Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Check Point Software Tech Ltd	69,686	$9.288M	10.5%	$112.93	—	COM	m22465104
RDY	Dr Reddys Laboratories Ltd ADR	93,230	$6.234M	7.0%	$63.11	—	ADR	256135203
—	Netease Inc Sp ADR	45,466	$4.554M	5.1%	$72.63	—	ADR	64110w102
—	Vipshop Holdings Limited Spons	264,833	$4.24M	4.8%	$9.71	—	ADR	92763w103
—	Yum China Holdings Inc	65,410	$3.645M	4.1%	$54.65	—	COM	98850p109
—	HDFC Bank Ltd ADR Reps 3	54,716	$3.229M	3.6%	$66.67	—	ADR	40415f101
—	Alibaba Group Holding Ltd Sp A	37,008	$3.21M	3.6%	$143.73	—	ADR	01609w102
—	Credicorp Ltd	22,440	$2.872M	3.2%	$135.66	—	COM	g2519y108
—	Icon PLC	11,540	$2.842M	3.2%	$250.20	—	COM	g4705a100
TSM	Taiwan Semiconductor Mfg Ltd S	31,236	$2.714M	3.1%	$51.49	—	ADR	874039100
RELX	Relx PLC Sp ADR	50,802	$1.712M	1.9%	$21.59	—	ADR	759530108
—	UBS Group AG	66,370	$1.636M	1.8%	$14.51	—	COM	h42097107
—	CGI Inc Cl A	15,200	$1.497M	1.7%	$70.10	—	COM	12532h104
—	Petroleo Brasileiro SA Sp ADR	97,239	$1.458M	1.6%	$10.34	—	COM	71654v408
NVO	Novo-Nordisk AS ADR	15,729	$1.43M	1.6%	$78.49	—	ADR	670100205
—	Advantest Corp Sp ADR	12,350	$1.383M	1.6%	$92.65	—	ADR	00762u200
—	Stellantis NV	71,387	$1.366M	1.5%	$15.45	—	COM	n82405106
UNCRY	UniCredit SpA Unsponsord ADR	114,648	$1.364M	1.5%	$11.59	—	ADR	904678406
—	Banco Bilbao Vizcaya Argentari	166,721	$1.342M	1.5%	$7.68	—	COM	05946k101
CIG	Cia Energetica de Minas Gerais	532,814	$1.289M	1.5%	$2.37	—	ADR	204409601
LVMUY	LVMH Moet Hennessy Louis Vuitt	8,410	$1.271M	1.4%	$122.19	—	ADR	502441306
—	ENI SPA Sp ADR	38,834	$1.24M	1.4%	$28.79	—	COM	26874r108
—	3I Group Plc Unsponsord Adr	93,919	$1.208M	1.4%	$12.86	—	ADR	88579n105
ING	ING Groep NV Sp ADR	89,603	$1.181M	1.3%	$13.47	—	ADR	456837103
—	Nordea Bank Abp MTN Sp ADS	106,249	$1.175M	1.3%	$11.06	—	ADR	65558r109
KHNGY	Kuehne & Nagel Intl AG Unspons	20,630	$1.174M	1.3%	$59.89	—	ADR	501187108
ALIZY	Allianz SE Unsponsrd ADS	48,968	$1.164M	1.3%	$23.78	—	ADR	018820100
—	Novartis AG Sp ADR	11,402	$1.161M	1.3%	$94.69	—	ADR	66987v109
SHECY	Shin Etsu Chem Co Ltd ADR	78,088	$1.134M	1.3%	$23.86	—	ADR	824551105
BHP	BHP GROUP LTD	18,528	$1.054M	1.2%	$54.58	—	ADR	088606108
HKHHY	Heineken Holding NV Sp ADR	27,200	$1.03M	1.2%	$38.51	—	ADR	423008101
RY	Royal Bank of Canada Montreal	11,718	$1.025M	1.2%	$64.59	+44.0%	COM	780087102
DSGX	Descartes Systems Group Inc	13,871	$1.018M	1.2%	$77.90	-3.2%	ADR	249906108
TOELY	Tokyo Electron Ltd ADR	14,725	$1.006M	1.1%	$119.01	—	ADR	889110102
GMAB	Genmab AS Sp ADS	28,442	$1.003M	1.1%	$38.01	—	ADR	372303206
—	Legal & Gen Group PLC Sp ADR	73,113	$994K	1.1%	$14.95	—	ADR	52463h103
—	Tourmaline Oil Corp	19,419	$981K	1.1%	$49.04	—	COM	89156v106
—	Alimentation Couche-Tard Inc C	19,232	$981K	1.1%	$40.46	—	COM	01626p148
—	Auto Trader Group PLC Unsponso	528,400	$978K	1.1%	$2.06	—	ADR	05277e104
—	Unilever PLC Sp ADR	19,700	$973K	1.1%	$52.03	—	ADR	904767704
WF	Woori Financial Group Inc Sp A	34,885	$957K	1.1%	$27.53	—	ADR	981064108
SGBLY	Standard Bank Group Ltd Sp ADR	97,800	$944K	1.1%	$11.58	—	ADR	853118206
BMO	BANK MONTREAL QUE	10,538	$889K	1.0%	$83.67	-4.9%	COM	063671101
—	Gsk PLC Sp ADR	24,063	$872K	1.0%	$30.11	—	ADR	37733w204
—	Vale SA ADR	59,983	$804K	0.9%	$16.18	—	ADR	91912e105
RIO	Rio Tinto PLC Sp ADR	11,824	$752K	0.9%	$59.52	—	COM	767204100
—	A P Moller-Maersk AS Unsponsor	81,378	$729K	0.8%	$13.54	—	ADR	00202f102
—	Pt Bank Central Asia Tbk Unspo	50,600	$719K	0.8%	$13.31	—	ADR	69368g105
SQM	Sociedad Quimica Minera de Chi	10,637	$635K	0.7%	$79.84	—	ADR	833635105
IMO	Imperial Oil Ltd	10,031	$618K	0.7%	$46.22	+11.4%	COM	453038408
—	BB Seguridade Participacoes SA	93,980	$577K	0.7%	$6.38	—	ADR	05541j103
IX	ORIX Corp Sp ADR	5,300	$498K	0.6%	$99.85	—	ADR	686330101
OMVKY	OMV AG Sp ADR	9,300	$445K	0.5%	$46.01	—	ADR	670875509