Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DD	DuPont	779,498	$106M	1.6%	$135.64	—	COM	26614N201
EMR	Emerson Elec	178,784	$25.59M	0.4%	$143.15	—	COM	291011104
RSPS	Invesco S&P 500 Equal Weight	7,085	$212K	0.0%	$29.98	—	COM	46137V373
IHF	Ishares Us Healthcare Prov Etf	2,973	$164K	0.0%	$55.33	—	COM	464288828
IGV	Ishares N American Tech Soft	826	$74,791	0.0%	$90.55	—	COM	464287515
SLF	Sun Life Fin	442	$49,217	0.0%	$111.35	—	COM	866796105
MFC	Manulife Fin	831	$47,799	0.0%	$57.52	—	COM	56501R106
IMO	Imperial Oil	281	$44,752	0.0%	$159.26	—	COM	453038408
BUD	Anheuser Busch Inbev Sa Spon	327	$26,911	0.0%	$82.30	—	ADR	03524A108
RXI	Ishares Gbl Consumer Dis Etf	95	$18,352	0.0%	$193.18	—	COM	464288745
VFH	Vanguard Financials Etf	111	$14,617	0.0%	$131.68	—	COM	92204A405
RSPF	Invesco S&P 500 Equal Weight	177	$13,728	0.0%	$77.56	—	COM	46137V340
WOOD	Ishares Global Timber & Forest	195	$12,917	0.0%	$66.24	—	COM	464288174
TDIV	First Tr Exchange Traded Fd Vi	69	$7,888	0.0%	$114.32	—	COM	33738R118
IXJ	Ishares Global Healthcare Etf	62	$6,125	0.0%	$98.79	—	COM	464287325
XSW	State Street Spdr S&P Software	10	$1,786	0.0%	$178.60	—	COM	78464A599
NGG	National Grid Plc Spon Adr	21	$1,746	0.0%	$83.14	—	ADR	636274409
JXI	Ishares Global Utilites Etf	20	$1,737	0.0%	$86.85	—	COM	464288711
EXI	Ishares S&P Gbl Ind Etf	4	$879	0.0%	$219.75	—	COM	464288729
IXC	Ishares Global Energy Etf	18	$863	0.0%	$47.94	—	COM	464287341
FHLC	Fidelity Msci Health Care Inde	2	$152	0.0%	$76.00	—	COM	316092600

Increased Positions (31)

