Ativo Capital Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AerCap Holdings NV	39,447	$5,671	5.0%	$143.76	—	COM	n00985106
—	Kanzhun Limited Sp Ads	114,420	$2,332	2.0%	$20.38	—	ADR	48553t106
FJTSY	Fujitsu Ltd Unsponsored Adr	57,989	$1,581	1.4%	$27.26	—	ADR	359590304
—	Advantest Corp Sp ADR	11,900	$1,503	1.3%	$126.32	—	ADR	00762u200
IPSEY	Ipsen Sa Sp Adr	38,765	$1,409	1.2%	$36.36	—	ADR	462629205
UL	Unilever PLC Sp ADR	21,198	$1,386	1.2%	$65.40	—	ADR	904767803
MKTAY	Makita Corp Sp ADR	45,017	$1,366	1.2%	$30.35	—	ADR	560877300
RAIFY	Raiffeisen Bank Intl Ag Adr	65,000	$729	0.6%	$11.22	—	ADR	750732109

Increased Positions (1)

TD Toronto Dominion Bank Ont 1.6%

Value ($000) $1,816 (+126.8%) Shares 19,279 (+92.5%) Est. Cost $79.57 Unrealized +6.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TD	Toronto Dominion Bank Ont	19,279 (+92.5%)	$1,816 (+126.8%)	1.6%	$79.57	+6.1%	COM	891160509

Exited Positions (10)

— Finvolution Group Sp ADS 3.5%

Value ($000) $4,000 Shares 542,790 Est. Cost $9.63 Unrealized —

RELX Relx PLC Sp ADR 1.8%

Value ($000) $2,044 Shares 42,794 Est. Cost $21.59 Unrealized —

HSBC HSBC Holdings PLC Sp ADR 1.6%

Value ($000) $1,877 Shares 26,438 Est. Cost $40.54 Unrealized —

— 3I Group Plc Unsponsord Adr 1.5%

Value ($000) $1,718 Shares 122,808 Est. Cost $13.41 Unrealized —

— Auto Trader Group PLC Unsponso 1.5%

Value ($000) $1,710 Shares 657,585 Est. Cost $2.18 Unrealized —

— Unilever PLC Sp ADR 1.3%

Value ($000) $1,508 Shares 25,439 Est. Cost $53.54 Unrealized —

DSGX Descartes Systems Group Inc 1.3%

Value ($000) $1,492 Shares 15,830 Est. Cost $82.27 Unrealized +8.6%

NPNYY Nippon Yusen Kabushiki Kaisha 1.3%

Value ($000) $1,469 Shares 216,332 Est. Cost $7.02 Unrealized —

— SoftBank Corp Unsponsred ADS 1.2%

Value ($000) $1,357 Shares 92,546 Est. Cost $12.88 Unrealized —

— Klepierre Sa Act 0.6%

Value ($000) $737 Shares 19,000 Est. Cost $38.80 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Finvolution Group Sp ADS	542,790	$4,000	3.5%	$9.63	—	—	31810t101
RELX	Relx PLC Sp ADR	42,794	$2,044	1.8%	$21.59	—	—	759530108
HSBC	HSBC Holdings PLC Sp ADR	26,438	$1,877	1.6%	$40.54	—	—	404280406
—	3I Group Plc Unsponsord Adr	122,808	$1,718	1.5%	$13.41	—	—	88579n105
—	Auto Trader Group PLC Unsponso	657,585	$1,710	1.5%	$2.18	—	—	05277e104
—	Unilever PLC Sp ADR	25,439	$1,508	1.3%	$53.54	—	—	904767704
DSGX	Descartes Systems Group Inc	15,830	$1,492	1.3%	$82.27	+8.6%	—	249906108
NPNYY	Nippon Yusen Kabushiki Kaisha	216,332	$1,469	1.3%	$7.02	—	—	654633304
—	SoftBank Corp Unsponsred ADS	92,546	$1,357	1.2%	$12.88	—	—	83405k102
—	Klepierre Sa Act	19,000	$737	0.6%	$38.80	—	—	f5396x102

