Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Huazhu Group Ltd Sponsored Ads	135,910	$5.67M	4.3%	$41.72	—	ADR	44332n106
IDEXY	Industrial De Diseno Textil In	107,032	$1.688M	1.3%	$15.77	—	ADR	455793109
KGC	Kinross Gold Corp	58,295	$1.377M	1.1%	$23.62	—	COM	496902404
BVN	Compania de Minas Buenaventura	46,082	$1.35M	1.0%	$29.29	—	COM	204448104
ING	ING Groep NV Sp ADR	41,776	$1.311M	1.0%	$31.38	—	ADR	456837103

Increased Positions (7)

TSM Taiwan Semiconductor Mfg Ltd S 9.7%

Value $12.64M (+93.9%) Shares 26,463 (+37.2%) Est. Cost $216.61 Unrealized —

— AerCap Holdings NV 7.0%

Value $9.114M (+59.2%) Shares 62,518 (+49.8%) Est. Cost $144.19 Unrealized —

— ASML Holding NV NY Registry 2.6%

Value $3.374M (+112.7%) Shares 1,696 (+41.2%) Est. Cost $1515.92 Unrealized —

— Advantest Corp Sp ADR 2.2%

Value $2.837M (+75.2%) Shares 13,637 (+14.3%) Est. Cost $136.58 Unrealized —

— Netease Inc Sp ADR 3.6%

Value $4.716M (+15.8%) Shares 36,800 (+1.2%) Est. Cost $81.19 Unrealized —

— Barrick Mining Corporation 1.9%

Value $2.505M (-8.0%) Shares 68,202 (+2.2%) Est. Cost $24.31 Unrealized —

— Companhia de Saneamento Basico 1.4%

Value $1.893M (-5.3%) Shares 327,423 (+399.9%) Est. Cost $9.02 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	Taiwan Semiconductor Mfg Ltd S	26,463 (+37.2%)	$12.64M (+93.9%)	9.7%	$216.61	—	ADR	874039100
—	AerCap Holdings NV	62,518 (+49.8%)	$9.114M (+59.2%)	7.0%	$144.19	—	COM	n00985106
—	ASML Holding NV NY Registry	1,696 (+41.2%)	$3.374M (+112.7%)	2.6%	$1515.92	—	ADR	n07059210
—	Advantest Corp Sp ADR	13,637 (+14.3%)	$2.837M (+75.2%)	2.2%	$136.58	—	ADR	00762u200
—	Netease Inc Sp ADR	36,800 (+1.2%)	$4.716M (+15.8%)	3.6%	$81.19	—	ADR	64110w102
—	Barrick Mining Corporation	68,202 (+2.2%)	$2.505M (-8.0%)	1.9%	$24.31	—	COM	06849f108
—	Companhia de Saneamento Basico	327,423 (+399.9%)	$1.893M (-5.3%)	1.4%	$9.02	—	ADR	20441a102

Exited Positions (4)

WF Woori Financial Group Inc Sp A 1.4%

Value $1.833M Shares 27,530 Est. Cost $27.53 Unrealized —

— Check Point Software Tech Ltd 1.4%

Value $1.79M Shares 12,533 Est. Cost $114.92 Unrealized —

— Kunlun Energy Company Ltd Unsp 1.1%

Value $1.434M Shares 126,104 Est. Cost $10.07 Unrealized —

— 3I Group Plc Unsponsord Adr 0.9%

Value $1.191M Shares 147,169 Est. Cost $8.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WF	Woori Financial Group Inc Sp A	27,530	$1.833M	1.4%	$27.53	—	—	981064108
—	Check Point Software Tech Ltd	12,533	$1.79M	1.4%	$114.92	—	—	m22465104
—	Kunlun Energy Company Ltd Unsp	126,104	$1.434M	1.1%	$10.07	—	—	50126a101
—	3I Group Plc Unsponsord Adr	147,169	$1.191M	0.9%	$8.09	—	—	88579n105

Decreased Positions (9)

