Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HLN	Haleon ADR	17,637,434	$159M	2.9%	$9.00	$9.72	-7.4%	ADR	405552100
XOM	ExxonMobil	335,547	$54.61M	1.0%	$162.75	$162.75	—	COM	30233Q108
NVDA	Nvidia	109,384	$24.98M	0.5%	$228.38	$214.40	+6.5%	COM	67066G104
KXI	Ishares Global Con Stap Etf	4,390	$310K	0.0%	$70.61 *	$68.33	-4.2%	COM	464288737
EUFN	Ishares Msci Euro Financial	6,525	$249K	0.0%	$38.12 *	$41.35	-3.8%	COM	464289180
IXP	Ishares Global Telecom Etf	1,463	$170K	0.0%	$116.41	$117.43	+0.7%	COM	464287275
HIMX	Himax ADR	7,044	$99,109	0.0%	$14.07	$13.85	+1.6%	ADR	43289P106
XLV	St Str Hlth Care Sel Sec Spdr	552	$96,968	0.0%	$175.67 *	$166.73	+1.0%	COM	81369Y209
OTEX	Open Text Corp	2,985	$66,924	0.0%	$22.42	$23.76	-5.6%	COM	683715106
IXG	Ishares Global Financials Etf	437	$55,705	0.0%	$127.47	$132.14	-3.9%	COM	464287333
XLC	State Street Communication Ser	460	$50,615	0.0%	$110.03	$111.27	-0.3%	COM	81369Y852
UL	Unilever Plc New Adr	699	$45,553	0.0%	$65.17 *	$62.82	-3.3%	ADR	904767803
IYZ	Ishares Us Telecomm Etf	664	$26,028	0.0%	$39.20 *	$42.07	-2.1%	COM	464287713
GNR	State Street Spdr S&P Global	276	$21,067	0.0%	$76.33 *	$74.33	-0.5%	COM	78463X541
XLP	St Str Consumer Stapls Sel Sec	209	$18,212	0.0%	$87.14 *	$84.47	-4.6%	COM	81369Y308
PLTK	Playtika Hold	6,080	$13,011	0.0%	$2.14	$2.96	-27.7%	COM	72815L107
IYJ	Ishares Us Industrials Etf	76	$11,859	0.0%	$156.04	$162.49	-5.6%	COM	464287754
VDC	Vanguard Consm Stples Et Etf	45	$10,633	0.0%	$236.29 *	$228.58	-4.5%	COM	92204A207
XRT	State Street Spdr S&P Retail	112	$9,705	0.0%	$86.65 *	$87.11	-5.7%	COM	78464A714
KBWB	Invesco Kbw Bank Etf	96	$8,256	0.0%	$86.00	$95.54	-8.7%	COM	46138E628
VOX	Vanguard Communicatn Svcs Etf	37	$7,061	0.0%	$190.84	$188.50	+1.1%	COM	92204A884
IYC	Ishares Us Consumer Discreti	62	$6,186	0.0%	$99.77 *	$100.16	-5.4%	COM	464287580
XLU	St Str Utilities Sel Sec Spdr	53	$2,213	0.0%	$41.75 *	$43.46	-9.2%	COM	81369Y886
IHI	Ishares Us Medical Dev Etf	41	$2,191	0.0%	$53.44 *	$52.81	-3.1%	COM	464288810
IYM	Ishares Us Basic Materials Etf	12	$2,164	0.0%	$180.33	$183.95	-3.2%	COM	464287838
IYF	Ishares Us Financials Etf	14	$1,759	0.0%	$125.64	$134.36	-6.5%	COM	464287788
FUTY	Fidelity Msci Utilities Index	30	$1,582	0.0%	$52.73 *	$56.08	-9.0%	COM	316092865
BHP	Bhp Group Limited Adr	16	$1,318	0.0%	$82.38 *	$87.16	-2.7%	ADR	088606108
TAK	Takeda Pharmaceutcl Co Ltd Adr	65	$1,265	0.0%	$19.46 *	$17.71	+2.7%	ADR	874060205
VHT	Vanguard Health Care Etf	3	$999	0.0%	$333.00 *	$313.31	+0.9%	COM	92204A504
FDIS	Fidelity Msci Cons Discret	7	$680	0.0%	$97.14 *	$100.56	-5.8%	COM	316092204
FSTA	Fidelity Msci Consumer Staples	6	$308	0.0%	$51.33	$53.24	-4.5%	COM	316092303
BCS	Barclays Plc Adr	9	$204	0.0%	$22.67 *	$26.90	-9.8%	ADR	06738E204
GUNR	Northern Tr Morningstar Glb Up	2	$118	0.0%	$59.00 *	$53.65	-1.7%	COM	33939L407
IYT	Ishares Transportation Ave Etf ⚠	0	$1	0.0%	—	—	—	COM	464287192

Increased Positions (20)

ZTS Zoetis 0.9%

Value $47.95M (+165.1%) Shares 686,672 (+172.8%) Share Price $69.83 Est. Cost/Share $82.15 Unrealized @ Report Date -15.0%

GSK GSK PLC ADR 4.4%

Value $239M (-7.1%) Shares 4,965,946 (+1.1%) Share Price $48.17 Est. Cost/Share $37.39 Unrealized @ Report Date +28.8%

BTI BATS ADR 4.4%

Value $237M (+4.2%) Shares 4,357,616 (+18.3%) Share Price $54.40 Est. Cost/Share $39.37 Unrealized @ Report Date +38.2%

KT KT Corp ADR 0.9%

Value $49.65M (+17.7%) Shares 2,620,126 (+7.3%) Share Price $18.95 Est. Cost/Share $14.51 Unrealized @ Report Date +30.6%