UNH UnitedHealth 2.4%

Value $154M (+64.7%) Shares 370,657 (+7.2%) Est. Cost $432.32 Unrealized —

MSFT Microsoft Corp 3.0%

Value $192M (+24.4%) Shares 514,232 (+23.5%) Est. Cost $257.65 Unrealized —

BAC Bank Of America 2.1%

Value $138M (+31.9%) Shares 2,414,918 (+12.8%) Est. Cost $50.23 Unrealized —

DLTR Dollar Tree 2.1%

Value $138M (+24.6%) Shares 1,144,955 (+12.8%) Est. Cost $129.70 Unrealized —

YUMC Yum China HK 14.3%

Value $930M (+2.3%) Shares 2,909,043 (+23.4%) Est. Cost $96.51 Unrealized —

TSM TaiwanSMC ADR 0.7%

Value $42.3M (+93.7%) Shares 88,581 (+37.1%) Est. Cost $196.77 Unrealized —

HDB HDFC Bank ADR 1.2%

Value $78.19M (+34.3%) Shares 3,027,118 (+29.3%) Est. Cost $37.94 Unrealized —

ZTS Zoetis 0.3%

Value $18.09M (+2109.3%) Shares 251,708 (+3534.2%) Est. Cost $73.35 Unrealized —

LHX L3Harris Tech 1.2%

Value $76.37M (+29.2%) Shares 262,795 (+53.4%) Est. Cost $215.61 Unrealized —

TMO Thermo Fisher 2.7%

Value $174M (+10.7%) Shares 346,262 (+8.5%) Est. Cost $521.76 Unrealized —

PLD Prologis 2.2%

Value $140M (+12.3%) Shares 1,033,598 (+9.5%) Est. Cost $111.18 Unrealized —

META Meta Platforms 1.8%

Value $118M (+13.5%) Shares 209,858 (+15.3%) Est. Cost $269.48 Unrealized —

INFY Infosys ADR 0.8%

Value $51.02M (-21.4%) Shares 4,863,247 (+1.2%) Est. Cost $16.13 Unrealized —

SCHW Charles Schwab 2.6%

Value $171M (+6.2%) Shares 1,858,141 (+8.2%) Est. Cost $67.63 Unrealized —

AMZN Amazon 0.5%

Value $32.14M (+40.5%) Shares 134,841 (+22.7%) Est. Cost $228.90 Unrealized —

CRM Salesforce 1.6%

Value $104M (-7.9%) Shares 664,545 (+9.7%) Est. Cost $240.33 Unrealized —

SNY Sanofi ADR 3.6%

Value $236M (-3.0%) Shares 5,522,564 (+9.6%) Est. Cost $48.22 Unrealized —

SONY Sony ADR 3.8%

Value $245M (-2.4%) Shares 12,272,937 (+2.5%) Est. Cost $32.00 Unrealized —

PHG Philips ADR 3.4%

Value $219M (+2.7%) Shares 8,067,528 (+3.5%) Est. Cost $21.12 Unrealized —

FISV Fiserv 0.9%

Value $58.76M (+7.5%) Shares 1,198,040 (+22.3%) Est. Cost $74.08 Unrealized —

B Barrick Mining 0.7%

Value $48.44M (+8.7%) Shares 1,318,821 (+20.7%) Est. Cost $31.41 Unrealized —

PUK Prudential ADR 0.0%

Value $2.754M (+118.8%) Shares 102,721 (+132.0%) Est. Cost $28.67 Unrealized —

VEA Vanguard Ftse Developed Mkts E 0.0%

Value $1.642M (+113.7%) Shares 23,040 (+92.2%) Est. Cost $60.84 Unrealized —

VEU Vanguard Intl Equity Index Fd 0.0%

Value $391K (+227.5%) Shares 4,664 (+193.7%) Est. Cost $78.81 Unrealized —

SOLV Solventum Corp 0.0%

Value $1.195M (+24.5%) Shares 15,486 (+5.4%) Est. Cost $74.67 Unrealized —

NVS Novartis Ag Adr 0.0%

Value $513K (+42.7%) Shares 3,273 (+39.1%) Est. Cost $110.97 Unrealized —

WDAY Workday 1.2%

Value $79.9M (+0.1%) Shares 652,660 (+6.2%) Est. Cost $180.79 Unrealized —

AMT AmericanTwrREIT 0.0%

Value $1.643M (-1.7%) Shares 10,043 (+3.8%) Est. Cost $182.19 Unrealized —

