORPORATION	1.68%	$230.08	51,729	1,928	$443,594	3.87%	$11,901,797
XOM EXXON MOBIL CORPORATION	EXXON MOBIL CORPORATION	1.59%	$107.80	104,777	8,909	$960,393	9.29%	$11,294,995
MSI MOTOROLA SOLUTIONS INCORPORATED COM NEW	MOTOROLA SOLUTIONS INCORPORATED COM NEW	1.50%	$420.46	25,322	1,862	$782,903	7.94%	$10,646,978
V VISA INCORPORATED COM CLASS A	VISA INCORPORATED COM CLASS A	1.43%	$355.04	28,545	-1,498	-$531,857	-4.99%	$10,134,752
PEP PEPSICO INCORPORATED	PEPSICO INCORPORATED	1.42%	$132.04	76,100	43,864	$5,791,799	136.07%	$10,048,238
JCI JOHNSON CONTROLS INTERNATIONAL PLC SHS	JOHNSON CONTROLS INTERNATIONAL PLC SHS	1.39%	$105.62	93,142	5,316	$561,478	6.05%	$9,837,693
LLY ELI LILLY & COMPANY	ELI LILLY & COMPANY	1.38%	$779.55	12,502	-171	-$133,303	-1.35%	$9,745,906
MRK MERCK & COMPANY INCORPORATED	MERCK & COMPANY INCORPORATED	1.35%	$79.16	120,426	10,237	$810,359	9.29%	$9,532,899
CMCSA COMCAST CORPORATION NEW CLASS A	COMCAST CORPORATION NEW CLASS A	1.29%	$35.69	255,545	1,243	$44,363	0.49%	$9,120,392
CME CME GROUP INCORPORATED	CME GROUP INCORPORATED	1.17%	$275.62	29,977	2,495	$687,682	9.08%	$8,262,388
EPD ENTERPRISE PRODUCTS PARTNERS L P	ENTERPRISE PRODUCTS PARTNERS L P	1.15%	$31.01	262,079	-174	-$5,396	-0.07%	$8,127,066
VZ VERIZON COMMUNICATIONS INCORPORATED	VERIZON COMMUNICATIONS INCORPORATED	1.08%	$43.27	177,150	5,294	$229,071	3.08%	$7,665,281
SBUX STARBUCKS CORPORATION	STARBUCKS CORPORATION	1.07%	$91.63	83,019	-5,369	-$491,962	-6.07%	$7,607,033
DRI DARDEN RESTAURANTS INCORPORATED	DARDEN RESTAURANTS INCORPORATED	1.06%	$217.97	34,573	1,913	$416,980	5.86%	$7,535,932
SO SOUTHERN COMPANY	SOUTHERN COMPANY	1.03%	$91.83	79,392	11,169	$1,025,644	16.37%	$7,290,531
UPS UNITED PARCEL SERVICE INCORPORATED CLASS B	UNITED PARCEL SERVICE INCORPORATED CLASS B	1.02%	$100.94	71,769	11,488	$1,159,600	19.06%	$7,244,368
HD HOME DEPOT INCORPORATED	HOME DEPOT INCORPORATED	0.93%	$366.65	17,912	797	$292,220	4.66%	$6,567,424
ADI ANALOG DEVICES INCORPORATED	ANALOG DEVICES INCORPORATED	0.86%	$238.02	25,606	2,029	$482,938	8.61%	$6,094,684
META META PLATFORMS INCORPORATED CLASS A	META PLATFORMS INCORPORATED CLASS A	0.85%	$738.06	8,142	-11	-$8,119	-0.13%	$6,009,290
DIS DISNEY WALT COMPANY	DISNEY WALT COMPANY	0.78%	$124.01	44,295	1,341	$166,298	3.12%	$5,493,047
O REALTY INCOME CORPORATION REIT	REALTY INCOME CORPORATION REIT	0.77%	$57.61	94,134	14,414	$830,388	18.08%	$5,423,040
PEG PUBLIC SVC ENTERPRISE GRP INCORPORATED	PUBLIC SVC ENTERPRISE GRP INCORPORATED	0.76%	$84.18	64,320	10,458	$880,358	19.42%	$5,414,480
LOW LOWES COMPANIES INCORPORATED	LOWES COMPANIES INCORPORATED	0.76%	$221.87	24,392	-880	-$195,245	-3.48%	$5,411,837
BBY BEST BUY INCORPORATED	BEST BUY INCORPORATED	0.73%	$67.13	77,302	5,008	$336,187	6.93%	$5,189,287
CMI CUMMINS INCORPORATED	CUMMINS INCORPORATED	0.73%	$327.51	15,690	-253	-$82,859	-1.59%	$5,138,565