TSM TaiwanSMC ADR 0.9%

Value $47.79M (+13.0%) Shares 104,753 (+18.3%) Share Price $456.19 Est. Cost/Share $194.82 Unrealized @ Report Date +134.2%

SNY Sanofi ADR 4.3%

Value $233M (-1.1%) Shares 5,652,139 (+2.3%) Share Price $41.23 Est. Cost/Share $48.19 Unrealized @ Report Date -14.4%

IXJ Ishares Global Healthcare Etf 0.0%

Value $1.047M (+16986.6%) Shares 9,833 (+15759.7%) Share Price $106.43 * Est. Cost/Share $102.17 Unrealized @ Report Date -0.1%

MCD McDonalds 0.0%

Value $1.993M (+72.0%) Shares 8,631 (+101.3%) Share Price $230.94 Est. Cost/Share $263.76 Unrealized @ Report Date -12.4%

QCOM Qualcomm Inc 0.0%

Value $1.141M (+26.5%) Shares 6,200 (+27.0%) Share Price $184.05 Est. Cost/Share $161.09 Unrealized @ Report Date +14.2%

EXI Ishares S&P Gbl Ind Etf 0.0%

Value $192K (+21687.0%) Shares 1,023 (+25475.0%) Share Price $187.20 Est. Cost/Share $197.80 Unrealized @ Report Date -4.3%

RSPF Invesco S&P 500 Equal Weight 0.0%

Value $139K (+914.9%) Shares 1,752 (+889.8%) Share Price $79.52 * Est. Cost/Share $82.11 Unrealized @ Report Date -5.7%

XSW State Street Spdr S&P Software 0.0%

Value $113K (+6233.4%) Shares 563 (+5530.0%) Share Price $200.91 * Est. Cost/Share $190.94 Unrealized @ Report Date +1.9%

JXI Ishares Global Utilites Etf 0.0%

Value $106K (+5990.4%) Shares 1,331 (+6555.0%) Share Price $79.48 * Est. Cost/Share $82.47 Unrealized @ Report Date -6.8%

AMT AmericanTwrREIT 0.0%

Value $1.717M (+4.5%) Shares 10,489 (+4.4%) Share Price $163.69 Est. Cost/Share $181.40 Unrealized @ Report Date —

TDIV First Tr Exchange Traded Fd Vi 0.0%

Value $73,535 (+832.2%) Shares 656 (+850.7%) Share Price $112.10 Est. Cost/Share $113.15 Unrealized @ Report Date -0.3%

BABA Alibaba ADR 0.0%

Value $275K (+27.1%) Shares 2,557 (+13.4%) Share Price $107.54 Est. Cost/Share $116.37 Unrealized @ Report Date -7.6%

RSPS Invesco S&P 500 Equal Weight 0.0%

Value $265K (+24.9%) Shares 8,622 (+21.7%) Share Price $30.77 * Est. Cost/Share $29.93 Unrealized @ Report Date -4.1%

WOOD Ishares Global Timber & Forest 0.0%

Value $38,691 (+199.5%) Shares 584 (+199.5%) Share Price $66.25 Est. Cost/Share $69.74 Unrealized @ Report Date -3.6%

BIDU Baidu ADR 0.0%

Value $72,792 (-21.6%) Shares 838 (+3.2%) Share Price $86.86 Est. Cost/Share $119.98 Unrealized @ Report Date -27.6%

PAC GPO Aero PacADR 0.0%

Value $183K (+6.8%) Shares 892 (+31.6%) Share Price $205.37 Est. Cost/Share $192.02 Unrealized @ Report Date +7.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ZTS	Zoetis	686,672 (+172.8%)	$47.95M (+165.1%)	0.9%	$69.83	$82.15	-15.0%	COM	98978V103
GSK	GSK PLC ADR	4,965,946 (+1.1%)	$239M (-7.1%)	4.4%	$48.17	$37.39	+28.8%	ADR	37733W204
BTI	BATS ADR	4,357,616 (+18.3%)	$237M (+4.2%)	4.4%	$54.40	$39.37	+38.2%	ADR	110448107
KT	KT Corp ADR	2,620,126 (+7.3%)	$49.65M (+17.7%)	0.9%	$18.95	$14.51	+30.6%	ADR	48268K101
TSM	TaiwanSMC ADR	104,753 (+18.3%)	$47.79M (+13.0%)	0.9%	$456.19	$194.82	+134.2%	ADR	874039100
SNY	Sanofi ADR	5,652,139 (+2.3%)	$233M (-1.1%)	4.3%	$41.23	$48.19	-14.4%	ADR	80105N105
IXJ	Ishares Global Healthcare Etf	9,833 (+15759.7%)	$1.047M (+16986.6%)	0.0%	$106.43 *	$102.17	-0.1%	COM	464287325
MCD	McDonalds	8,631 (+101.3%)	$1.993M (+72.0%)	0.0%	$230.94	$263.76	-12.4%	COM	580135101
QCOM	Qualcomm Inc	6,200 (+27.0%)	$1.141M (+26.5%)	0.0%	$184.05	$161.09	+14.2%	COM	747525103
EXI	Ishares S&P Gbl Ind Etf	1,023 (+25475.0%)	$192K (+21687.0%)	0.0%	$187.20	$197.80	-4.3%	COM	464288729
RSPF	Invesco S&P 500 Equal Weight	1,752 (+889.8%)	$139K (+914.9%)	0.0%	$79.52 *	$82.11	-5.7%	COM	46137V340
XSW	State Street Spdr S&P Software	563 (+5530.0%)	$113K (+6233.4%)	0.0%	$200.91 *	$190.94	+1.9%	COM	78464A599
JXI	Ishares Global Utilites Etf	1,331 (+6555.0%)	$106K (+5990.4%)	0.0%	$79.48 *	$82.47	-6.8%	COM	464288711
AMT	AmericanTwrREIT	10,489 (+4.4%)	$1.717M (+4.5%)	0.0%	$163.69	$181.40	—	COM	03027X100
TDIV	First Tr Exchange Traded Fd Vi	656 (+850.7%)	$73,535 (+832.2%)	0.0%	$112.10	$113.15	-0.3%	COM	33738R118
BABA	Alibaba ADR	2,557 (+13.4%)	$275K (+27.1%)	0.0%	$107.54	$116.37	-7.6%	ADR	01609W102
RSPS	Invesco S&P 500 Equal Weight	8,622 (+21.7%)	$265K (+24.9%)	0.0%	$30.77 *	$29.93	-4.1%	COM	46137V373
WOOD	Ishares Global Timber & Forest	584 (+199.5%)	$38,691 (+199.5%)	0.0%	$66.25	$69.74	-3.6%	COM	464288174
BIDU	Baidu ADR	838 (+3.2%)	$72,792 (-21.6%)	0.0%	$86.86	$119.98	-27.6%	ADR	056752108
PAC	GPO Aero PacADR	892 (+31.6%)	$183K (+6.8%)	0.0%	$205.37	$192.02	+7.0%	ADR	400506101

