Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Check Point Software Tech Ltd	70,286	$8.829M	9.3%	$112.93	—	COM	m22465104
RDY	Dr Reddys Laboratories Ltd ADR	94,530	$5.966M	6.3%	$63.11	—	ADR	256135203
—	Netease Inc Sp ADR	46,066	$4.454M	4.7%	$72.63	—	ADR	64110w102
—	Vipshop Holdings Limited Spons	268,516	$4.431M	4.7%	$9.71	—	ADR	92763w103
—	HDFC Bank Ltd ADR Reps 3	55,390	$3.861M	4.1%	$66.67	—	ADR	40415f101
—	Yum China Holdings Inc	66,310	$3.747M	4.0%	$54.65	—	COM	98850p109
—	Credicorp Ltd	22,740	$3.357M	3.5%	$135.66	—	COM	g2519y108
TSM	Taiwan Semiconductor Mfg Ltd S	31,332	$3.162M	3.3%	$51.49	—	ADR	874039100
—	Alibaba Group Holding Ltd Sp A	37,508	$3.126M	3.3%	$143.73	—	ADR	01609w102
—	Icon PLC	11,540	$2.887M	3.0%	$250.20	—	COM	g4705a100
SAP	Sap SE Sp ADR	20,622	$2.821M	3.0%	$83.37	—	ADR	803054204
RELX	Relx PLC Sp ADR	51,401	$1.718M	1.8%	$21.59	—	ADR	759530108
—	Advantest Corp Sp ADR	12,550	$1.687M	1.8%	$92.65	—	ADR	00762u200
—	CGI Inc Cl A	15,390	$1.623M	1.7%	$70.10	—	COM	12532h104
LVMUY	LVMH Moet Hennessy Louis Vuitt	8,509	$1.607M	1.7%	$122.19	—	ADR	502441306
CIG	Cia Energetica de Minas Gerais	540,417	$1.421M	1.5%	$2.37	—	ADR	204409601
—	UBS Group AG	67,179	$1.362M	1.4%	$14.51	—	COM	h42097107
—	Petroleo Brasileiro SA Sp ADR	98,427	$1.361M	1.4%	$10.34	—	COM	71654v408
UNCRY	UniCredit SpA Unsponsord ADR	116,055	$1.345M	1.4%	$11.59	—	ADR	904678406
SHECY	Shin Etsu Chem Co Ltd ADR	79,082	$1.321M	1.4%	$23.86	—	ADR	824551105
—	Banco Bilbao Vizcaya Argentari	168,828	$1.297M	1.4%	$7.68	—	COM	05946k101
NVO	Novo-Nordisk AS ADR	7,966	$1.289M	1.4%	$66.35	—	ADR	670100205
TECK	Teck Resources Ltd Cl B	30,338	$1.277M	1.3%	$30.87	+39.2%	COM	878742204
—	Stellantis NV	72,307	$1.268M	1.3%	$15.45	—	COM	n82405106
KHNGY	Kuehne & Nagel Intl AG Unspons	20,631	$1.22M	1.3%	$59.89	—	ADR	501187108
ING	ING Groep NV Sp ADR	90,506	$1.219M	1.3%	$13.47	—	ADR	456837103
HKHHY	Heineken Holding NV Sp ADR	27,500	$1.195M	1.3%	$38.51	—	ADR	423008101
—	Novartis AG Sp ADR	11,494	$1.16M	1.2%	$94.69	—	ADR	66987v109
—	ENI SPA Sp ADR	39,335	$1.132M	1.2%	$28.79	—	COM	26874r108
RY	Royal Bank of Canada Montreal	11,799	$1.127M	1.2%	$64.59	+47.8%	COM	780087102
DSGX	Descartes Systems Group Inc	13,970	$1.119M	1.2%	$77.90	0.0%	ADR	249906108
BHP	BHP GROUP LTD	18,726	$1.117M	1.2%	$54.58	—	ADR	088606108
—	ARCELORMITTAL SA LUXEMBOURG NY	39,959	$1.092M	1.2%	$30.17	—	COM	03938l203
GMAB	Genmab AS Sp ADS	28,741	$1.092M	1.2%	$38.01	—	ADR	372303206
—	Legal & Gen Group PLC Sp ADR	74,009	$1.086M	1.1%	$14.95	—	ADR	52463h103
TOELY	Tokyo Electron Ltd ADR	14,925	$1.074M	1.1%	$119.01	—	ADR	889110102
CNQ	Canadian Natural Resources Ltd	18,630	$1.048M	1.1%	$22.25	+15.5%	COM	136385101
—	Unilever PLC Sp ADR	19,700	$1.027M	1.1%	$52.03	—	ADR	904767704
—	Auto Trader Group PLC Unsponso	535,400	$1.017M	1.1%	$2.06	—	ADR	05277e104
—	Alimentation Couche-Tard Inc C	19,232	$987K	1.0%	$40.46	—	COM	01626p148
BMO	BANK MONTREAL QUE	10,637	$961K	1.0%	$83.67	-5.5%	COM	063671101
WF	Woori Financial Group Inc Sp A	35,285	$951K	1.0%	$27.53	—	ADR	981064108
SGBLY	Standard Bank Group Ltd Sp ADR	99,000	$945K	1.0%	$11.58	—	ADR	853118206
—	Tourmaline Oil Corp	19,719	$930K	1.0%	$49.04	—	COM	89156v106
—	Gsk PLC Sp ADR	24,265	$865K	0.9%	$30.11	—	ADR	37733w204
—	Vale SA ADR	60,661	$814K	0.9%	$16.18	—	ADR	91912e105
—	Pt Bank Central Asia Tbk Unspo	51,700	$804K	0.8%	$13.31	—	ADR	69368g105
SQM	Sociedad Quimica Minera de Chi	10,732	$779K	0.8%	$79.84	—	ADR	833635105
RIO	Rio Tinto PLC Sp ADR	11,906	$760K	0.8%	$59.52	—	COM	767204100
SGIOY	Shionogi & Co Ltd Unsponsored	71,538	$750K	0.8%	$16.15	—	ADR	824667109
—	A P Moller-Maersk AS Unsponsor	82,395	$721K	0.8%	$13.54	—	ADR	00202f102
—	BB Seguridade Participacoes SA	96,080	$618K	0.7%	$6.38	—	ADR	05541j103
—	Ase Industrial Holding Co Ltd	68,276	$532K	0.6%	$7.97	—	ADR	00215w100
IMO	Imperial Oil Ltd	10,034	$513K	0.5%	$46.22	+0.3%	COM	453038408
IX	ORIX Corp Sp ADR	5,300	$483K	0.5%	$99.85	—	ADR	686330101
OMVKY	OMV AG Sp ADR	9,300	$393K	0.4%	$46.01	—	ADR	670875509