Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Check Point Software Tech Ltd	46,916	$6.099M	7.5%	$106.61	—	COM	m22465104
—	Yum China Holdings Inc	66,310	$4.203M	5.1%	$54.65	—	COM	98850p109
—	Vipshop Holdings Limited Spons	272,923	$4.143M	5.1%	$9.71	—	ADR	92763w103
—	Netease Inc Sp ADR	46,067	$4.074M	5.0%	$72.63	—	ADR	64110w102
—	Alibaba Group Holding Ltd Sp A	37,508	$3.833M	4.7%	$143.73	—	ADR	01609w102
—	HDFC Bank Ltd ADR Reps 3	55,390	$3.693M	4.5%	$66.67	—	ADR	40415f101
—	Credicorp Ltd	22,740	$3.011M	3.7%	$135.66	—	COM	g2519y108
SAP	Sap SE Sp ADR	21,722	$2.749M	3.4%	$83.37	—	ADR	803054204
TSM	Taiwan Semiconductor Mfg Ltd S	27,372	$2.546M	3.1%	$44.34	—	ADR	874039100
RELX	Relx PLC Sp ADR	54,266	$1.76M	2.2%	$21.59	—	ADR	759530108
—	Daqo New Energy Corp Sp ADR	37,550	$1.759M	2.2%	$53.08	—	ADR	23703q203
LVMUY	LVMH Moet Hennessy Louis Vuitt	9,000	$1.654M	2.0%	$122.19	—	ADR	502441306
—	Advantest Corp Sp ADR	17,000	$1.575M	1.9%	$92.65	—	ADR	00762u200
—	CGI Inc Cl A	16,263	$1.566M	1.9%	$70.10	—	COM	12532h104
—	UBS Group AG	70,979	$1.515M	1.9%	$14.51	—	COM	h42097107
—	Stellantis NV	76,476	$1.391M	1.7%	$15.45	—	COM	n82405106
SHECY	Shin Etsu Chem Co Ltd ADR	33,494	$1.354M	1.7%	$33.59	—	ADR	824551105
NVO	Novo-Nordisk AS ADR	8,433	$1.342M	1.6%	$66.35	—	ADR	670100205
HKHHY	Heineken Holding NV Sp ADR	29,100	$1.334M	1.6%	$38.51	—	ADR	423008101
CIG	Cia Energetica de Minas Gerais	576,457	$1.291M	1.6%	$2.37	—	ADR	204409601
—	ARCELORMITTAL SA LUXEMBOURG NY	42,334	$1.275M	1.6%	$30.17	—	COM	03938l203
BHP	BHP GROUP LTD	19,866	$1.26M	1.5%	$54.58	—	ADR	088606108
KHNGY	Kuehne & Nagel Intl AG Unspons	20,630	$1.236M	1.5%	$59.89	—	ADR	501187108
TSCDY	Tesco Plc Sp Adr	125,205	$1.225M	1.5%	$9.29	—	ADR	881575401
RY	Royal Bank of Canada Montreal	12,453	$1.19M	1.5%	$64.59	+53.4%	COM	780087102
TECK	Teck Resources Ltd Cl B	32,042	$1.17M	1.4%	$30.87	+28.6%	COM	878742204
—	Legal & Gen Group PLC Sp ADR	78,206	$1.169M	1.4%	$14.95	—	ADR	52463h103
EONGY	E On SE Sp ADR	93,575	$1.166M	1.4%	$11.59	—	ADR	268780103
—	Novartis AG Sp ADR	12,157	$1.118M	1.4%	$94.69	—	ADR	66987v109
CNQ	Canadian Natural Resources Ltd	19,739	$1.093M	1.3%	$22.25	+13.1%	COM	136385101
—	Petroleo Brasileiro SA Sp ADR	104,167	$1.086M	1.3%	$10.34	—	COM	71654v408
—	Auto Trader Group PLC Unsponso	567,800	$1.045M	1.3%	$2.06	—	ADR	05277e104
—	Vale SA ADR	64,341	$1.015M	1.2%	$16.18	—	ADR	91912e105
SGBLY	Standard Bank Group Ltd Sp ADR	104,700	$1.013M	1.2%	$11.58	—	ADR	853118206
—	Alimentation Couche-Tard Inc C	20,097	$1.009M	1.2%	$40.46	—	COM	01626p148
BMO	BANK MONTREAL QUE	11,287	$1.006M	1.2%	$83.67	+0.3%	COM	063671101
WF	Woori Financial Group Inc Sp A	37,385	$983K	1.2%	$27.53	—	ADR	981064108
TOELY	Tokyo Electron Ltd ADR	10,555	$940K	1.1%	$138.50	—	ADR	889110102
SQM	Sociedad Quimica Minera de Chi	11,379	$922K	1.1%	$79.84	—	ADR	833635105
—	Nutrien Ltd	12,323	$910K	1.1%	$83.39	—	COM	67077m108
—	Gsk PLC Sp ADR	25,382	$903K	1.1%	$30.11	—	ADR	37733w204
—	Tourmaline Oil Corp	21,079	$878K	1.1%	$49.04	—	COM	89156v106
RIO	Rio Tinto PLC Sp ADR	12,602	$864K	1.1%	$59.52	—	COM	767204100
SGIOY	Shionogi & Co Ltd Unsponsored	75,732	$852K	1.0%	$16.15	—	ADR	824667109
—	Pt Bank Central Asia Tbk Unspo	56,890	$829K	1.0%	$13.31	—	ADR	69368g105
—	Icl Group Ltd	117,865	$801K	1.0%	$8.18	—	COM	m53213100
—	A P Moller-Maersk AS Unsponsor	86,983	$785K	1.0%	$13.54	—	ADR	00202f102
—	BB Seguridade Participacoes SA	105,674	$674K	0.8%	$6.38	—	ADR	05541j103
—	Ase Industrial Holding Co Ltd	68,289	$544K	0.7%	$7.97	—	ADR	00215w100
IMO	Imperial Oil Ltd	10,033	$510K	0.6%	$46.22	0.0%	COM	453038408
—	Unilever PLC Sp ADR	9,700	$504K	0.6%	$51.93	—	ADR	904767704
IX	ORIX Corp Sp ADR	5,300	$435K	0.5%	$99.85	—	ADR	686330101
OMVKY	OMV AG Sp ADR	9,300	$428K	0.5%	$46.01	—	ADR	670875509