Exited Positions (10)

XOM z-Exxon Mobil 1.6%

Value $84.91M Shares 621,038 Share Price $136.72 * Est. Cost/Share $46.54 Unrealized @ Report Date +249.7%

CSX CSX Corp 0.0%

Value $996K Shares 20,954 Share Price $47.53 * Est. Cost/Share $33.64 Unrealized @ Report Date +38.3%

BK BONY 0.0%

Value $862K Shares 5,960 Share Price $144.61 Est. Cost/Share $75.78 Unrealized @ Report Date —

IGV Ishares N American Tech Soft 0.0%

Value $74,791 Shares 826 Share Price $90.55 * Est. Cost/Share $88.91 Unrealized @ Report Date +19.8%

NOMD Nomad Foods 0.0%

Value $41,971 Shares 3,833 Share Price $10.95 * Est. Cost/Share $15.20 Unrealized @ Report Date -32.0%

VFH Vanguard Financials Etf 0.0%

Value $14,617 Shares 111 Share Price $131.68 Est. Cost/Share $127.59 Unrealized @ Report Date +2.0%

DEM Wisdomtree Tr Emer Mkt High Fd 0.0%

Value $2,678 Shares 50 Share Price $53.56 * Est. Cost/Share $50.46 Unrealized @ Report Date +9.6%

ABEV Ambev S A Adr 0.0%

Value $2,584 Shares 823 Share Price $3.14 * Est. Cost/Share $2.31 Unrealized @ Report Date +26.5%

EEM Ishares Msci Emerging Mkts Etf 0.0%

Value $560 Shares 8 Share Price $70.00 * Est. Cost/Share $54.38 Unrealized @ Report Date +22.8%

FHLC Fidelity Msci Health Care Inde 0.0%

Value $152 Shares 2 Share Price $76.00 * Est. Cost/Share $71.83 Unrealized @ Report Date +13.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XOM	z-Exxon Mobil	621,038	$84.91M	1.6%	$136.72 *	$46.54	+249.7%	—	30231G102
CSX	CSX Corp	20,954	$996K	0.0%	$47.53 *	$33.64	+38.3%	—	126408103
BK	BONY	5,960	$862K	0.0%	$144.61	$75.78	—	—	064058100
IGV	Ishares N American Tech Soft	826	$74,791	0.0%	$90.55 *	$88.91	+19.8%	—	464287515
NOMD	Nomad Foods	3,833	$41,971	0.0%	$10.95 *	$15.20	-32.0%	—	G6564A105
VFH	Vanguard Financials Etf	111	$14,617	0.0%	$131.68	$127.59	+2.0%	—	92204A405
DEM	Wisdomtree Tr Emer Mkt High Fd	50	$2,678	0.0%	$53.56 *	$50.46	+9.6%	—	97717W315
ABEV	Ambev S A Adr	823	$2,584	0.0%	$3.14 *	$2.31	+26.5%	—	02319V103
EEM	Ishares Msci Emerging Mkts Etf	8	$560	0.0%	$70.00 *	$54.38	+22.8%	—	464287234
FHLC	Fidelity Msci Health Care Inde	2	$152	0.0%	$76.00 *	$71.83	+13.7%	—	316092600

Decreased Positions (61)

MRK Merck 1.6%

Value $84.87M (-55.2%) Shares 584,046 (-60.4%) Share Price $145.31 Est. Cost/Share $94.94 Unrealized @ Report Date +53.0%

GOOGL Alphabet CL A 1.9%

Value $101M (-47.6%) Shares 292,349 (-45.6%) Share Price $344.08 Est. Cost/Share $175.00 Unrealized @ Report Date +96.6%

TXN Texas Instrum 1.4%

Value $75.27M (-51.0%) Shares 268,741 (-47.9%) Share Price $280.09 Est. Cost/Share $170.04 Unrealized @ Report Date +64.7%

SCHW Charles Schwab 1.8%

Value $95.96M (-44.0%) Shares 981,824 (-47.2%) Share Price $97.74 Est. Cost/Share $67.55 Unrealized @ Report Date +44.7%

UNH UnitedHealth 1.5%

Value $80.06M (-48.0%) Shares 218,096 (-41.2%) Share Price $367.08 Est. Cost/Share $427.98 Unrealized @ Report Date -14.2%