Decreased Positions (42)

— Franklin Templeton ETF Tr Fran 4.4%

Value ($000) $5,021 (-30.0%) Shares 130,120 (-32.3%) Est. Cost $41.90 Unrealized —

— Netease Inc Sp ADR 4.5%

Value ($000) $5,104 (-18.8%) Shares 37,086 (-10.3%) Est. Cost $80.63 Unrealized —

— Check Point Software Tech Ltd 5.9%

Value ($000) $6,783 (-12.7%) Shares 36,554 (-2.7%) Est. Cost $114.92 Unrealized —

TSM Taiwan Semiconductor Mfg Ltd S 5.5%

Value ($000) $6,316 (+7.0%) Shares 20,784 (-1.7%) Est. Cost $119.44 Unrealized —

LUGDF Lundin Gold Inc 1.9%

Value ($000) $2,221 (+20.2%) Shares 26,751 (-6.3%) Est. Cost $43.47 Unrealized +75.4%

— Prosus NV Sp ADR 1.3%

Value ($000) $1,528 (-17.9%) Shares 123,614 (-6.2%) Est. Cost $14.12 Unrealized —

— Companhia de Saneamento Basico 1.4%

Value ($000) $1,560 (-13.5%) Shares 65,412 (-9.7%) Est. Cost $21.97 Unrealized —

KMTUY Komatsu Ltd Sp Adr New 1.3%

Value ($000) $1,453 (-13.9%) Shares 45,750 (-6.3%) Est. Cost $33.00 Unrealized —

— Engie SA Sp ADR 1.6%

Value ($000) $1,783 (+14.3%) Shares 67,890 (-6.3%) Est. Cost $14.25 Unrealized —

CIG Cia Energetica de Minas Gerais 1.0%

Value ($000) $1,173 (-10.1%) Shares 586,421 (-5.2%) Est. Cost $2.23 Unrealized —

RY Royal Bank of Canada Montreal 1.5%

Value ($000) $1,695 (+8.4%) Shares 9,942 (-6.3%) Est. Cost $64.59 Unrealized +137.8%

TSCDY Tesco Plc Sp Adr 1.4%

Value ($000) $1,592 (-7.5%) Shares 88,482 (-6.2%) Est. Cost $16.74 Unrealized —

AEM Agnico Eagle Mines Ltd 1.9%

Value ($000) $2,136 (-5.7%) Shares 12,600 (-6.2%) Est. Cost $94.57 Unrealized +77.5%