— ENI SPA Sp ADR 0.4%

Value $572K (-81.5%) Shares 12,212 (-77.6%) Est. Cost $35.97 Unrealized —

— Sompo Holdings Inc ADR 1.6%

Value $2.089M (-23.0%) Shares 109,247 (-21.5%) Est. Cost $12.84 Unrealized —

KMTUY Komatsu Ltd Sp Adr New 1.0%

Value $1.368M (-23.8%) Shares 35,063 (-23.4%) Est. Cost $33.00 Unrealized —

— Engie SA Sp ADR 1.4%

Value $1.807M (-18.9%) Shares 57,337 (-15.5%) Est. Cost $14.25 Unrealized —

VLVLY Volvo Ab Unsponsord ADR 1.0%

Value $1.355M (-23.4%) Shares 40,025 (-26.0%) Est. Cost $30.09 Unrealized —

GIL Gildan Activewear Inc 1.1%

Value $1.461M (-15.9%) Shares 28,312 (-9.3%) Est. Cost $35.25 Unrealized —

ABBNY Abb Ltd Sp Adr 1.6%

Value $2.047M (+12.4%) Shares 18,835 (-16.8%) Est. Cost $52.14 Unrealized —

— Assicurazioni Generali Spa Uns 1.1%

Value $1.428M (-6.4%) Shares 58,651 (-22.5%) Est. Cost $12.64 Unrealized —

— Novartis AG Sp ADR 1.9%

Value $2.446M (+1.2%) Shares 15,609 (-1.4%) Est. Cost $109.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ENI SPA Sp ADR	12,212 (-77.6%)	$572K (-81.5%)	0.4%	$35.97	—	COM	26874r108
—	Sompo Holdings Inc ADR	109,247 (-21.5%)	$2.089M (-23.0%)	1.6%	$12.84	—	ADR	83540j101
KMTUY	Komatsu Ltd Sp Adr New	35,063 (-23.4%)	$1.368M (-23.8%)	1.0%	$33.00	—	ADR	500458401
—	Engie SA Sp ADR	57,337 (-15.5%)	$1.807M (-18.9%)	1.4%	$14.25	—	ADR	29286d105
VLVLY	Volvo Ab Unsponsord ADR	40,025 (-26.0%)	$1.355M (-23.4%)	1.0%	$30.09	—	ADR	928854108
GIL	Gildan Activewear Inc	28,312 (-9.3%)	$1.461M (-15.9%)	1.1%	$35.25	—	COM	375916103
ABBNY	Abb Ltd Sp Adr	18,835 (-16.8%)	$2.047M (+12.4%)	1.6%	$52.14	—	ADR	000375204
—	Assicurazioni Generali Spa Uns	58,651 (-22.5%)	$1.428M (-6.4%)	1.1%	$12.64	—	ADR	04545k109
—	Novartis AG Sp ADR	15,609 (-1.4%)	$2.446M (+1.2%)	1.9%	$109.01	—	ADR	66987v109

Unchanged Positions (35)