DLTR Dollar Tree 1.2%

Value $66.2M (-52.2%) Shares 580,590 (-49.3%) Share Price $114.02 Est. Cost/Share $127.76 Unrealized @ Report Date -10.8%

TMO Thermo Fisher 2.0%

Value $106M (-38.8%) Shares 157,456 (-54.5%) Share Price $675.05 Est. Cost/Share $518.12 Unrealized @ Report Date +30.3%

BAC Bank Of America 1.3%

Value $70.55M (-48.7%) Shares 1,296,153 (-46.3%) Share Price $54.43 Est. Cost/Share $49.80 Unrealized @ Report Date +9.3%

PLD Prologis 1.4%

Value $73.86M (-47.3%) Shares 568,860 (-45.0%) Share Price $129.84 Est. Cost/Share $111.18 Unrealized @ Report Date —

YUMC Yum China HK 16.2%

Value $874M (-6.0%) Shares 2,707,507 (-6.9%) Share Price $322.80 * Est. Cost/Share $44.60 Unrealized @ Report Date -7.8%

CDW CDW Corp 0.9%

Value $51.05M (-51.9%) Shares 398,302 (-47.3%) Share Price $128.16 Est. Cost/Share $181.13 Unrealized @ Report Date -29.2%

EFA iShs MSCI EAFE 0.1%

Value $3.081M (-94.7%) Shares 29,654 (-94.7%) Share Price $103.89 Est. Cost/Share $90.49 Unrealized @ Report Date +14.8%

NNN NNN REIT 0.0%

Value $1.818M (-96.5%) Shares 44,250 (-96.1%) Share Price $41.09 Est. Cost/Share $42.74 Unrealized @ Report Date —

DD DuPont 1.1%

Value $56.68M (-46.4%) Shares 436,336 (-44.0%) Share Price $129.89 Est. Cost/Share $135.64 Unrealized @ Report Date —

WFC Wells Fargo 1.0%

Value $54.46M (-47.1%) Shares 680,366 (-45.4%) Share Price $80.05 Est. Cost/Share $36.76 Unrealized @ Report Date +117.7%

SYY Sysco 0.6%

Value $32.13M (-57.4%) Shares 412,184 (-54.4%) Share Price $77.96 Est. Cost/Share $73.82 Unrealized @ Report Date +5.6%

MSFT Microsoft Corp 2.8%

Value $150M (-22.0%) Shares 291,748 (-43.3%) Share Price $512.90 Est. Cost/Share $259.24 Unrealized @ Report Date +97.8%

PEP PepsiCo 0.7%

Value $36.25M (-51.0%) Shares 286,077 (-47.7%) Share Price $126.72 Est. Cost/Share $140.43 Unrealized @ Report Date -9.8%

META Meta Platforms 1.6%

Value $85.85M (-27.4%) Shares 118,378 (-43.6%) Share Price $725.18 Est. Cost/Share $275.87 Unrealized @ Report Date +162.9%

FISV Fiserv 0.5%

Value $29.6M (-49.6%) Shares 655,260 (-45.3%) Share Price $45.18 Est. Cost/Share $74.98 Unrealized @ Report Date -39.7%

VALE Vale SA ADR 2.1%

Value $111M (-20.4%) Shares 8,263,228 (-10.7%) Share Price $13.41 Est. Cost/Share $13.57 Unrealized @ Report Date -1.2%

PHG Philips ADR 3.6%

Value $193M (-12.2%) Shares 7,885,781 (-2.3%) Share Price $24.43 Est. Cost/Share $20.34 Unrealized @ Report Date +20.1%

LYG Lloyds Bank ADR 4.9%

Value $266M (-8.5%) Shares 47,314,255 (-5.3%) Share Price $5.63 Est. Cost/Share $2.47 Unrealized @ Report Date +127.9%

BP BP Plc ADR 3.2%

Value $175M (+16.0%) Shares 3,976,233 (-2.6%) Share Price $43.99 Est. Cost/Share $35.44 Unrealized @ Report Date +24.1%

PBR Petrobras ADR 3.1%

Value $168M (+16.1%) Shares 8,072,839 (-10.1%) Share Price $20.87 Est. Cost/Share $12.87 Unrealized @ Report Date +62.2%

CRM Salesforce 1.5%

Value $81.46M (-21.8%) Shares 354,837 (-46.6%) Share Price $229.57 Est. Cost/Share $241.37 Unrealized @ Report Date -4.9%

HDB HDFC Bank ADR 1.2%

Value $62.08M (-20.6%) Shares 2,778,743 (-8.2%) Share Price $22.34 Est. Cost/Share $29.94 Unrealized @ Report Date -25.4%

LHX L3Harris Tech 1.1%

Value $60.58M (-20.7%) Shares 255,870 (-2.6%) Share Price $236.78 Est. Cost/Share $225.07 Unrealized @ Report Date +5.2%

YMM Full Truck ADR 0.8%

Value $45.14M (-18.3%) Shares 5,458,222 (-19.8%) Share Price $8.27 Est. Cost/Share $11.37 Unrealized @ Report Date -27.3%

BAP Credicorp Ltd 0.5%

Value $27.14M (-23.4%) Shares 71,451 (-21.4%) Share Price $379.87 Est. Cost/Share $118.33 Unrealized @ Report Date +221.0%

SAN BSCH ADR 4.8%

Value $259M (-3.1%) Shares 18,752,657 (-3.3%) Share Price $13.83 Est. Cost/Share $4.13 Unrealized @ Report Date +234.5%

WDAY Workday 1.4%

Value $72.96M (-8.7%) Shares 383,051 (-41.3%) Share Price $190.46 Est. Cost/Share $169.93 Unrealized @ Report Date +12.1%