MCD McDonalds 0.0%

Value $1.159M (+0.6%) Shares 4,287 (+15.7%) Est. Cost $261.99 Unrealized —

E Eni Spa Amer Dep Rcpt 0.0%

Value $14,455 (+13.6%) Shares 308 (+36.9%) Est. Cost $38.15 Unrealized —

DEM Wisdomtree Tr Emer Mkt High Fd 0.0%

Value $2,678 (+123.0%) Shares 50 (+108.3%) Est. Cost $50.38 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UnitedHealth	370,657 (+7.2%)	$154M (+64.7%)	2.4%	$432.32	—	COM	91324P102
MSFT	Microsoft Corp	514,232 (+23.5%)	$192M (+24.4%)	3.0%	$257.65	—	COM	594918104
BAC	Bank Of America	2,414,918 (+12.8%)	$138M (+31.9%)	2.1%	$50.23	—	COM	060505104
DLTR	Dollar Tree	1,144,955 (+12.8%)	$138M (+24.6%)	2.1%	$129.70	—	COM	256746108
YUMC	Yum China HK	2,909,043 (+23.4%)	$930M (+2.3%)	14.3%	$96.51	—	COM	98850P109
TSM	TaiwanSMC ADR	88,581 (+37.1%)	$42.3M (+93.7%)	0.7%	$196.77	—	ADR	874039100
HDB	HDFC Bank ADR	3,027,118 (+29.3%)	$78.19M (+34.3%)	1.2%	$37.94	—	ADR	40415F101
ZTS	Zoetis	251,708 (+3534.2%)	$18.09M (+2109.3%)	0.3%	$73.35	—	COM	98978V103
LHX	L3Harris Tech	262,795 (+53.4%)	$76.37M (+29.2%)	1.2%	$215.61	—	COM	502431109
TMO	Thermo Fisher	346,262 (+8.5%)	$174M (+10.7%)	2.7%	$521.76	—	COM	883556102
PLD	Prologis	1,033,598 (+9.5%)	$140M (+12.3%)	2.2%	$111.18	—	COM	74340W103
META	Meta Platforms	209,858 (+15.3%)	$118M (+13.5%)	1.8%	$269.48	—	COM	30303M102
INFY	Infosys ADR	4,863,247 (+1.2%)	$51.02M (-21.4%)	0.8%	$16.13	—	ADR	456788108
SCHW	Charles Schwab	1,858,141 (+8.2%)	$171M (+6.2%)	2.6%	$67.63	—	COM	808513105
AMZN	Amazon	134,841 (+22.7%)	$32.14M (+40.5%)	0.5%	$228.90	—	COM	023135106
CRM	Salesforce	664,545 (+9.7%)	$104M (-7.9%)	1.6%	$240.33	—	COM	79466L302
SNY	Sanofi ADR	5,522,564 (+9.6%)	$236M (-3.0%)	3.6%	$48.22	—	ADR	80105N105
SONY	Sony ADR	12,272,937 (+2.5%)	$245M (-2.4%)	3.8%	$32.00	—	ADR	835699307
PHG	Philips ADR	8,067,528 (+3.5%)	$219M (+2.7%)	3.4%	$21.12	—	ADR	500472303
FISV	Fiserv	1,198,040 (+22.3%)	$58.76M (+7.5%)	0.9%	$74.08	—	COM	337738108
B	Barrick Mining	1,318,821 (+20.7%)	$48.44M (+8.7%)	0.7%	$31.41	—	COM	06849F108
PUK	Prudential ADR	102,721 (+132.0%)	$2.754M (+118.8%)	0.0%	$28.67	—	ADR	74435K204
VEA	Vanguard Ftse Developed Mkts E	23,040 (+92.2%)	$1.642M (+113.7%)	0.0%	$60.84	—	COM	921943858
VEU	Vanguard Intl Equity Index Fd	4,664 (+193.7%)	$391K (+227.5%)	0.0%	$78.81	—	COM	922042775
SOLV	Solventum Corp	15,486 (+5.4%)	$1.195M (+24.5%)	0.0%	$74.67	—	COM	83444M101
NVS	Novartis Ag Adr	3,273 (+39.1%)	$513K (+42.7%)	0.0%	$110.97	—	ADR	66987V109
WDAY	Workday	652,660 (+6.2%)	$79.9M (+0.1%)	1.2%	$180.79	—	COM	98138H101
AMT	AmericanTwrREIT	10,043 (+3.8%)	$1.643M (-1.7%)	0.0%	$182.19	—	COM	03027X100
MCD	McDonalds	4,287 (+15.7%)	$1.159M (+0.6%)	0.0%	$261.99	—	COM	580135101
E	Eni Spa Amer Dep Rcpt	308 (+36.9%)	$14,455 (+13.6%)	0.0%	$38.15	—	ADR	26874R108
DEM	Wisdomtree Tr Emer Mkt High Fd	50 (+108.3%)	$2,678 (+123.0%)	0.0%	$50.38	—	COM	97717W315