— QBE INS GROUP LTD 1.1%

Value ($000) $1,216 (-9.2%) Shares 91,516 (-6.2%) Est. Cost $12.97 Unrealized —

— Nordea Bank Abp MTN Sp ADS 1.5%

Value ($000) $1,696 (+7.6%) Shares 89,587 (-6.2%) Est. Cost $11.06 Unrealized —

— Barrick Mining Corporation 2.1%

Value ($000) $2,438 (+4.9%) Shares 55,979 (-21.1%) Est. Cost $20.82 Unrealized —

AXAHY AXA SA Sp ADR 1.3%

Value ($000) $1,539 (-6.3%) Shares 32,068 (-6.4%) Est. Cost $38.15 Unrealized —

— Grupo Aeroportuario Del Surest 1.3%

Value ($000) $1,462 (-6.0%) Shares 4,521 (-6.0%) Est. Cost $257.64 Unrealized —

— Banco Bilbao Vizcaya Argentari 1.6%

Value ($000) $1,864 (-4.4%) Shares 79,951 (-21.0%) Est. Cost $7.68 Unrealized —

— Ageas Sp ADR Ne 1.4%

Value ($000) $1,618 (-4.8%) Shares 23,016 (-6.3%) Est. Cost $48.46 Unrealized —

— DBS Group Holdings Ltd Sp ADR 1.6%

Value ($000) $1,832 (+4.0%) Shares 10,432 (-6.3%) Est. Cost $117.97 Unrealized —

— Wh Group Ltd Sp Adr 1.4%

Value ($000) $1,591 (-4.2%) Shares 71,650 (-6.4%) Est. Cost $20.41 Unrealized —

IX ORIX Corp Sp ADR 1.3%

Value ($000) $1,495 (+4.9%) Shares 51,158 (-6.2%) Est. Cost $37.98 Unrealized —

SGBLY Standard Bank Group Ltd Sp ADR 0.6%

Value ($000) $662 (+11.4%) Shares 37,490 (-12.8%) Est. Cost $11.58 Unrealized —

— Sompo Holdings Inc ADR 1.7%

Value ($000) $1,884 (+3.5%) Shares 111,436 (-6.2%) Est. Cost $11.18 Unrealized —

ABBNY Abb Ltd Sp Adr 1.5%

Value ($000) $1,675 (-3.5%) Shares 22,645 (-6.2%) Est. Cost $52.14 Unrealized —

TM Toyota Motor Corp Sp ADR 2 1.1%

Value ($000) $1,232 (+5.2%) Shares 5,755 (-6.0%) Est. Cost $188.50 Unrealized —

— Dnb Bank Asa Sponsored 1.3%

Value ($000) $1,431 (-3.9%) Shares 51,380 (-6.2%) Est. Cost $26.36 Unrealized —

VLVLY Volvo Ab Unsponsord ADR 1.1%

Value ($000) $1,281 (+4.4%) Shares 40,118 (-6.2%) Est. Cost $29.17 Unrealized —

— Kunlun Energy Company Ltd Unsp 1.1%

Value ($000) $1,248 (+4.3%) Shares 126,170 (-6.1%) Est. Cost $10.07 Unrealized —

ALIZY Allianz SE Unsponsrd ADS 1.7%

Value ($000) $1,896 (+2.8%) Shares 41,216 (-6.2%) Est. Cost $23.78 Unrealized —

HMY Harmony Gold Mining Co Ltd Sp 1.5%

Value ($000) $1,720 (+2.8%) Shares 86,420 (-6.3%) Est. Cost $14.77 Unrealized —

UNCRY UniCredit SpA Unsponsord ADR 1.5%

Value ($000) $1,760 (+2.5%) Shares 42,443 (-6.2%) Est. Cost $11.59 Unrealized —

OVCHY Oversea Chinese Bank Unsponsor 0.6%

Value ($000) $691 (+6.2%) Shares 22,317 (-12.8%) Est. Cost $24.52 Unrealized —

CRARY Credit Agricole SA ADR 1.4%

Value ($000) $1,580 (-2.5%) Shares 154,429 (-6.3%) Est. Cost $7.24 Unrealized —

WF Woori Financial Group Inc Sp A 1.4%

Value ($000) $1,619 (-2.1%) Shares 27,547 (-6.5%) Est. Cost $27.53 Unrealized —

— ENI SPA Sp ADR 1.4%

Value ($000) $1,613 (+2.1%) Shares 42,509 (-6.0%) Est. Cost $30.10 Unrealized —

MSADY MS&AD Ins Group Holdings ADR 1.1%

Value ($000) $1,222 (-2.4%) Shares 52,154 (-6.2%) Est. Cost $26.05 Unrealized —

GIL Gildan Activewear Inc 1.7%

Value ($000) $1,949 (+1.4%) Shares 31,212 (-6.2%) Est. Cost $35.25 Unrealized +68.6%

