Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	Sk Hynix Inc American Deposit	11,850	$2.182M	1.7%	$184.15	$184.15	—	ADR	78392b206
—	Veolia Environnement Sp ADR	95,850	$1.662M	1.3%	$17.34	$17.34	—	ADR	92334n103
—	Gsk PLC Sp ADR	31,556	$1.52M	1.2%	$48.17	$48.17	—	ADR	37733w204
—	Gold Fields Ltd Sp ADR	40,840	$1.475M	1.1%	$36.12	$36.12	—	ADR	38059t106
—	Anglogold Ashanti Plc Com	11,026	$1.036M	0.8%	$93.95	$93.95	—	COM	g0378l100

Increased Positions (4)

— Centrica Plc Sp Adr New 1.0%

Value $1.314M (+58.9%) Shares 166,593 (+84.4%) Share Price $7.89 Est. Cost/Share $9.91 Unrealized @ Report Date —

— Advantest Corp Sp ADR 2.5%

Value $3.249M (+14.5%) Shares 14,711 (+7.9%) Share Price $220.87 Est. Cost/Share $142.73 Unrealized @ Report Date —

— Wh Group Ltd Sp Adr 1.3%

Value $1.665M (-15.5%) Shares 98,420 (+6.2%) Share Price $16.92 Est. Cost/Share $21.44 Unrealized @ Report Date —

— ASML Holding NV NY Registry 2.6%

Value $3.364M (-0.3%) Shares 1,857 (+9.5%) Share Price $1811.52 Est. Cost/Share $1541.55 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	Centrica Plc Sp Adr New	166,593 (+84.4%)	$1.314M (+58.9%)	1.0%	$7.89	$9.91	—	ADR	15639k300
—	Advantest Corp Sp ADR	14,711 (+7.9%)	$3.249M (+14.5%)	2.5%	$220.87	$142.73	—	ADR	00762u200
—	Wh Group Ltd Sp Adr	98,420 (+6.2%)	$1.665M (-15.5%)	1.3%	$16.92	$21.44	—	ADR	92890t205
—	ASML Holding NV NY Registry	1,857 (+9.5%)	$3.364M (-0.3%)	2.6%	$1811.52	$1541.55	—	ADR	n07059210

Exited Positions (6)

— Engie SA Sp ADR 1.4%

Value $1.807M Shares 57,337 Share Price $31.52 Est. Cost/Share $14.25 Unrealized @ Report Date —

GIL Gildan Activewear Inc 1.1%

Value $1.461M Shares 28,312 Share Price $51.60 * Est. Cost/Share $35.25 Unrealized @ Report Date +20.9%

— Grupo Aeroportuario Del Surest 1.1%

Value $1.387M Shares 4,522 Share Price $306.71 Est. Cost/Share $257.64 Unrealized @ Report Date —

VLVLY Volvo Ab Unsponsord ADR 1.0%

Value $1.355M Shares 40,025 Share Price $33.86 * Est. Cost/Share $28.67 Unrealized @ Report Date +11.8%

HMY Harmony Gold Mining Co Ltd Sp 1.0%

Value $1.315M Shares 86,460 Share Price $15.21 * Est. Cost/Share $11.15 Unrealized @ Report Date +58.9%

— ENI SPA Sp ADR 0.4%

Value $572K Shares 12,212 Share Price $46.86 Est. Cost/Share $35.97 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	Engie SA Sp ADR	57,337	$1.807M	1.4%	$31.52	$14.25	—	—	29286d105
GIL	Gildan Activewear Inc	28,312	$1.461M	1.1%	$51.60 *	$35.25	+20.9%	—	375916103
—	Grupo Aeroportuario Del Surest	4,522	$1.387M	1.1%	$306.71	$257.64	—	—	40051e202
VLVLY	Volvo Ab Unsponsord ADR	40,025	$1.355M	1.0%	$33.86 *	$28.67	+11.8%	—	928854108
HMY	Harmony Gold Mining Co Ltd Sp	86,460	$1.315M	1.0%	$15.21 *	$11.15	+58.9%	—	413216300
—	ENI SPA Sp ADR	12,212	$572K	0.4%	$46.86	$35.97	—	—	26874r108