INFY Infosys ADR 0.9%

Value $48.42M (-5.1%) Shares 4,499,689 (-7.5%) Share Price $10.76 Est. Cost/Share $17.07 Unrealized @ Report Date -37.0%

EMR Emerson Elec 0.4%

Value $23.5M (-8.2%) Shares 151,504 (-15.3%) Share Price $155.10 Est. Cost/Share $140.76 Unrealized @ Report Date +10.2%

SHEL Shell ADR 2.3%

Value $123M (-1.6%) Shares 1,298,081 (-19.7%) Share Price $95.05 Est. Cost/Share $64.92 Unrealized @ Report Date +46.4%

PUK Prudential ADR 0.0%

Value $1.082M (-60.7%) Shares 43,732 (-57.4%) Share Price $24.74 Est. Cost/Share $28.97 Unrealized @ Report Date -14.6%

VEA Vanguard Ftse Developed Mkts E 0.0%

Value $145K (-91.2%) Shares 2,091 (-90.9%) Share Price $69.37 Est. Cost/Share $58.87 Unrealized @ Report Date +20.0%

B Barrick Mining 0.9%

Value $49.3M (+1.8%) Shares 1,212,272 (-8.1%) Share Price $40.67 Est. Cost/Share $31.75 Unrealized @ Report Date +28.1%

VEU Vanguard Intl Equity Index Fd 0.0%

Value $42,721 (-89.1%) Shares 525 (-88.7%) Share Price $81.37 Est. Cost/Share $76.65 Unrealized @ Report Date +8.2%

EOG EOG Resources 0.0%

Value $616K (-33.5%) Shares 4,471 (-37.4%) Share Price $137.76 Est. Cost/Share $110.37 Unrealized @ Report Date +24.8%

HMC Honda Motor Company Ltd Adr 0.0%

Value $560K (-34.9%) Shares 16,438 (-48.4%) Share Price $34.06 * Est. Cost/Share $31.57 Unrealized @ Report Date +0.1%

KSPI Kaspi ADR 0.6%

Value $34.13M (-0.6%) Shares 362,896 (-8.4%) Share Price $94.06 Est. Cost/Share $101.42 Unrealized @ Report Date -7.3%

NVS Novartis Ag Adr 0.0%

Value $318K (-38.0%) Shares 2,117 (-35.3%) Share Price $150.20 * Est. Cost/Share $108.05 Unrealized @ Report Date +31.9%

EWY Ishs MSCI SK 0.0%

Value $1.267M (-11.7%) Shares 6,934 (-2.5%) Share Price $182.79 Est. Cost/Share $73.11 Unrealized @ Report Date +150.0%

VWO Vanguard Ftse Emerging Markets 0.0%

Value $39,451 (-78.1%) Shares 680 (-77.4%) Share Price $58.02 * Est. Cost/Share $53.04 Unrealized @ Report Date +11.8%

ASX ASE Tech ADR 0.0%

Value $441K (-22.8%) Shares 9,929 (-21.6%) Share Price $44.46 Est. Cost/Share $11.86 Unrealized @ Report Date +274.9%

IHF Ishares Us Healthcare Prov Etf 0.0%

Value $43,620 (-73.5%) Shares 741 (-75.1%) Share Price $58.87 * Est. Cost/Share $49.46 Unrealized @ Report Date +11.0%

FMX FEMSA ADR 0.0%

Value $104K (-40.8%) Shares 874 (-36.1%) Share Price $118.54 Est. Cost/Share $95.58 Unrealized @ Report Date +24.0%

SHG Shinhan ADR 0.0%

Value $406K (+21.2%) Shares 5,230 (-1.3%) Share Price $77.67 Est. Cost/Share $38.83 Unrealized @ Report Date +100.0%

ASHR Xtrack CN-A ETF 0.0%

Value $421K (-14.2%) Shares 12,880 (-3.8%) Share Price $32.67 Est. Cost/Share $30.31 Unrealized @ Report Date +7.8%

WPP Wpp Plc Spon New Adr 0.0%

Value $6,916 (-81.0%) Shares 259 (-89.0%) Share Price $26.70 * Est. Cost/Share $46.82 Unrealized @ Report Date -47.2%

ENIC Enel Chile ADR 0.0%

Value $228K (-7.9%) Shares 53,996 (-2.0%) Share Price $4.23 Est. Cost/Share $2.10 Unrealized @ Report Date +101.5%

RXI Ishares Gbl Consumer Dis Etf 0.0%

Value $4,130 (-77.5%) Shares 21 (-77.9%) Share Price $196.67 * Est. Cost/Share $196.53 Unrealized @ Report Date -5.9%

NTES NetEase ADR 0.0%

Value $143K (-7.0%) Shares 1,178 (-1.7%) Share Price $121.18 Est. Cost/Share $124.07 Unrealized @ Report Date -2.3%

IBN ICICI Bank ADR 0.0%

Value $147K (-6.4%) Shares 5,336 (-1.3%) Share Price $27.55 Est. Cost/Share $25.64 Unrealized @ Report Date +7.4%

UAE Ishs MSCI UAE 0.0%

Value $166K (+3.8%) Shares 8,285 (-1.7%) Share Price $20.07 Est. Cost/Share $19.50 Unrealized @ Report Date +2.9%

ITUB ItauUniBanADR P 0.0%

Value $150K (+2.6%) Shares 17,562 (-1.7%) Share Price $8.53 Est. Cost/Share $5.70 Unrealized @ Report Date +49.6%