— Novartis AG Sp ADR 1.5%

Value ($000) $1,743 (+1.1%) Shares 12,644 (-6.0%) Est. Cost $97.99 Unrealized —

— Assicurazioni Generali Spa Uns 1.4%

Value ($000) $1,584 (-0.3%) Shares 75,682 (-6.2%) Est. Cost $12.64 Unrealized —

BTI British American Tobacco PLC S 1.6%

Value ($000) $1,830 (-0.2%) Shares 32,329 (-6.4%) Est. Cost $44.46 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Franklin Templeton ETF Tr Fran	130,120 (-32.3%)	$5,021 (-30.0%)	4.4%	$41.90	—	ETF	35473p769
—	Netease Inc Sp ADR	37,086 (-10.3%)	$5,104 (-18.8%)	4.5%	$80.63	—	ADR	64110w102
—	Check Point Software Tech Ltd	36,554 (-2.7%)	$6,783 (-12.7%)	5.9%	$114.92	—	COM	m22465104
TSM	Taiwan Semiconductor Mfg Ltd S	20,784 (-1.7%)	$6,316 (+7.0%)	5.5%	$119.44	—	ADR	874039100
LUGDF	Lundin Gold Inc	26,751 (-6.3%)	$2,221 (+20.2%)	1.9%	$43.47	+75.4%	COM	550371108
—	Prosus NV Sp ADR	123,614 (-6.2%)	$1,528 (-17.9%)	1.3%	$14.12	—	ADR	74365p108
—	Companhia de Saneamento Basico	65,412 (-9.7%)	$1,560 (-13.5%)	1.4%	$21.97	—	ADR	20441a102
KMTUY	Komatsu Ltd Sp Adr New	45,750 (-6.3%)	$1,453 (-13.9%)	1.3%	$33.00	—	ADR	500458401
—	Engie SA Sp ADR	67,890 (-6.3%)	$1,783 (+14.3%)	1.6%	$14.25	—	ADR	29286d105
CIG	Cia Energetica de Minas Gerais	586,421 (-5.2%)	$1,173 (-10.1%)	1.0%	$2.23	—	ADR	204409601
RY	Royal Bank of Canada Montreal	9,942 (-6.3%)	$1,695 (+8.4%)	1.5%	$64.59	+137.8%	COM	780087102
TSCDY	Tesco Plc Sp Adr	88,482 (-6.2%)	$1,592 (-7.5%)	1.4%	$16.74	—	ADR	881575401
AEM	Agnico Eagle Mines Ltd	12,600 (-6.2%)	$2,136 (-5.7%)	1.9%	$94.57	+77.5%	COM	008474108
—	QBE INS GROUP LTD	91,516 (-6.2%)	$1,216 (-9.2%)	1.1%	$12.97	—	ADR	74728g605
—	Nordea Bank Abp MTN Sp ADS	89,587 (-6.2%)	$1,696 (+7.6%)	1.5%	$11.06	—	ADR	65558r109
—	Barrick Mining Corporation	55,979 (-21.1%)	$2,438 (+4.9%)	2.1%	$20.82	—	COM	06849f108
AXAHY	AXA SA Sp ADR	32,068 (-6.4%)	$1,539 (-6.3%)	1.3%	$38.15	—	ADR	054536107
—	Grupo Aeroportuario Del Surest	4,521 (-6.0%)	$1,462 (-6.0%)	1.3%	$257.64	—	ADR	40051e202
—	Banco Bilbao Vizcaya Argentari	79,951 (-21.0%)	$1,864 (-4.4%)	1.6%	$7.68	—	COM	05946k101
—	Ageas Sp ADR Ne	23,016 (-6.3%)	$1,618 (-4.8%)	1.4%	$48.46	—	ADR	00844w208
—	DBS Group Holdings Ltd Sp ADR	10,432 (-6.3%)	$1,832 (+4.0%)	1.6%	$117.97	—	ADR	23304y100
—	Wh Group Ltd Sp Adr	71,650 (-6.4%)	$1,591 (-4.2%)	1.4%	$20.41	—	ADR	92890t205
IX	ORIX Corp Sp ADR	51,158 (-6.2%)	$1,495 (+4.9%)	1.3%	$37.98	—	ADR	686330101