Exited Positions (13)

DD DuPont 1.7%

Value $108M Shares 2,362,377 Est. Cost $29.57 Unrealized —

UBER Uber 0.0%

Value $340K Shares 4,725 Est. Cost $78.72 Unrealized —

SOBO South Bow (CA) 0.0%

Value $166K Shares 3,597 Est. Cost $22.97 Unrealized —

PG Procter&Gamble 0.0%

Value $157K Shares 1,089 Est. Cost $151.77 Unrealized —

CNI CNR 0.0%

Value $149K Shares 1,038 Est. Cost $96.01 Unrealized —

PFE Pfizer Inc 0.0%

Value $122K Shares 4,360 Est. Cost $26.18 Unrealized —

UL Unilever ADR 0.0%

Value $117K Shares 2,057 Est. Cost $64.33 Unrealized —

UNP Union Pacific 0.0%

Value $110K Shares 455 Est. Cost $231.26 Unrealized —

NI NiSource Inc 0.0%

Value $110K Shares 2,355 Est. Cost $43.05 Unrealized —

LNG Cheniere Energy 0.0%

Value $78,318 Shares 276 Est. Cost $209.78 Unrealized —

BNS Bank NovaScotia 0.0%

Value $45,630 Shares 473 Est. Cost $42.02 Unrealized —

BTG B2Gold 0.0%

Value $39,904 Shares 6,314 Est. Cost $2.92 Unrealized —

OTEX Open Text 0.0%

Value $18,197 Shares 587 Est. Cost $29.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DD	DuPont	2,362,377	$108M	1.7%	$29.57	—	—	26614N102
UBER	Uber	4,725	$340K	0.0%	$78.72	—	—	90353T100
SOBO	South Bow (CA)	3,597	$166K	0.0%	$22.97	—	—	83671M105
PG	Procter&Gamble	1,089	$157K	0.0%	$151.77	—	—	742718109
CNI	CNR	1,038	$149K	0.0%	$96.01	—	—	136375102
PFE	Pfizer Inc	4,360	$122K	0.0%	$26.18	—	—	717081103
UL	Unilever ADR	2,057	$117K	0.0%	$64.33	—	—	904767803
UNP	Union Pacific	455	$110K	0.0%	$231.26	—	—	907818108
NI	NiSource Inc	2,355	$110K	0.0%	$43.05	—	—	65473P105
LNG	Cheniere Energy	276	$78,318	0.0%	$209.78	—	—	16411R208
BNS	Bank NovaScotia	473	$45,630	0.0%	$42.02	—	—	064149107
BTG	B2Gold	6,314	$39,904	0.0%	$2.92	—	—	11777Q209
OTEX	Open Text	587	$18,197	0.0%	$29.21	—	—	683715106

Decreased Positions (48)

