Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Check Point Software Tech Ltd	47,546	$5.998M	7.5%	$106.61	—	COM	m22465104
—	Vipshop Holdings Limited Spons	274,026	$3.738M	4.7%	$9.71	—	ADR	92763w103
—	Yum China Holdings Inc	66,310	$3.624M	4.6%	$54.65	—	COM	98850p109
—	Netease Inc Sp ADR	46,070	$3.346M	4.2%	$72.63	—	ADR	64110w102
INFY	Infosys Ltd Sp ADR	177,755	$3.201M	4.0%	$12.19	—	ADR	456788108
—	Credicorp Ltd	22,740	$3.085M	3.9%	$135.66	—	COM	g2519y108
—	Alibaba Group Holding Ltd Sp A	32,088	$2.827M	3.6%	$150.74	—	ADR	01609w102
SAP	Sap SE Sp ADR	22,222	$2.293M	2.9%	$83.37	—	ADR	803054204
NVO	Novo-Nordisk AS ADR	14,114	$1.91M	2.4%	$66.35	—	ADR	670100205
—	Alimentation Couche-Tard Inc C	41,897	$1.844M	2.3%	$40.46	—	COM	01626p148
TSM	Taiwan Semiconductor Mfg Ltd S	24,516	$1.826M	2.3%	$38.67	—	ADR	874039100
RELX	Relx PLC Sp ADR	57,468	$1.593M	2.0%	$21.59	—	ADR	759530108
—	CGI Inc Cl A	17,173	$1.479M	1.9%	$70.10	—	COM	12532h104
—	Daqo New Energy Corp Sp ADR	37,551	$1.45M	1.8%	$53.08	—	ADR	23703q203
—	Anglo American PLC Sp ADR	72,984	$1.431M	1.8%	$17.83	—	ADR	03485p300
LVMUY	LVMH Moet Hennessy Louis Vuitt	9,600	$1.391M	1.8%	$122.19	—	ADR	502441306
—	UBS Group AG	71,886	$1.342M	1.7%	$14.51	—	COM	h42097107
TECK	Teck Resources Ltd Cl B	34,444	$1.303M	1.6%	$30.87	+12.1%	COM	878742204
JAPAY	Japan Tobacco Inc Unsponsord A	129,500	$1.299M	1.6%	$9.95	—	ADR	471105205
BHP	BHP GROUP LTD	20,066	$1.245M	1.6%	$54.58	—	ADR	088606108
RY	Royal Bank of Canada Montreal	13,097	$1.231M	1.5%	$64.59	+46.2%	COM	780087102
HKHHY	Heineken Holding NV Sp ADR	31,200	$1.202M	1.5%	$38.51	—	ADR	423008101
TM	Toyota Motor Corp Sp ADR 2	8,765	$1.197M	1.5%	$125.47	—	ADR	892331307
CIG	Cia Energetica de Minas Gerais	584,274	$1.186M	1.5%	$2.37	—	ADR	204409601
—	ARCELORMITTAL SA LUXEMBOURG NY	45,034	$1.181M	1.5%	$30.17	—	COM	03938l203
—	Stellantis NV	81,029	$1.151M	1.4%	$15.45	—	COM	n82405106
—	Petroleo Brasileiro SA Sp ADR	105,429	$1.123M	1.4%	$10.34	—	COM	71654v408
CNQ	Canadian Natural Resources Ltd	19,937	$1.107M	1.4%	$22.25	+12.8%	COM	136385101
—	Vale SA ADR	65,117	$1.105M	1.4%	$16.18	—	ADR	91912e105
SHECY	Shin Etsu Chem Co Ltd ADR	36,008	$1.099M	1.4%	$33.59	—	ADR	824551105
BMO	BANK MONTREAL QUE	12,045	$1.091M	1.4%	$83.67	-3.2%	COM	063671101
—	Canadian Pacific Railway Ltd	14,263	$1.064M	1.3%	$110.73	—	COM	13645t100
—	A P Moller-Maersk AS Unsponsor	93,585	$1.05M	1.3%	$13.54	—	ADR	00202f102
NNGRY	NN Group NV Unsponsod ADR	51,500	$1.049M	1.3%	$19.39	—	ADR	629334103
WF	Woori Financial Group Inc Sp A	37,873	$1.043M	1.3%	$27.53	—	ADR	981064108
NTDOY	Nintendo Ltd ADR	99,698	$1.039M	1.3%	$23.08	—	ADR	654445303
SGBLY	Standard Bank Group Ltd Sp ADR	106,000	$1.039M	1.3%	$11.58	—	ADR	853118206
—	Novartis AG Sp ADR	11,447	$1.039M	1.3%	$94.85	—	ADR	66987v109
TSCDY	Tesco Plc Sp Adr	126,657	$1.024M	1.3%	$9.29	—	ADR	881575401
EONGY	E On SE Sp ADR	100,659	$996K	1.3%	$11.59	—	ADR	268780103
RIO	Rio Tinto PLC Sp ADR	13,617	$970K	1.2%	$59.52	—	COM	767204100
—	Sonic Healthcare Ltd Sp ADR	47,368	$966K	1.2%	$22.81	—	ADR	83546a203
—	Nutrien Ltd	13,140	$960K	1.2%	$83.39	—	COM	67077m108
SGIOY	Shionogi & Co Ltd Unsponsored	76,612	$948K	1.2%	$16.15	—	ADR	824667109
—	Icl Group Ltd	126,290	$923K	1.2%	$8.18	—	COM	m53213100
SQM	Sociedad Quimica Minera de Chi	11,474	$916K	1.2%	$79.84	—	ADR	833635105
—	Auto Trader Group PLC Unsponso	604,600	$907K	1.1%	$2.06	—	ADR	05277e104
—	Tourmaline Oil Corp	17,600	$889K	1.1%	$50.50	—	COM	89156v106
—	Gsk PLC Sp ADR	22,581	$793K	1.0%	$29.44	—	ADR	37733w204
TOELY	Tokyo Electron Ltd ADR	10,660	$780K	1.0%	$138.50	—	ADR	889110102
—	Pt Bank Central Asia Tbk Unspo	58,090	$776K	1.0%	$13.31	—	ADR	69368g105
—	Prosus NV Sp ADR	34,000	$467K	0.6%	$13.73	—	ADR	74365p108
IX	ORIX Corp Sp ADR	5,300	$427K	0.5%	$99.85	—	ADR	686330101
—	ENI SPA Sp ADR	8,996	$258K	0.3%	$23.79	—	COM	26874r108
—	Equinor ASA Sp ADR	6,540	$234K	0.3%	$33.09	—	ADR	29446m102