SGBLY	Standard Bank Group Ltd Sp ADR	37,490 (-12.8%)	$662 (+11.4%)	0.6%	$11.58	—	ADR	853118206
—	Sompo Holdings Inc ADR	111,436 (-6.2%)	$1,884 (+3.5%)	1.7%	$11.18	—	ADR	83540j101
ABBNY	Abb Ltd Sp Adr	22,645 (-6.2%)	$1,675 (-3.5%)	1.5%	$52.14	—	ADR	000375204
TM	Toyota Motor Corp Sp ADR 2	5,755 (-6.0%)	$1,232 (+5.2%)	1.1%	$188.50	—	ADR	892331307
—	Dnb Bank Asa Sponsored	51,380 (-6.2%)	$1,431 (-3.9%)	1.3%	$26.36	—	ADR	23341c103
VLVLY	Volvo Ab Unsponsord ADR	40,118 (-6.2%)	$1,281 (+4.4%)	1.1%	$29.17	—	ADR	928854108
—	Kunlun Energy Company Ltd Unsp	126,170 (-6.1%)	$1,248 (+4.3%)	1.1%	$10.07	—	ADR	50126a101
ALIZY	Allianz SE Unsponsrd ADS	41,216 (-6.2%)	$1,896 (+2.8%)	1.7%	$23.78	—	ADR	018820100
HMY	Harmony Gold Mining Co Ltd Sp	86,420 (-6.3%)	$1,720 (+2.8%)	1.5%	$14.77	—	ADR	413216300
UNCRY	UniCredit SpA Unsponsord ADR	42,443 (-6.2%)	$1,760 (+2.5%)	1.5%	$11.59	—	ADR	904678406
OVCHY	Oversea Chinese Bank Unsponsor	22,317 (-12.8%)	$691 (+6.2%)	0.6%	$24.52	—	ADR	690333109
CRARY	Credit Agricole SA ADR	154,429 (-6.3%)	$1,580 (-2.5%)	1.4%	$7.24	—	ADR	225313105
WF	Woori Financial Group Inc Sp A	27,547 (-6.5%)	$1,619 (-2.1%)	1.4%	$27.53	—	ADR	981064108
—	ENI SPA Sp ADR	42,509 (-6.0%)	$1,613 (+2.1%)	1.4%	$30.10	—	COM	26874r108
MSADY	MS&AD Ins Group Holdings ADR	52,154 (-6.2%)	$1,222 (-2.4%)	1.1%	$26.05	—	ADR	553491101
GIL	Gildan Activewear Inc	31,212 (-6.2%)	$1,949 (+1.4%)	1.7%	$35.25	+68.6%	COM	375916103
—	Novartis AG Sp ADR	12,644 (-6.0%)	$1,743 (+1.1%)	1.5%	$97.99	—	ADR	66987v109
—	Assicurazioni Generali Spa Uns	75,682 (-6.2%)	$1,584 (-0.3%)	1.4%	$12.64	—	ADR	04545k109
BTI	British American Tobacco PLC S	32,329 (-6.4%)	$1,830 (-0.2%)	1.6%	$44.46	—	ADR	110448107

Unchanged Positions (4)

— Yum China Holdings Inc 4.3%

Value ($000) $4,918 Shares 103,020 Est. Cost $52.06 Unrealized —

— Credicorp Ltd 5.4%

Value ($000) $6,182 Shares 21,540 Est. Cost $152.51 Unrealized —

LNVGY Lenovo Group Ltd Sp ADR 0.5%

Value ($000) $619 Shares 26,145 Est. Cost $26.98 Unrealized —

GOFPY Greek Org Of Football Unsponso 0.7%

Value ($000) $800 Shares 72,337 Est. Cost $11.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Yum China Holdings Inc	103,020	$4,918	4.3%	$52.06	—	COM	98850p109
—	Credicorp Ltd	21,540	$6,182	5.4%	$152.51	—	COM	g2519y108
LNVGY	Lenovo Group Ltd Sp ADR	26,145	$619	0.5%	$26.98	—	ADR	526250105
GOFPY	Greek Org Of Football Unsponso	72,337	$800	0.7%	$11.90	—	ADR	392483103