HMC Honda Motor ADR 0.0%

Value $860K (-99.1%) Shares 31,837 (-99.2%) Est. Cost $31.50 Unrealized —

KVUE Kenvue 0.0%

Value $1.438M (-98.5%) Shares 75,247 (-98.7%) Est. Cost $18.86 Unrealized —

PBR Petrobras ADR 2.2%

Value $145M (-37.0%) Shares 8,977,218 (-19.2%) Est. Cost $11.96 Unrealized —

BP BP Plc ADR 2.3%

Value $151M (-30.2%) Shares 4,081,768 (-11.3%) Est. Cost $35.44 Unrealized —

SYY Sysco 1.2%

Value $75.47M (-42.0%) Shares 903,011 (-50.5%) Est. Cost $73.82 Unrealized —

WPP WPP ADR 0.0%

Value $36,458 (-99.9%) Shares 2,354 (-99.9%) Est. Cost $46.39 Unrealized —

LYG Lloyds Bank ADR 4.5%

Value $291M (+11.6%) Shares 49,945,225 (-3.7%) Est. Cost $2.61 Unrealized —

EFA iShs MSCI EAFE 0.9%

Value $58.2M (-31.5%) Shares 560,248 (-36.0%) Est. Cost $91.79 Unrealized —

XOM z-Exxon Mobil 1.3%

Value $84.91M (-22.7%) Shares 621,038 (-4.1%) Est. Cost $46.54 Unrealized —

PEP PepsiCo 1.1%

Value $74.03M (-24.0%) Shares 546,759 (-12.9%) Est. Cost $140.43 Unrealized —

GOOGL Alphabet CL A 3.0%

Value $192M (+13.7%) Shares 537,213 (-8.5%) Est. Cost $175.00 Unrealized —

NNN NNN REIT 0.8%

Value $52.28M (-29.6%) Shares 1,123,643 (-36.4%) Est. Cost $42.74 Unrealized —

VALE Vale SA ADR 2.1%

Value $139M (-12.3%) Shares 9,252,093 (-7.2%) Est. Cost $13.79 Unrealized —

GSK GSK PLC ADR 4.0%

Value $257M (-6.5%) Shares 4,910,830 (-1.5%) Est. Cost $36.66 Unrealized —

SAN BSCH ADR 4.1%

Value $268M (+6.2%) Shares 19,385,394 (-13.2%) Est. Cost $4.34 Unrealized —

KT KT Corp ADR 0.7%

Value $42.2M (-26.1%) Shares 2,442,234 (-8.3%) Est. Cost $13.84 Unrealized —

CDW CDW Corp 1.6%

Value $106M (+12.6%) Shares 755,141 (-3.1%) Est. Cost $181.13 Unrealized —

YMM Full Truck ADR 0.9%

Value $55.28M (-10.0%) Shares 6,807,609 (-8.0%) Est. Cost $10.12 Unrealized —

TXN Texas Instrum 2.4%

Value $154M (+3.4%) Shares 515,330 (-32.6%) Est. Cost $170.04 Unrealized —

WFC Wells Fargo 1.6%

Value $103M (+2.7%) Shares 1,245,361 (-1.1%) Est. Cost $36.76 Unrealized —

KSA Ishs MSCI Saudi 0.0%

Value $2.084M (-53.3%) Shares 55,845 (-50.2%) Est. Cost $41.23 Unrealized —

KSPI Kaspi ADR 0.5%

Value $34.34M (+7.1%) Shares 396,336 (-8.4%) Est. Cost $91.59 Unrealized —

BAP Credicorp Ltd 0.5%

Value $35.43M (+5.7%) Shares 90,935 (-7.9%) Est. Cost $118.33 Unrealized —

MRK Merck 2.9%

Value $189M (-0.4%) Shares 1,473,945 (-6.8%) Est. Cost $94.94 Unrealized —

CSX CSX Corp 0.0%

Value $996K (-39.9%) Shares 20,954 (-48.1%) Est. Cost $33.62 Unrealized —

EWY Ishs MSCI SK 0.0%

Value $1.435M (+58.0%) Shares 7,109 (-3.7%) Est. Cost $73.47 Unrealized —

EOG EOG Resources 0.0%

Value $926K (-28.9%) Shares 7,141 (-20.8%) Est. Cost $109.17 Unrealized —

WAT Waters 0.0%

Value $1.716M (+21.8%) Shares 4,575 (-3.3%) Est. Cost $310.70 Unrealized —

HCA HCA Healthcare 0.0%