Decreased Positions (10)

TSM Taiwan Semiconductor Mfg Ltd S 8.9%

Value $11.53M (-8.8%) Shares 25,265 (-4.5%) Share Price $456.19 Est. Cost/Share $189.45 Unrealized @ Report Date +140.8%

CIG Cia Energetica de Minas Gerais 1.0%

Value $1.246M (-26.6%) Shares 593,446 (-26.6%) Share Price $2.10 Est. Cost/Share $1.91 Unrealized @ Report Date +10.1%

IX ORIX Corp Sp ADR 1.3%

Value $1.628M (-16.3%) Shares 43,180 (-15.6%) Share Price $37.71 Est. Cost/Share $20.38 Unrealized @ Report Date +85.1%

— Netease Inc Sp ADR 3.4%

Value $4.399M (-6.7%) Shares 36,311 (-1.3%) Share Price $121.16 Est. Cost/Share $81.19 Unrealized @ Report Date —

— Credicorp Ltd 5.4%

Value $7.007M (-3.9%) Shares 18,447 (-1.4%) Share Price $379.87 Est. Cost/Share $152.51 Unrealized @ Report Date —

SGBLY Standard Bank Group Ltd Sp ADR 0.4%

Value $464K (-37.7%) Shares 25,665 (-31.6%) Share Price $18.06 Est. Cost/Share $10.18 Unrealized @ Report Date +77.5%

— DBS Group Holdings Ltd Sp ADR 1.8%

Value $2.386M (+12.8%) Shares 9,825 (-5.8%) Share Price $242.88 Est. Cost/Share $117.97 Unrealized @ Report Date —

— Dnb Bank Asa Sponsored 1.0%

Value $1.35M (-11.7%) Shares 41,222 (-19.8%) Share Price $32.76 Est. Cost/Share $26.36 Unrealized @ Report Date —

— Huazhu Group Ltd Sponsored Ads 4.4%

Value $5.734M (+1.1%) Shares 133,980 (-1.4%) Share Price $42.80 Est. Cost/Share $41.72 Unrealized @ Report Date —

— Yum China Holdings Inc 3.2%

Value $4.094M (-0.8%) Shares 99,610 (-1.3%) Share Price $41.10 Est. Cost/Share $52.06 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TSM	Taiwan Semiconductor Mfg Ltd S	25,265 (-4.5%)	$11.53M (-8.8%)	8.9%	$456.19	$189.45	+140.8%	ADR	874039100
CIG	Cia Energetica de Minas Gerais	593,446 (-26.6%)	$1.246M (-26.6%)	1.0%	$2.10	$1.91	+10.1%	ADR	204409601
IX	ORIX Corp Sp ADR	43,180 (-15.6%)	$1.628M (-16.3%)	1.3%	$37.71	$20.38	+85.1%	ADR	686330101
—	Netease Inc Sp ADR	36,311 (-1.3%)	$4.399M (-6.7%)	3.4%	$121.16	$81.19	—	ADR	64110w102
—	Credicorp Ltd	18,447 (-1.4%)	$7.007M (-3.9%)	5.4%	$379.87	$152.51	—	COM	g2519y108
SGBLY	Standard Bank Group Ltd Sp ADR	25,665 (-31.6%)	$464K (-37.7%)	0.4%	$18.06	$10.18	+77.5%	ADR	853118206
—	DBS Group Holdings Ltd Sp ADR	9,825 (-5.8%)	$2.386M (+12.8%)	1.8%	$242.88	$117.97	—	ADR	23304y100
—	Dnb Bank Asa Sponsored	41,222 (-19.8%)	$1.35M (-11.7%)	1.0%	$32.76	$26.36	—	ADR	23341c103
—	Huazhu Group Ltd Sponsored Ads	133,980 (-1.4%)	$5.734M (+1.1%)	4.4%	$42.80	$41.72	—	ADR	44332n106
—	Yum China Holdings Inc	99,610 (-1.3%)	$4.094M (-0.8%)	3.2%	$41.10	$52.06	—	COM	98850p109