— Credicorp Ltd 5.6%

Value $7.289M Shares 18,710 Est. Cost $152.51 Unrealized —

— Yum China Holdings Inc 3.2%

Value $4.126M Shares 100,960 Est. Cost $52.06 Unrealized —

AEM Agnico Eagle Mines Ltd 1.5%

Value $1.954M Shares 12,599 Est. Cost $94.57 Unrealized —

LUGDF Lundin Gold Inc 1.1%

Value $1.443M Shares 26,729 Est. Cost $43.47 Unrealized —

RY Royal Bank of Canada Montreal 2.1%

Value $2.699M Shares 13,041 Est. Cost $89.74 Unrealized —

TD Toronto Dominion Bank Ont 1.8%

Value $2.339M Shares 19,265 Est. Cost $79.57 Unrealized —

— Wh Group Ltd Sp Adr 1.5%

Value $1.971M Shares 92,650 Est. Cost $21.72 Unrealized —

IX ORIX Corp Sp ADR 1.5%

Value $1.946M Shares 51,144 Est. Cost $37.98 Unrealized —

UNCRY UniCredit SpA Unsponsord ADR 1.5%

Value $1.898M Shares 42,441 Est. Cost $11.59 Unrealized —

— Banco Bilbao Vizcaya Argentari 2.0%

Value $2.553M Shares 101,890 Est. Cost $10.79 Unrealized —

RAIFY Raiffeisen Bank Intl Ag Adr 0.8%

Value $1.033M Shares 65,099 Est. Cost $11.22 Unrealized —

— Franklin Templeton ETF Tr Fran 3.5%

Value $4.628M Shares 130,120 Est. Cost $41.90 Unrealized —

— QBE INS GROUP LTD 1.2%

Value $1.601M Shares 91,497 Est. Cost $12.97 Unrealized —

— DBS Group Holdings Ltd Sp ADR 1.6%

Value $2.116M Shares 10,427 Est. Cost $117.97 Unrealized —

CIG Cia Energetica de Minas Gerais 1.3%

Value $1.697M Shares 808,007 Est. Cost $2.28 Unrealized —

— Centrica Plc Sp Adr New 0.6%

Value $827K Shares 90,329 Est. Cost $11.62 Unrealized —

ALIZY Allianz SE Unsponsrd ADS 1.5%

Value $1.942M Shares 41,216 Est. Cost $23.78 Unrealized —

— Ageas Sp ADR Ne 1.4%

Value $1.851M Shares 23,011 Est. Cost $48.46 Unrealized —

— Nordea Bank Abp MTN Sp ADS 1.3%

Value $1.693M Shares 89,574 Est. Cost $11.06 Unrealized —

MKTAY Makita Corp Sp ADR 1.2%

Value $1.615M Shares 45,002 Est. Cost $30.35 Unrealized —

AXAHY AXA SA Sp ADR 1.2%

Value $1.612M Shares 32,076 Est. Cost $38.15 Unrealized —

— Grupo Aeroportuario Del Surest 1.1%

Value $1.387M Shares 4,522 Est. Cost $257.64 Unrealized —

CRARY Credit Agricole SA ADR 1.2%

Value $1.54M Shares 154,438 Est. Cost $7.24 Unrealized —

BTI British American Tobacco PLC S 1.5%

Value $1.996M Shares 32,322 Est. Cost $44.46 Unrealized —

OVCHY Oversea Chinese Bank Unsponsor 0.7%

Value $857K Shares 22,298 Est. Cost $24.52 Unrealized —

— Prosus NV Sp ADR 1.2%

Value $1.534M Shares 176,339 Est. Cost $12.67 Unrealized —

— Dnb Bank Asa Sponsored 1.2%

Value $1.53M Shares 51,397 Est. Cost $26.36 Unrealized —

UL Unilever PLC Sp ADR 1.0%

Value $1.275M Shares 21,207 Est. Cost $65.40 Unrealized —

SGBLY Standard Bank Group Ltd Sp ADR 0.6%

Value $744K Shares 37,516 Est. Cost $11.58 Unrealized —

TSCDY Tesco Plc Sp Adr 1.2%

Value $1.627M Shares 88,537 Est. Cost $16.74 Unrealized —

FJTSY Fujitsu Ltd Unsponsored Adr 0.9%

Value $1.153M Shares 58,025 Est. Cost $27.26 Unrealized —