Value $425K (-41.4%) Shares 1,089 (-28.9%) Est. Cost $218.00 Unrealized —

ASX ASE Tech ADR 0.0%

Value $572K (+98.8%) Shares 12,671 (-4.5%) Est. Cost $12.64 Unrealized —

EIX Edison Intl 0.0%

Value $1.367M (-8.2%) Shares 18,360 (-9.8%) Est. Cost $59.61 Unrealized —

ABEV Ambev S A Adr 0.0%

Value $2,584 (-97.8%) Shares 823 (-98.0%) Est. Cost $2.41 Unrealized —

BABA Alibaba ADR 0.0%

Value $216K (-30.6%) Shares 2,255 (-9.3%) Est. Cost $119.40 Unrealized —

BK BONY 0.0%

Value $862K (+11.5%) Shares 5,960 (-8.5%) Est. Cost $75.78 Unrealized —

QCOM Qualcomm Inc 0.0%

Value $902K (+8.5%) Shares 4,881 (-24.3%) Est. Cost $158.86 Unrealized —

ES Eversource En 0.0%

Value $1.959M (-3.0%) Shares 27,101 (-7.0%) Est. Cost $59.95 Unrealized —

TLK TelkomIndon ADR 0.0%

Value $95,687 (-32.3%) Shares 7,125 (-5.9%) Est. Cost $19.71 Unrealized —

ASHR Xtrack CN-A ETF 0.0%

Value $491K (+7.5%) Shares 13,385 (-4.3%) Est. Cost $30.25 Unrealized —

LH LabCorp 0.0%

Value $1.195M (+1.4%) Shares 4,268 (-3.3%) Est. Cost $199.50 Unrealized —

FMX FEMSA ADR 0.0%

Value $175K (+10.8%) Shares 1,368 (-3.8%) Est. Cost $100.65 Unrealized —

NTES NetEase ADR 0.0%

Value $153K (+9.8%) Shares 1,198 (-4.0%) Est. Cost $111.95 Unrealized —

ITUB ItauUniBanADR P 0.0%

Value $146K (-6.7%) Shares 17,872 (-4.3%) Est. Cost $8.33 Unrealized —

VWO Vanguard Ftse Emerging Markets 0.0%

Value $180K (+4.2%) Shares 3,014 (-5.6%) Est. Cost $53.10 Unrealized —

BIDU Baidu ADR 0.0%

Value $92,858 (-4.3%) Shares 812 (-6.8%) Est. Cost $124.42 Unrealized —

SHG Shinhan ADR 0.0%

Value $335K (-0.6%) Shares 5,298 (-3.7%) Est. Cost $39.42 Unrealized —

UAE Ishs MSCI UAE 0.0%

Value $160K (-0.7%) Shares 8,428 (-2.6%) Est. Cost $18.88 Unrealized —

PAC GPO Aero PacADR 0.0%

Value $172K (+0.6%) Shares 678 (-1.7%) Est. Cost $193.77 Unrealized —

EEM Ishares Msci Emerging Mkts Etf 0.0%

Value $560 (-20.9%) Shares 8 (-33.3%) Est. Cost $54.73 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HMC	Honda Motor ADR	31,837 (-99.2%)	$860K (-99.1%)	0.0%	$31.50	—	ADR	438128308
KVUE	Kenvue	75,247 (-98.7%)	$1.438M (-98.5%)	0.0%	$18.86	—	COM	49177J102
PBR	Petrobras ADR	8,977,218 (-19.2%)	$145M (-37.0%)	2.2%	$11.96	—	ADR	71654V408
BP	BP Plc ADR	4,081,768 (-11.3%)	$151M (-30.2%)	2.3%	$35.44	—	ADR	055622104
SYY	Sysco	903,011 (-50.5%)	$75.47M (-42.0%)	1.2%	$73.82	—	COM	871829107
WPP	WPP ADR	2,354 (-99.9%)	$36,458 (-99.9%)	0.0%	$46.39	—	ADR	92937A102
LYG	Lloyds Bank ADR	49,945,225 (-3.7%)	$291M (+11.6%)	4.5%	$2.61	—	ADR	539439109
EFA	iShs MSCI EAFE	560,248 (-36.0%)	$58.2M (-31.5%)	0.9%	$91.79	—	COM	464287465
XOM	z-Exxon Mobil	621,038 (-4.1%)	$84.91M (-22.7%)	1.3%	$46.54	—	COM	30231G102
PEP	PepsiCo	546,759 (-12.9%)	$74.03M (-24.0%)	1.1%	$140.43	—	COM	713448108
GOOGL	Alphabet CL A	537,213 (-8.5%)	$192M (+13.7%)	3.0%	$175.00	—	COM	02079K305