UNH UNITEDHEALTH GROUP INCORPORATED	UNITEDHEALTH GROUP INCORPORATED	0.68%	$311.98	15,376	4,807	$1,499,672	45.48%	$4,796,954
FIS FIDELITY NATL INFORMATION SVCS	FIDELITY NATL INFORMATION SVCS	0.67%	$81.41	58,464	5,521	$449,464	10.43%	$4,759,553
SYK STRYKER CORPORATION	STRYKER CORPORATION	0.67%	$395.62	11,994	-122	-$48,266	-1.01%	$4,745,122
MKC MCCORMICK & COMPANY INCORPORATED COM NON VTG	MCCORMICK & COMPANY INCORPORATED COM NON VTG	0.65%	$75.82	60,532	-3,623	-$274,698	-5.65%	$4,589,572
JNJ JOHNSON & JOHNSON	JOHNSON & JOHNSON	0.61%	$152.75	28,230	-5,715	-$872,957	-16.84%	$4,312,089
PG PROCTER AND GAMBLE COMPANY	PROCTER AND GAMBLE COMPANY	0.59%	$159.32	26,370	-1,475	-$235,001	-5.30%	$4,201,337
RJF RAYMOND JAMES FINL INCORPORATED	RAYMOND JAMES FINL INCORPORATED	0.58%	$153.37	26,755	-195	-$29,907	-0.72%	$4,103,452
POOL POOL CORPORATION	POOL CORPORATION	0.56%	$291.48	13,676	934	$272,246	7.33%	$3,986,335
CRM SALESFORCE INCORPORATED	SALESFORCE INCORPORATED	0.56%	$272.69	14,557	-497	-$135,528	-3.30%	$3,969,592
MA MASTERCARD INCORPORATED CLASS A	MASTERCARD INCORPORATED CLASS A	0.54%	$561.94	6,866	-700	-$393,358	-9.25%	$3,858,281
GLW CORNING INCORPORATED	CORNING INCORPORATED	0.53%	$52.59	72,028	-2,187	-$115,015	-2.95%	$3,787,967
IQV IQVIA HLDGS INCORPORATED	IQVIA HLDGS INCORPORATED	0.53%	$157.59	23,651	4,177	$658,253	21.45%	$3,727,161
AXP AMERICAN EXPRESS COMPANY	AMERICAN EXPRESS COMPANY	0.51%	$318.98	11,273	-310	-$98,883	-2.68%	$3,595,835
CAT CATERPILLAR INCORPORATED	CATERPILLAR INCORPORATED	0.48%	$388.23	8,710	20	$7,765	0.23%	$3,381,480
CVX CHEVRON CORPORATION NEW	CHEVRON CORPORATION NEW	0.47%	$143.19	23,426	-753	-$107,823	-3.11%	$3,354,410
AMD ADVANCED MICRO DEVICES INCORPORATED	ADVANCED MICRO DEVICES INCORPORATED	0.46%	$141.90	23,193	3,635	$515,807	18.59%	$3,291,087
ALL ALLSTATE CORPORATION	ALLSTATE CORPORATION	0.40%	$201.31	14,143	30	$6,039	0.21%	$2,847,066
ENB ENBRIDGE INCORPORATED	ENBRIDGE INCORPORATED	0.39%	$45.32	61,276	-2,841	-$128,755	-4.43%	$2,777,047
ABBV ABBVIE INCORPORATED	ABBVIE INCORPORATED	0.35%	$185.61	13,488	-139	-$25,800	-1.02%	$2,503,571
CP CANADIAN PACIFIC KC	CANADIAN PACIFIC KC	0.35%	$79.27	31,426	-250	-$19,818	-0.79%	$2,491,157
NFG NATIONAL FUEL GAS COMPANY	NATIONAL FUEL GAS COMPANY	0.33%	$84.71	27,827	-781	-$66,159	-2.73%	$2,357,248
FI FISERV INCORPORATED	FISERV INCORPORATED	0.32%	$172.41	13,305	164	$28,275	1.25%	$2,293,915
AMGN AMGEN INCORPORATED	AMGEN INCORPORATED	0.32%	$279.22	8,185	-131	-$36,578	-1.58%	$2,285,446
SCHW SCHWAB CHARLES CORPORATION	SCHWAB CHARLES CORPORATION	0.32%	$91.24	24,622	979	$89,325	4.14%	$2,246,548
VEEV VEEVA SYSTEMS INCORPORATED CLASS A COM	VEEVA SYSTEMS INCORPORATED CLASS A COM	0.32%	$287.98	7,797	352	$101,369	4.73%	$2,245,380

Page 1 of 3 • 167 total holdings

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