Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Check Point Software Tech Ltd	66,486	$10.16M	10.9%	$112.93	—	COM	m22465104
RDY	Dr Reddys Laboratories Ltd ADR	86,330	$6.007M	6.4%	$63.11	—	ADR	256135203
—	Vipshop Holdings Limited Spons	247,223	$4.391M	4.7%	$9.71	—	ADR	92763w103
—	Netease Inc Sp ADR	41,566	$3.872M	4.1%	$72.63	—	ADR	64110w102
—	HDFC Bank Ltd ADR Reps 3	51,529	$3.458M	3.7%	$66.67	—	ADR	40415f101
—	Icon PLC	11,540	$3.267M	3.5%	$250.20	—	COM	g4705a100
—	Credicorp Ltd	20,540	$3.08M	3.3%	$135.66	—	COM	g2519y108
—	Alibaba Group Holding Ltd Sp A	33,908	$2.628M	2.8%	$143.73	—	ADR	01609w102
—	Yum China Holdings Inc	59,910	$2.542M	2.7%	$54.65	—	COM	98850p109
TSM	Taiwan Semiconductor Mfg Ltd S	22,835	$2.375M	2.5%	$51.49	—	ADR	874039100
RELX	Relx PLC Sp ADR	50,414	$1.999M	2.1%	$21.59	—	ADR	759530108
—	Advantest Corp Sp ADR	49,000	$1.654M	1.8%	$48.60	—	ADR	00762u200
—	Stellantis NV	70,677	$1.648M	1.8%	$15.45	—	COM	n82405106
—	CGI Inc Cl A	15,109	$1.62M	1.7%	$70.10	—	COM	12532h104
SHECY	Shin Etsu Chem Co Ltd ADR	77,367	$1.617M	1.7%	$23.86	—	ADR	824551105
NVO	Novo-Nordisk AS ADR	15,628	$1.617M	1.7%	$78.49	—	ADR	670100205
UNCRY	UniCredit SpA Unsponsord ADR	113,547	$1.547M	1.7%	$11.59	—	ADR	904678406
—	Petroleo Brasileiro SA Sp ADR	96,396	$1.539M	1.6%	$10.34	—	COM	71654v408
—	Banco Bilbao Vizcaya Argentari	165,218	$1.505M	1.6%	$7.68	—	COM	05946k101
—	3I Group Plc Unsponsord Adr	93,006	$1.446M	1.5%	$12.86	—	ADR	88579n105
KHNGY	Kuehne & Nagel Intl AG Unspons	20,630	$1.421M	1.5%	$59.89	—	ADR	501187108
ING	ING Groep NV Sp ADR	88,803	$1.334M	1.4%	$13.47	—	ADR	456837103
—	ENI SPA Sp ADR	38,461	$1.308M	1.4%	$28.79	—	COM	26874r108
—	Nordea Bank Abp MTN Sp ADS	105,248	$1.304M	1.4%	$11.06	—	ADR	65558r109
ALIZY	Allianz SE Unsponsrd ADS	48,468	$1.294M	1.4%	$23.78	—	ADR	018820100
—	UBS Group AG	41,759	$1.29M	1.4%	$14.51	—	COM	h42097107
BHP	BHP GROUP LTD	18,327	$1.252M	1.3%	$54.58	—	ADR	088606108
MTSUY	Mitsubishi Corp ADS	25,920	$1.244M	1.3%	$47.99	—	ADR	606769404
CIG	Cia Energetica de Minas Gerais	528,149	$1.225M	1.3%	$2.37	—	ADR	204409601
—	Legal & Gen Group PLC Sp ADR	72,411	$1.185M	1.3%	$14.95	—	ADR	52463h103
—	Auto Trader Group PLC Unsponso	523,300	$1.182M	1.3%	$2.06	—	ADR	05277e104
HSBC	HSBC Holdings PLC Sp ADR	29,143	$1.181M	1.3%	$40.54	—	ADR	404280406
RY	Royal Bank of Canada Montreal	11,630	$1.176M	1.3%	$64.59	+36.4%	COM	780087102
BP	BP PLC Sp ADR	33,151	$1.174M	1.3%	$35.40	—	COM	055622104
DSGX	Descartes Systems Group Inc	13,771	$1.158M	1.2%	$77.90	+0.1%	ADR	249906108
HKHHY	Heineken Holding NV Sp ADR	27,000	$1.148M	1.2%	$38.51	—	ADR	423008101
—	Novartis AG Sp ADR	11,314	$1.142M	1.2%	$94.69	—	ADR	66987v109
TM	Toyota Motor Corp Sp ADR 2	6,210	$1.139M	1.2%	$183.38	—	ADR	892331307
—	Alimentation Couche-Tard Inc C	19,232	$1.13M	1.2%	$40.46	—	COM	01626p148
SGBLY	Standard Bank Group Ltd Sp ADR	96,900	$1.102M	1.2%	$11.58	—	ADR	853118206
—	Equinor ASA Sp ADR	33,089	$1.047M	1.1%	$31.64	—	ADR	29446m102
WF	Woori Financial Group Inc Sp A	34,585	$1.045M	1.1%	$27.53	—	ADR	981064108
BMO	BANK MONTREAL QUE	10,441	$1.033M	1.1%	$83.67	-8.5%	COM	063671101
—	Unilever PLC Sp ADR	19,700	$955K	1.0%	$52.03	—	ADR	904767704
—	Vale SA ADR	59,400	$942K	1.0%	$16.18	—	ADR	91912e105
—	Gsk PLC Sp ADR	23,866	$884K	0.9%	$30.11	—	ADR	37733w204
RIO	Rio Tinto PLC Sp ADR	11,737	$874K	0.9%	$59.52	—	COM	767204100
—	Pt Bank Central Asia Tbk Unspo	49,800	$764K	0.8%	$13.31	—	ADR	69368g105
—	A P Moller-Maersk AS Unsponsor	80,705	$720K	0.8%	$13.54	—	ADR	00202f102
CRARY	Credit Agricole SA ADR	91,024	$643K	0.7%	$7.06	—	ADR	225313105
—	BB Seguridade Participacoes SA	92,588	$639K	0.7%	$6.38	—	ADR	05541j103
SQM	Sociedad Quimica Minera de Chi	10,543	$635K	0.7%	$79.84	—	ADR	833635105
IMO	Imperial Oil Ltd	10,029	$574K	0.6%	$46.22	+17.5%	COM	453038408
IX	ORIX Corp Sp ADR	5,300	$495K	0.5%	$99.85	—	ADR	686330101