NNN	NNN REIT	1,123,643 (-36.4%)	$52.28M (-29.6%)	0.8%	$42.74	—	COM	637417106
VALE	Vale SA ADR	9,252,093 (-7.2%)	$139M (-12.3%)	2.1%	$13.79	—	ADR	91912E105
GSK	GSK PLC ADR	4,910,830 (-1.5%)	$257M (-6.5%)	4.0%	$36.66	—	ADR	37733W204
SAN	BSCH ADR	19,385,394 (-13.2%)	$268M (+6.2%)	4.1%	$4.34	—	ADR	05964H105
KT	KT Corp ADR	2,442,234 (-8.3%)	$42.2M (-26.1%)	0.7%	$13.84	—	ADR	48268K101
CDW	CDW Corp	755,141 (-3.1%)	$106M (+12.6%)	1.6%	$181.13	—	COM	12514G108
YMM	Full Truck ADR	6,807,609 (-8.0%)	$55.28M (-10.0%)	0.9%	$10.12	—	ADR	35969L108
TXN	Texas Instrum	515,330 (-32.6%)	$154M (+3.4%)	2.4%	$170.04	—	COM	882508104
WFC	Wells Fargo	1,245,361 (-1.1%)	$103M (+2.7%)	1.6%	$36.76	—	COM	949746101
KSA	Ishs MSCI Saudi	55,845 (-50.2%)	$2.084M (-53.3%)	0.0%	$41.23	—	COM	46434V423
KSPI	Kaspi ADR	396,336 (-8.4%)	$34.34M (+7.1%)	0.5%	$91.59	—	ADR	48581R205
BAP	Credicorp Ltd	90,935 (-7.9%)	$35.43M (+5.7%)	0.5%	$118.33	—	COM	G2519Y108
MRK	Merck	1,473,945 (-6.8%)	$189M (-0.4%)	2.9%	$94.94	—	COM	58933Y105
CSX	CSX Corp	20,954 (-48.1%)	$996K (-39.9%)	0.0%	$33.62	—	COM	126408103
EWY	Ishs MSCI SK	7,109 (-3.7%)	$1.435M (+58.0%)	0.0%	$73.47	—	COM	464286772
EOG	EOG Resources	7,141 (-20.8%)	$926K (-28.9%)	0.0%	$109.17	—	COM	26875P101
WAT	Waters	4,575 (-3.3%)	$1.716M (+21.8%)	0.0%	$310.70	—	COM	941848103
HCA	HCA Healthcare	1,089 (-28.9%)	$425K (-41.4%)	0.0%	$218.00	—	COM	40412C101
ASX	ASE Tech ADR	12,671 (-4.5%)	$572K (+98.8%)	0.0%	$12.64	—	ADR	00215W100
EIX	Edison Intl	18,360 (-9.8%)	$1.367M (-8.2%)	0.0%	$59.61	—	COM	281020107
ABEV	Ambev S A Adr	823 (-98.0%)	$2,584 (-97.8%)	0.0%	$2.41	—	ADR	02319V103
BABA	Alibaba ADR	2,255 (-9.3%)	$216K (-30.6%)	0.0%	$119.40	—	ADR	01609W102
BK	BONY	5,960 (-8.5%)	$862K (+11.5%)	0.0%	$75.78	—	COM	064058100
QCOM	Qualcomm Inc	4,881 (-24.3%)	$902K (+8.5%)	0.0%	$158.86	—	COM	747525103
ES	Eversource En	27,101 (-7.0%)	$1.959M (-3.0%)	0.0%	$59.95	—	COM	30040W108
TLK	TelkomIndon ADR	7,125 (-5.9%)	$95,687 (-32.3%)	0.0%	$19.71	—	ADR	715684106
ASHR	Xtrack CN-A ETF	13,385 (-4.3%)	$491K (+7.5%)	0.0%	$30.25	—	COM	233051879
LH	LabCorp	4,268 (-3.3%)	$1.195M (+1.4%)	0.0%	$199.50	—	COM	504922105
FMX	FEMSA ADR	1,368 (-3.8%)	$175K (+10.8%)	0.0%	$100.65	—	ADR	344419106
NTES	NetEase ADR	1,198 (-4.0%)	$153K (+9.8%)	0.0%	$111.95	—	ADR	64110W102
ITUB	ItauUniBanADR P	17,872 (-4.3%)	$146K (-6.7%)	0.0%	$8.33	—	ADR	465562106
VWO	Vanguard Ftse Emerging Markets	3,014 (-5.6%)	$180K (+4.2%)	0.0%	$53.10	—	COM	922042858
BIDU	Baidu ADR	812 (-6.8%)	$92,858 (-4.3%)	0.0%	$124.42	—	ADR	056752108
SHG	Shinhan ADR	5,298 (-3.7%)	$335K (-0.6%)	0.0%	$39.42	—	ADR	824596100
UAE	Ishs MSCI UAE	8,428 (-2.6%)	$160K (-0.7%)	0.0%	$18.88	—	COM	46434V761
PAC	GPO Aero PacADR	678 (-1.7%)	$172K (+0.6%)	0.0%	$193.77	—	ADR	400506101
EEM	Ishares Msci Emerging Mkts Etf	8 (-33.3%)	$560 (-20.9%)	0.0%	$54.73	—	COM	464287234