Unchanged Positions (36)

AEM Agnico Eagle Mines Ltd 1.8%

Value $2.309M Shares 12,599 Share Price $183.27 Est. Cost/Share $94.57 Unrealized @ Report Date +93.8%

KMTUY Komatsu Ltd Sp Adr New 1.3%

Value $1.681M Shares 35,080 Share Price $47.91 Est. Cost/Share $29.60 Unrealized @ Report Date +61.9%

FJTSY Fujitsu Ltd Unsponsored Adr 1.1%

Value $1.462M Shares 58,013 Share Price $25.20 Est. Cost/Share $26.08 Unrealized @ Report Date -3.4%

— Banco Bilbao Vizcaya Argentari 2.2%

Value $2.838M Shares 101,847 Share Price $27.87 Est. Cost/Share $10.79 Unrealized @ Report Date —

— Franklin Templeton ETF Tr Fran 3.4%

Value $4.358M Shares 130,120 Share Price $33.49 Est. Cost/Share $41.90 Unrealized @ Report Date —

— Barrick Mining Corporation 2.1%

Value $2.774M Shares 68,203 Share Price $40.67 Est. Cost/Share $24.31 Unrealized @ Report Date —

MSADY MS&AD Ins Group Holdings ADR 1.3%

Value $1.622M Shares 52,127 Share Price $31.12 Est. Cost/Share $15.21 Unrealized @ Report Date +104.5%

ABBNY Abb Ltd Sp Adr 1.4%

Value $1.784M Shares 18,838 Share Price $94.71 Est. Cost/Share $55.42 Unrealized @ Report Date +70.9%

OVCHY Oversea Chinese Bank Unsponsor 0.9%

Value $1.114M Shares 22,285 Share Price $50.01 Est. Cost/Share $23.80 Unrealized @ Report Date +110.1%

BTI British American Tobacco PLC S 1.4%

Value $1.759M Shares 32,339 Share Price $54.40 Est. Cost/Share $41.89 Unrealized @ Report Date +29.9%

— Novartis AG Sp ADR 1.7%

Value $2.227M Shares 15,618 Share Price $142.57 Est. Cost/Share $109.01 Unrealized @ Report Date —

— Sompo Holdings Inc ADR 1.8%

Value $2.29M Shares 109,216 Share Price $20.97 Est. Cost/Share $12.84 Unrealized @ Report Date —

LUGDF Lundin Gold Inc 1.3%

Value $1.635M Shares 26,720 Share Price $61.19 Est. Cost/Share $43.47 Unrealized @ Report Date +40.8%

IPSEY Ipsen Sa Sp Adr 1.3%

Value $1.621M Shares 38,700 Share Price $41.90 Est. Cost/Share $35.30 Unrealized @ Report Date +18.7%

ING ING Groep NV Sp ADR 1.1%

Value $1.482M Shares 41,753 Share Price $35.50 Est. Cost/Share $29.58 Unrealized @ Report Date +20.0%

— Companhia de Saneamento Basico 1.3%

Value $1.74M Shares 327,656 Share Price $5.31 Est. Cost/Share $9.02 Unrealized @ Report Date —

— AerCap Holdings NV 6.9%

Value $8.973M Shares 62,523 Share Price $143.52 Est. Cost/Share $144.19 Unrealized @ Report Date —

RY Royal Bank of Canada Montreal 2.0%

Value $2.563M Shares 13,040 Share Price $196.58 Est. Cost/Share $89.11 Unrealized @ Report Date +120.6%

RAIFY Raiffeisen Bank Intl Ag Adr 0.9%

Value $1.158M Shares 65,000 Share Price $17.82 Est. Cost/Share $9.70 Unrealized @ Report Date +83.7%

— QBE INS GROUP LTD 1.1%

Value $1.486M Shares 91,510 Share Price $16.24 Est. Cost/Share $12.97 Unrealized @ Report Date —