NGG National Grid Plc Spon Adr 0.0%

Value $390 (-77.7%) Shares 5 (-76.2%) Share Price $78.00 * Est. Cost/Share $85.02 Unrealized @ Report Date -10.8%

E Eni Spa Amer Dep Rcpt 0.0%

Value $13,225 (-8.5%) Shares 225 (-26.9%) Share Price $58.78 * Est. Cost/Share $39.65 Unrealized @ Report Date +37.0%

BUD Anheuser Busch Inbev Sa Spon 0.0%

Value $25,690 (-4.5%) Shares 310 (-5.2%) Share Price $82.87 * Est. Cost/Share $78.64 Unrealized @ Report Date -6.6%

IXC Ishares Global Energy Etf ⚠ 0.0%

Value $5 (-99.4%) Shares 0 (-100.0%) Share Price — Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MRK	Merck	584,046 (-60.4%)	$84.87M (-55.2%)	1.6%	$145.31	$94.94	+53.0%	COM	58933Y105
GOOGL	Alphabet CL A	292,349 (-45.6%)	$101M (-47.6%)	1.9%	$344.08	$175.00	+96.6%	COM	02079K305
TXN	Texas Instrum	268,741 (-47.9%)	$75.27M (-51.0%)	1.4%	$280.09	$170.04	+64.7%	COM	882508104
SCHW	Charles Schwab	981,824 (-47.2%)	$95.96M (-44.0%)	1.8%	$97.74	$67.55	+44.7%	COM	808513105
UNH	UnitedHealth	218,096 (-41.2%)	$80.06M (-48.0%)	1.5%	$367.08	$427.98	-14.2%	COM	91324P102
DLTR	Dollar Tree	580,590 (-49.3%)	$66.2M (-52.2%)	1.2%	$114.02	$127.76	-10.8%	COM	256746108
TMO	Thermo Fisher	157,456 (-54.5%)	$106M (-38.8%)	2.0%	$675.05	$518.12	+30.3%	COM	883556102
BAC	Bank Of America	1,296,153 (-46.3%)	$70.55M (-48.7%)	1.3%	$54.43	$49.80	+9.3%	COM	060505104
PLD	Prologis	568,860 (-45.0%)	$73.86M (-47.3%)	1.4%	$129.84	$111.18	—	COM	74340W103
YUMC	Yum China HK	2,707,507 (-6.9%)	$874M (-6.0%)	16.2%	$322.80 *	$44.60	-7.8%	COM	98850P109
CDW	CDW Corp	398,302 (-47.3%)	$51.05M (-51.9%)	0.9%	$128.16	$181.13	-29.2%	COM	12514G108
EFA	iShs MSCI EAFE	29,654 (-94.7%)	$3.081M (-94.7%)	0.1%	$103.89	$90.49	+14.8%	COM	464287465
NNN	NNN REIT	44,250 (-96.1%)	$1.818M (-96.5%)	0.0%	$41.09	$42.74	—	COM	637417106
DD	DuPont	436,336 (-44.0%)	$56.68M (-46.4%)	1.1%	$129.89	$135.64	—	COM	26614N201
WFC	Wells Fargo	680,366 (-45.4%)	$54.46M (-47.1%)	1.0%	$80.05	$36.76	+117.7%	COM	949746101
SYY	Sysco	412,184 (-54.4%)	$32.13M (-57.4%)	0.6%	$77.96	$73.82	+5.6%	COM	871829107
MSFT	Microsoft Corp	291,748 (-43.3%)	$150M (-22.0%)	2.8%	$512.90	$259.24	+97.8%	COM	594918104
PEP	PepsiCo	286,077 (-47.7%)	$36.25M (-51.0%)	0.7%	$126.72	$140.43	-9.8%	COM	713448108
META	Meta Platforms	118,378 (-43.6%)	$85.85M (-27.4%)	1.6%	$725.18	$275.87	+162.9%	COM	30303M102
FISV	Fiserv	655,260 (-45.3%)	$29.6M (-49.6%)	0.5%	$45.18	$74.98	-39.7%	COM	337738108
VALE	Vale SA ADR	8,263,228 (-10.7%)	$111M (-20.4%)	2.1%	$13.41	$13.57	-1.2%	ADR	91912E105
PHG	Philips ADR	7,885,781 (-2.3%)	$193M (-12.2%)	3.6%	$24.43	$20.34	+20.1%	ADR	500472303
LYG	Lloyds Bank ADR	47,314,255 (-5.3%)	$266M (-8.5%)	4.9%	$5.63	$2.47	+127.9%	ADR	539439109
BP	BP Plc ADR	3,976,233 (-2.6%)	$175M (+16.0%)	3.2%	$43.99	$35.44	+24.1%	ADR	055622104
PBR	Petrobras ADR	8,072,839 (-10.1%)	$168M (+16.1%)	3.1%	$20.87	$12.87	+62.2%	ADR	71654V408
CRM	Salesforce	354,837 (-46.6%)	$81.46M (-21.8%)	1.5%	$229.57	$241.37	-4.9%	COM	79466L302
HDB	HDFC Bank ADR	2,778,743 (-8.2%)	$62.08M (-20.6%)	1.2%	$22.34	$29.94	-25.4%	ADR	40415F101
LHX	L3Harris Tech	255,870 (-2.6%)	$60.58M (-20.7%)	1.1%	$236.78	$225.07	+5.2%	COM	502431109
YMM	Full Truck ADR	5,458,222 (-19.8%)	$45.14M (-18.3%)	0.8%	$8.27	$11.37	-27.3%	ADR	35969L108