Unchanged Positions (11)

SHEL Shell ADR 1.9%

Value $125M Shares 1,617,230 Est. Cost $66.36 Unrealized —

BTI BATS ADR 3.5%

Value $227M Shares 3,682,956 Est. Cost $39.01 Unrealized —

MU Micron Tech 0.2%

Value $10.38M Shares 8,996 Est. Cost $74.61 Unrealized —

Q Qnity 0.1%

Value $6.104M Shares 37,378 Est. Cost $84.91 Unrealized —

ENIC Enel Chile ADR 0.0%

Value $248K Shares 55,120 Est. Cost $2.05 Unrealized —

IBN ICICI Bank ADR 0.0%

Value $157K Shares 5,409 Est. Cost $24.57 Unrealized —

DG Dollar General 0.0%

Value $471K Shares 4,095 Est. Cost $120.00 Unrealized —

NOMD Nomad Foods 0.0%

Value $41,971 Shares 3,833 Est. Cost $15.20 Unrealized —

ATHM Autohome ADR 0.0%

Value $45,919 Shares 2,413 Est. Cost $60.22 Unrealized —

VINP Vinci Compass 0.0%

Value $27,312 Shares 2,807 Est. Cost $11.94 Unrealized —

LAUR Laureate Edu 0.0%

Value $31,816 Shares 876 Est. Cost $14.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHEL	Shell ADR	1,617,230	$125M	1.9%	$66.36	—	ADR	780259305
BTI	BATS ADR	3,682,956	$227M	3.5%	$39.01	—	ADR	110448107
MU	Micron Tech	8,996	$10.38M	0.2%	$74.61	—	COM	595112103
Q	Qnity	37,378	$6.104M	0.1%	$84.91	—	COM	74743L100
ENIC	Enel Chile ADR	55,120	$248K	0.0%	$2.05	—	ADR	29278D105
IBN	ICICI Bank ADR	5,409	$157K	0.0%	$24.57	—	ADR	45104G104
DG	Dollar General	4,095	$471K	0.0%	$120.00	—	COM	256677105
NOMD	Nomad Foods	3,833	$41,971	0.0%	$15.20	—	COM	G6564A105
ATHM	Autohome ADR	2,413	$45,919	0.0%	$60.22	—	ADR	05278C107
VINP	Vinci Compass	2,807	$27,312	0.0%	$11.94	—	COM	G9451V109
LAUR	Laureate Edu	876	$31,816	0.0%	$14.97	—	COM	518613203