GOFPY Allwyn AG 0.4%

Value $574K Shares 72,380 Est. Cost $11.90 Unrealized —

HMY Harmony Gold Mining Co Ltd Sp 1.0%

Value $1.315M Shares 86,460 Est. Cost $14.77 Unrealized —

IPSEY Ipsen Sa Sp Adr 1.4%

Value $1.802M Shares 38,753 Est. Cost $36.36 Unrealized —

MSADY MS&AD Ins Group Holdings ADR 1.0%

Value $1.358M Shares 52,137 Est. Cost $26.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Credicorp Ltd	18,710	$7.289M	5.6%	$152.51	—	COM	g2519y108
—	Yum China Holdings Inc	100,960	$4.126M	3.2%	$52.06	—	COM	98850p109
AEM	Agnico Eagle Mines Ltd	12,599	$1.954M	1.5%	$94.57	—	COM	008474108
LUGDF	Lundin Gold Inc	26,729	$1.443M	1.1%	$43.47	—	COM	550371108
RY	Royal Bank of Canada Montreal	13,041	$2.699M	2.1%	$89.74	—	COM	780087102
TD	Toronto Dominion Bank Ont	19,265	$2.339M	1.8%	$79.57	—	COM	891160509
—	Wh Group Ltd Sp Adr	92,650	$1.971M	1.5%	$21.72	—	ADR	92890t205
IX	ORIX Corp Sp ADR	51,144	$1.946M	1.5%	$37.98	—	ADR	686330101
UNCRY	UniCredit SpA Unsponsord ADR	42,441	$1.898M	1.5%	$11.59	—	ADR	904678406
—	Banco Bilbao Vizcaya Argentari	101,890	$2.553M	2.0%	$10.79	—	COM	05946k101
RAIFY	Raiffeisen Bank Intl Ag Adr	65,099	$1.033M	0.8%	$11.22	—	ADR	750732109
—	Franklin Templeton ETF Tr Fran	130,120	$4.628M	3.5%	$41.90	—	ETF	35473p769
—	QBE INS GROUP LTD	91,497	$1.601M	1.2%	$12.97	—	ADR	74728g605
—	DBS Group Holdings Ltd Sp ADR	10,427	$2.116M	1.6%	$117.97	—	ADR	23304y100
CIG	Cia Energetica de Minas Gerais	808,007	$1.697M	1.3%	$2.28	—	ADR	204409601
—	Centrica Plc Sp Adr New	90,329	$827K	0.6%	$11.62	—	ADR	15639k300
ALIZY	Allianz SE Unsponsrd ADS	41,216	$1.942M	1.5%	$23.78	—	ADR	018820100
—	Ageas Sp ADR Ne	23,011	$1.851M	1.4%	$48.46	—	ADR	00844w208
—	Nordea Bank Abp MTN Sp ADS	89,574	$1.693M	1.3%	$11.06	—	ADR	65558r109
MKTAY	Makita Corp Sp ADR	45,002	$1.615M	1.2%	$30.35	—	ADR	560877300
AXAHY	AXA SA Sp ADR	32,076	$1.612M	1.2%	$38.15	—	ADR	054536107
—	Grupo Aeroportuario Del Surest	4,522	$1.387M	1.1%	$257.64	—	ADR	40051e202
CRARY	Credit Agricole SA ADR	154,438	$1.54M	1.2%	$7.24	—	ADR	225313105
BTI	British American Tobacco PLC S	32,322	$1.996M	1.5%	$44.46	—	ADR	110448107
OVCHY	Oversea Chinese Bank Unsponsor	22,298	$857K	0.7%	$24.52	—	ADR	690333109
—	Prosus NV Sp ADR	176,339	$1.534M	1.2%	$12.67	—	ADR	74365p108
—	Dnb Bank Asa Sponsored	51,397	$1.53M	1.2%	$26.36	—	ADR	23341c103
UL	Unilever PLC Sp ADR	21,207	$1.275M	1.0%	$65.40	—	ADR	904767803
SGBLY	Standard Bank Group Ltd Sp ADR	37,516	$744K	0.6%	$11.58	—	ADR	853118206
TSCDY	Tesco Plc Sp Adr	88,537	$1.627M	1.2%	$16.74	—	ADR	881575401
FJTSY	Fujitsu Ltd Unsponsored Adr	58,025	$1.153M	0.9%	$27.26	—	ADR	359590304
GOFPY	Allwyn AG	72,380	$574K	0.4%	$11.90	—	ADR	392483103
HMY	Harmony Gold Mining Co Ltd Sp	86,460	$1.315M	1.0%	$14.77	—	ADR	413216300
IPSEY	Ipsen Sa Sp Adr	38,753	$1.802M	1.4%	$36.36	—	ADR	462629205
MSADY	MS&AD Ins Group Holdings ADR	52,137	$1.358M	1.0%	$26.05	—	ADR	553491101