— Prosus NV Sp ADR 1.1%

Value $1.425M Shares 176,629 Share Price $8.07 Est. Cost/Share $12.67 Unrealized @ Report Date —

BVN Compania de Minas Buenaventura 1.1%

Value $1.456M Shares 46,118 Share Price $31.58 Est. Cost/Share $33.93 Unrealized @ Report Date -6.9%

GOFPY Allwyn AG 0.4%

Value $467K Shares 72,000 Share Price $6.49 Est. Cost/Share $11.48 Unrealized @ Report Date -43.4%

MKTAY Makita Corp Sp ADR 1.2%

Value $1.512M Shares 45,012 Share Price $33.60 Est. Cost/Share $30.36 Unrealized @ Report Date +10.7%

— Ageas Sp ADR Ne 1.5%

Value $1.934M Shares 23,012 Share Price $84.04 Est. Cost/Share $48.46 Unrealized @ Report Date —

— Nordea Bank Abp MTN Sp ADS 1.4%

Value $1.772M Shares 89,574 Share Price $19.78 Est. Cost/Share $11.06 Unrealized @ Report Date —

UNCRY UniCredit SpA Unsponsord ADR 1.5%

Value $1.975M Shares 42,437 Share Price $46.54 Est. Cost/Share $10.28 Unrealized @ Report Date +352.9%

AXAHY AXA SA Sp ADR 1.2%

Value $1.535M Shares 32,075 Share Price $47.86 Est. Cost/Share $35.73 Unrealized @ Report Date +34.0%

TD Toronto Dominion Bank Ont 1.8%

Value $2.265M Shares 19,268 Share Price $117.53 Est. Cost/Share $79.57 Unrealized @ Report Date +47.7%

IDEXY Industrial De Diseno Textil In 1.3%

Value $1.624M Shares 107,174 Share Price $15.15 Est. Cost/Share $15.35 Unrealized @ Report Date -1.3%

KGC Kinross Gold Corp 1.1%

Value $1.404M Shares 58,297 Share Price $24.08 Est. Cost/Share $29.39 Unrealized @ Report Date -18.1%

TSCDY Tesco Plc Sp Adr 1.3%

Value $1.653M Shares 88,757 Share Price $18.62 Est. Cost/Share $15.11 Unrealized @ Report Date +23.3%

— Assicurazioni Generali Spa Uns 1.1%

Value $1.411M Shares 58,655 Share Price $24.05 Est. Cost/Share $12.64 Unrealized @ Report Date —

CRARY Credit Agricole SA ADR 1.2%

Value $1.526M Shares 154,451 Share Price $9.88 Est. Cost/Share $6.68 Unrealized @ Report Date +47.9%

UL Unilever PLC Sp ADR 1.0%

Value $1.288M Shares 21,206 Share Price $60.73 Est. Cost/Share $67.26 Unrealized @ Report Date -9.7%