BAP	Credicorp Ltd	71,451 (-21.4%)	$27.14M (-23.4%)	0.5%	$379.87	$118.33	+221.0%	COM	G2519Y108
SAN	BSCH ADR	18,752,657 (-3.3%)	$259M (-3.1%)	4.8%	$13.83	$4.13	+234.5%	ADR	05964H105
WDAY	Workday	383,051 (-41.3%)	$72.96M (-8.7%)	1.4%	$190.46	$169.93	+12.1%	COM	98138H101
INFY	Infosys ADR	4,499,689 (-7.5%)	$48.42M (-5.1%)	0.9%	$10.76	$17.07	-37.0%	ADR	456788108
EMR	Emerson Elec	151,504 (-15.3%)	$23.5M (-8.2%)	0.4%	$155.10	$140.76	+10.2%	COM	291011104
SHEL	Shell ADR	1,298,081 (-19.7%)	$123M (-1.6%)	2.3%	$95.05	$64.92	+46.4%	ADR	780259305
PUK	Prudential ADR	43,732 (-57.4%)	$1.082M (-60.7%)	0.0%	$24.74	$28.97	-14.6%	ADR	74435K204
VEA	Vanguard Ftse Developed Mkts E	2,091 (-90.9%)	$145K (-91.2%)	0.0%	$69.37	$58.87	+20.0%	COM	921943858
B	Barrick Mining	1,212,272 (-8.1%)	$49.3M (+1.8%)	0.9%	$40.67	$31.75	+28.1%	COM	06849F108
VEU	Vanguard Intl Equity Index Fd	525 (-88.7%)	$42,721 (-89.1%)	0.0%	$81.37	$76.65	+8.2%	COM	922042775
EOG	EOG Resources	4,471 (-37.4%)	$616K (-33.5%)	0.0%	$137.76	$110.37	+24.8%	COM	26875P101
HMC	Honda Motor Company Ltd Adr	16,438 (-48.4%)	$560K (-34.9%)	0.0%	$34.06 *	$31.57	+0.1%	ADR	438128308
KSPI	Kaspi ADR	362,896 (-8.4%)	$34.13M (-0.6%)	0.6%	$94.06	$101.42	-7.3%	ADR	48581R205
NVS	Novartis Ag Adr	2,117 (-35.3%)	$318K (-38.0%)	0.0%	$150.20 *	$108.05	+31.9%	ADR	66987V109
EWY	Ishs MSCI SK	6,934 (-2.5%)	$1.267M (-11.7%)	0.0%	$182.79	$73.11	+150.0%	COM	464286772
VWO	Vanguard Ftse Emerging Markets	680 (-77.4%)	$39,451 (-78.1%)	0.0%	$58.02 *	$53.04	+11.8%	COM	922042858
ASX	ASE Tech ADR	9,929 (-21.6%)	$441K (-22.8%)	0.0%	$44.46	$11.86	+274.9%	ADR	00215W100
IHF	Ishares Us Healthcare Prov Etf	741 (-75.1%)	$43,620 (-73.5%)	0.0%	$58.87 *	$49.46	+11.0%	COM	464288828
FMX	FEMSA ADR	874 (-36.1%)	$104K (-40.8%)	0.0%	$118.54	$95.58	+24.0%	ADR	344419106
SHG	Shinhan ADR	5,230 (-1.3%)	$406K (+21.2%)	0.0%	$77.67	$38.83	+100.0%	ADR	824596100
ASHR	Xtrack CN-A ETF	12,880 (-3.8%)	$421K (-14.2%)	0.0%	$32.67	$30.31	+7.8%	COM	233051879
WPP	Wpp Plc Spon New Adr	259 (-89.0%)	$6,916 (-81.0%)	0.0%	$26.70 *	$46.82	-47.2%	ADR	92937A102
ENIC	Enel Chile ADR	53,996 (-2.0%)	$228K (-7.9%)	0.0%	$4.23	$2.10	+101.5%	ADR	29278D105
RXI	Ishares Gbl Consumer Dis Etf	21 (-77.9%)	$4,130 (-77.5%)	0.0%	$196.67 *	$196.53	-5.9%	COM	464288745
NTES	NetEase ADR	1,178 (-1.7%)	$143K (-7.0%)	0.0%	$121.18	$124.07	-2.3%	ADR	64110W102
IBN	ICICI Bank ADR	5,336 (-1.3%)	$147K (-6.4%)	0.0%	$27.55	$25.64	+7.4%	ADR	45104G104
UAE	Ishs MSCI UAE	8,285 (-1.7%)	$166K (+3.8%)	0.0%	$20.07	$19.50	+2.9%	COM	46434V761
ITUB	ItauUniBanADR P	17,562 (-1.7%)	$150K (+2.6%)	0.0%	$8.53	$5.70	+49.6%	ADR	465562106
NGG	National Grid Plc Spon Adr	5 (-76.2%)	$390 (-77.7%)	0.0%	$78.00 *	$85.02	-10.8%	ADR	636274409
E	Eni Spa Amer Dep Rcpt	225 (-26.9%)	$13,225 (-8.5%)	0.0%	$58.78 *	$39.65	+37.0%	ADR	26874R108
BUD	Anheuser Busch Inbev Sa Spon	310 (-5.2%)	$25,690 (-4.5%)	0.0%	$82.87 *	$78.64	-6.6%	ADR	03524A108
IXC	Ishares Global Energy Etf ⚠	0 (-100.0%)	$5 (-99.4%)	0.0%	—	—	—	COM	464287341

Unchanged Positions (20)

SONY Sony ADR 5.5%

Value $294M Shares 12,270,191 Share Price $24.00 Est. Cost/Share $18.83 Unrealized @ Report Date +25.0%

AMZN Amazon 0.6%

Value $33.6M Shares 134,841 Share Price $249.15 Est. Cost/Share $231.24 Unrealized @ Report Date +7.7%