ALIZY Allianz SE Unsponsrd ADS 1.5%

Value $1.936M Shares 41,214 Share Price $46.98 Est. Cost/Share $23.86 Unrealized @ Report Date +96.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AEM	Agnico Eagle Mines Ltd	12,599	$2.309M	1.8%	$183.27	$94.57	+93.8%	COM	008474108
KMTUY	Komatsu Ltd Sp Adr New	35,080	$1.681M	1.3%	$47.91	$29.60	+61.9%	ADR	500458401
FJTSY	Fujitsu Ltd Unsponsored Adr	58,013	$1.462M	1.1%	$25.20	$26.08	-3.4%	ADR	359590304
—	Banco Bilbao Vizcaya Argentari	101,847	$2.838M	2.2%	$27.87	$10.79	—	COM	05946k101
—	Franklin Templeton ETF Tr Fran	130,120	$4.358M	3.4%	$33.49	$41.90	—	ETF	35473p769
—	Barrick Mining Corporation	68,203	$2.774M	2.1%	$40.67	$24.31	—	COM	06849f108
MSADY	MS&AD Ins Group Holdings ADR	52,127	$1.622M	1.3%	$31.12	$15.21	+104.5%	ADR	553491101
ABBNY	Abb Ltd Sp Adr	18,838	$1.784M	1.4%	$94.71	$55.42	+70.9%	ADR	000375204
OVCHY	Oversea Chinese Bank Unsponsor	22,285	$1.114M	0.9%	$50.01	$23.80	+110.1%	ADR	690333109
BTI	British American Tobacco PLC S	32,339	$1.759M	1.4%	$54.40	$41.89	+29.9%	ADR	110448107
—	Novartis AG Sp ADR	15,618	$2.227M	1.7%	$142.57	$109.01	—	ADR	66987v109
—	Sompo Holdings Inc ADR	109,216	$2.29M	1.8%	$20.97	$12.84	—	ADR	83540j101
LUGDF	Lundin Gold Inc	26,720	$1.635M	1.3%	$61.19	$43.47	+40.8%	COM	550371108
IPSEY	Ipsen Sa Sp Adr	38,700	$1.621M	1.3%	$41.90	$35.30	+18.7%	ADR	462629205
ING	ING Groep NV Sp ADR	41,753	$1.482M	1.1%	$35.50	$29.58	+20.0%	ADR	456837103
—	Companhia de Saneamento Basico	327,656	$1.74M	1.3%	$5.31	$9.02	—	ADR	20441a102
—	AerCap Holdings NV	62,523	$8.973M	6.9%	$143.52	$144.19	—	COM	n00985106
RY	Royal Bank of Canada Montreal	13,040	$2.563M	2.0%	$196.58	$89.11	+120.6%	COM	780087102
RAIFY	Raiffeisen Bank Intl Ag Adr	65,000	$1.158M	0.9%	$17.82	$9.70	+83.7%	ADR	750732109
—	QBE INS GROUP LTD	91,510	$1.486M	1.1%	$16.24	$12.97	—	ADR	74728g605
—	Prosus NV Sp ADR	176,629	$1.425M	1.1%	$8.07	$12.67	—	ADR	74365p108
BVN	Compania de Minas Buenaventura	46,118	$1.456M	1.1%	$31.58	$33.93	-6.9%	COM	204448104
GOFPY	Allwyn AG	72,000	$467K	0.4%	$6.49	$11.48	-43.4%	ADR	392483103
MKTAY	Makita Corp Sp ADR	45,012	$1.512M	1.2%	$33.60	$30.36	+10.7%	ADR	560877300
—	Ageas Sp ADR Ne	23,012	$1.934M	1.5%	$84.04	$48.46	—	ADR	00844w208
—	Nordea Bank Abp MTN Sp ADS	89,574	$1.772M	1.4%	$19.78	$11.06	—	ADR	65558r109
UNCRY	UniCredit SpA Unsponsord ADR	42,437	$1.975M	1.5%	$46.54	$10.28	+352.9%	ADR	904678406
AXAHY	AXA SA Sp ADR	32,075	$1.535M	1.2%	$47.86	$35.73	+34.0%	ADR	054536107
TD	Toronto Dominion Bank Ont	19,268	$2.265M	1.8%	$117.53	$79.57	+47.7%	COM	891160509
IDEXY	Industrial De Diseno Textil In	107,174	$1.624M	1.3%	$15.15	$15.35	-1.3%	ADR	455793109
KGC	Kinross Gold Corp	58,297	$1.404M	1.1%	$24.08	$29.39	-18.1%	COM	496902404
TSCDY	Tesco Plc Sp Adr	88,757	$1.653M	1.3%	$18.62	$15.11	+23.3%	ADR	881575401
—	Assicurazioni Generali Spa Uns	58,655	$1.411M	1.1%	$24.05	$12.64	—	ADR	04545k109
CRARY	Credit Agricole SA ADR	154,451	$1.526M	1.2%	$9.88	$6.68	+47.9%	ADR	225313105
UL	Unilever PLC Sp ADR	21,206	$1.288M	1.0%	$60.73	$67.26	-9.7%	ADR	904767803
ALIZY	Allianz SE Unsponsrd ADS	41,214	$1.936M	1.5%	$46.98	$23.86	+96.9%	ADR	018820100