Q Qnity 0.1%

Value $4.7M Shares 37,378 Share Price $125.74 Est. Cost/Share $84.91 Unrealized @ Report Date +48.1%

MU Micron Tech 0.2%

Value $9.582M Shares 8,996 Share Price $1065.11 Est. Cost/Share $74.61 Unrealized @ Report Date +1327.6%

EIX Edison Intl 0.0%

Value $979K Shares 18,224 Share Price $53.73 Est. Cost/Share $59.84 Unrealized @ Report Date -10.2%

WAT Waters 0.0%

Value $2.014M Shares 4,583 Share Price $439.39 Est. Cost/Share $309.33 Unrealized @ Report Date +42.0%

ES Eversource En 0.0%

Value $1.734M Shares 27,030 Share Price $64.16 Est. Cost/Share $59.98 Unrealized @ Report Date +7.0%

SOLV Solventum Corp 0.0%

Value $1.361M Shares 15,437 Share Price $88.15 Est. Cost/Share $74.07 Unrealized @ Report Date +19.0%

LH LabCorp 0.0%

Value $1.302M Shares 4,226 Share Price $308.11 Est. Cost/Share $199.50 Unrealized @ Report Date +54.4%

KVUE Kenvue 0.0%

Value $1.34M Shares 75,868 Share Price $17.66 Est. Cost/Share $18.86 Unrealized @ Report Date -6.4%

KSA Ishs MSCI Saudi 0.0%

Value $2.025M Shares 55,756 Share Price $36.32 Est. Cost/Share $41.05 Unrealized @ Report Date -11.5%

HCA HCA Healthcare 0.0%

Value $469K Shares 1,098 Share Price $426.74 Est. Cost/Share $218.52 Unrealized @ Report Date +95.3%

DG Dollar General 0.0%

Value $490K Shares 4,095 Share Price $119.58 Est. Cost/Share $120.00 Unrealized @ Report Date -0.4%

ATHM Autohome ADR 0.0%

Value $51,276 Shares 2,413 Share Price $21.25 Est. Cost/Share $71.69 Unrealized @ Report Date -70.4%

TLK TelkomIndon ADR 0.0%

Value $91,140 Shares 7,148 Share Price $12.75 Est. Cost/Share $20.11 Unrealized @ Report Date -36.6%

IMO Imperial Oil 0.0%

Value $49,175 Shares 281 Share Price $175.00 * Est. Cost/Share $125.29 Unrealized @ Report Date -1.8%

MFC Manulife Fin 0.0%

Value $50,634 Shares 835 Share Price $60.64 * Est. Cost/Share $38.69 Unrealized @ Report Date +10.1%

LAUR Laureate Edu 0.0%

Value $33,428 Shares 876 Share Price $38.16 Est. Cost/Share $14.97 Unrealized @ Report Date +154.8%

VINP Vinci Compass 0.0%

Value $26,245 Shares 2,807 Share Price $9.35 Est. Cost/Share $11.94 Unrealized @ Report Date -21.7%

SLF Sun Life Fin 0.0%

Value $49,027 Shares 442 Share Price $110.92 * Est. Cost/Share $71.96 Unrealized @ Report Date +8.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SONY	Sony ADR	12,270,191	$294M	5.5%	$24.00	$18.83	+25.0%	ADR	835699307
AMZN	Amazon	134,841	$33.6M	0.6%	$249.15	$231.24	+7.7%	COM	023135106
Q	Qnity	37,378	$4.7M	0.1%	$125.74	$84.91	+48.1%	COM	74743L100
MU	Micron Tech	8,996	$9.582M	0.2%	$1065.11	$74.61	+1327.6%	COM	595112103
EIX	Edison Intl	18,224	$979K	0.0%	$53.73	$59.84	-10.2%	COM	281020107
WAT	Waters	4,583	$2.014M	0.0%	$439.39	$309.33	+42.0%	COM	941848103
ES	Eversource En	27,030	$1.734M	0.0%	$64.16	$59.98	+7.0%	COM	30040W108
SOLV	Solventum Corp	15,437	$1.361M	0.0%	$88.15	$74.07	+19.0%	COM	83444M101
LH	LabCorp	4,226	$1.302M	0.0%	$308.11	$199.50	+54.4%	COM	504922105
KVUE	Kenvue	75,868	$1.34M	0.0%	$17.66	$18.86	-6.4%	COM	49177J102
KSA	Ishs MSCI Saudi	55,756	$2.025M	0.0%	$36.32	$41.05	-11.5%	COM	46434V423
HCA	HCA Healthcare	1,098	$469K	0.0%	$426.74	$218.52	+95.3%	COM	40412C101
DG	Dollar General	4,095	$490K	0.0%	$119.58	$120.00	-0.4%	COM	256677105
ATHM	Autohome ADR	2,413	$51,276	0.0%	$21.25	$71.69	-70.4%	ADR	05278C107
TLK	TelkomIndon ADR	7,148	$91,140	0.0%	$12.75	$20.11	-36.6%	ADR	715684106
IMO	Imperial Oil	281	$49,175	0.0%	$175.00 *	$125.29	-1.8%	COM	453038408
MFC	Manulife Fin	835	$50,634	0.0%	$60.64 *	$38.69	+10.1%	COM	56501R106
LAUR	Laureate Edu	876	$33,428	0.0%	$38.16	$14.97	+154.8%	COM	518613203
VINP	Vinci Compass	2,807	$26,245	0.0%	$9.35	$11.94	-21.7%	COM	G9451V109
SLF	Sun Life Fin	442	$49,027	0.0%	$110.92 *	$71.96	+8.4%	COM	866796105