GQG Partners LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,997,793	$1,004,203	1.7%	$497.53	0.0%	CL B NEW	084670702
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	8,116,278	$673,651	1.1%	$74.65	0.0%	CL A	192446102
UL	UNILEVER PLC	9,018,850	$589,833	1.0%	$65.40	—	SPON ADR NEW	904767803
ACN	ACCENTURE PLC IRELAND	835,404	$224,144	0.4%	$254.06	0.0%	SHS CLASS A	G1151C101
ORI	OLD REP INTL CORP	3,417,166	$155,960	0.3%	$40.84	0.0%	COM	680223104
BUD	ANHEUSER BUSCH INBEV SA/NV	2,338,805	$149,778	0.2%	$64.04	—	SPONSORED ADR	03524A108
RNR	RENAISSANCERE HLDGS LTD	386,876	$108,780	0.2%	$263.15	0.0%	COM	G7496G103
TTE	TOTALENERGIES SE	228,150	$14,906	0.0%	$63.23	0.0%	ACT	F92124100
CVS	CVS HEALTH CORP	31,518	$2,501	0.0%	$78.67	0.0%	COM	126650100
VT	VANGUARD INTL EQUITY INDEX F	4,245	$599	0.0%	$141.05	—	TT WRLD ST ETF	922042742

Increased Positions (30)

CB CHUBB LIMITED 6.4%

Value ($000) $3,895,627 (+27.4%) Shares 12,481,176 (+15.2%) Est. Cost $277.72 Unrealized +5.3%

TRP TC ENERGY CORP 1.5%

Value ($000) $890,711 (+596.0%) Shares 16,154,469 (+586.5%) Est. Cost $52.89 Unrealized +0.9%

JNJ JOHNSON & JOHNSON 2.6%

Value ($000) $1,604,336 (+43.3%) Shares 7,752,266 (+28.4%) Est. Cost $175.47 Unrealized +12.3%

VALE VALE S A 1.4%

Value ($000) $848,677 (+70.9%) Shares 65,132,572 (+42.4%) Est. Cost $10.85 Unrealized —

KO COCA COLA CO 3.0%

Value ($000) $1,835,161 (+21.4%) Shares 26,250,313 (+15.1%) Est. Cost $68.25 Unrealized +1.7%

AWK AMERICAN WTR WKS CO INC NEW 1.4%

Value ($000) $847,361 (+54.0%) Shares 6,493,161 (+64.2%) Est. Cost $137.53 Unrealized -3.2%

ALL ALLSTATE CORP 1.9%

Value ($000) $1,142,449 (+31.9%) Shares 5,488,560 (+36.0%) Est. Cost $186.17 Unrealized +9.6%

CI THE CIGNA GROUP 3.5%

Value ($000) $2,136,699 (+9.2%) Shares 7,763,295 (+14.3%) Est. Cost $313.95 Unrealized -11.1%

INFY INFOSYS LTD 0.9%

Value ($000) $519,103 (+48.1%) Shares 29,130,383 (+35.2%) Est. Cost $16.67 Unrealized —

HDB HDFC BANK LTD 3.2%

Value ($000) $1,935,258 (+8.6%) Shares 52,962,709 (+1.5%) Est. Cost $50.62 Unrealized —

PG PROCTER AND GAMBLE CO 0.8%

Value ($000) $462,451 (+45.8%) Shares 3,226,929 (+56.3%) Est. Cost $153.84 Unrealized -4.3%

NVS NOVARTIS AG 0.7%

Value ($000) $435,414 (+50.0%) Shares 3,158,122 (+39.6%) Est. Cost $130.82 Unrealized —

ACGL ARCH CAP GROUP LTD 0.3%

Value ($000) $162,453 (+106.8%) Shares 1,693,629 (+95.6%) Est. Cost $91.90 Unrealized -0.4%

ABEV AMBEV SA 0.7%

Value ($000) $427,235 (+20.9%) Shares 172,969,655 (+9.1%) Est. Cost $2.41 Unrealized —

PGR PROGRESSIVE CORP 3.9%

Value ($000) $2,375,706 (+3.0%) Shares 10,432,549 (+11.7%) Est. Cost $229.15 Unrealized -7.3%

KR KROGER CO 1.4%

Value ($000) $837,113 (+3.2%) Shares 13,398,072 (+11.3%) Est. Cost $67.88 Unrealized -3.9%

ITUB ITAU UNIBANCO HLDG S A 1.1%

Value ($000) $694,229 (+3.7%) Shares 96,959,405 (+6.3%) Est. Cost $5.82 Unrealized —

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $34,138 (+195.5%) Shares 50,058 (+188.8%) Est. Cost $653.72 Unrealized —

FNV FRANCO NEV CORP 0.6%

Value ($000) $362,420 (-5.1%) Shares 1,746,117 (+1.8%) Est. Cost $180.58 Unrealized +12.3%

ACWI ISHARES TR 0.0%

Value ($000) $7,752 (+244.2%) Shares 54,789 (+236.3%) Est. Cost $138.37 Unrealized —

IWB ISHARES TR 0.0%

Value ($000) $6,657 (+369.5%) Shares 17,826 (+359.6%) Est. Cost $362.99 Unrealized —

AZN ASTRAZENECA PLC 0.0%

Value ($000) $9,412 (+39.5%) Shares 102,372 (+16.4%) Est. Cost $79.09 Unrealized —

SNY SANOFI SA 0.0%

Value ($000) $5,861 (+44.8%) Shares 120,946 (+41.0%) Est. Cost $47.57 Unrealized —

E ENI S P A 0.0%

Value ($000) $6,667 (+35.0%) Shares 175,726 (+24.4%) Est. Cost $31.89 Unrealized —

ASR GRUPO AEROPORTUARIO DEL SURE 0.0%

Value ($000) $10,603 (+8.5%) Shares 32,785 (+8.4%) Est. Cost $323.34 Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $318 (-47.1%) Shares 3,394 (+577.4%) Est. Cost $101.37 Unrealized +6.3%

NGG NATIONAL GRID PLC 0.0%

Value ($000) $457 (+57.2%) Shares 5,914 (+47.7%) Est. Cost $67.28 Unrealized —

NOW SERVICENOW INC 0.0%

Value ($000) $358 (-18.7%) Shares 2,338 (+388.1%) Est. Cost $175.89 Unrealized -2.5%

VV VANGUARD INDEX FDS 0.0%

Value ($000) $471 (+5.7%) Shares 1,497 (+3.4%) Est. Cost $286.30 Unrealized —

AXIA CENTRAIS ELET BRAS SA 0.0%

Value ($000) $191 (+4.5%) Shares 20,874 (+13.2%) Est. Cost $7.63 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CB	CHUBB LIMITED	12,481,176 (+15.2%)	$3,895,627 (+27.4%)	6.4%	$277.72	+5.3%	COM	H1467J104
TRP	TC ENERGY CORP	16,154,469 (+586.5%)	$890,711 (+596.0%)	1.5%	$52.89	+0.9%	COM	87807B107
JNJ	JOHNSON & JOHNSON	7,752,266 (+28.4%)	$1,604,336 (+43.3%)	2.6%	$175.47	+12.3%	COM	478160104
VALE	VALE S A	65,132,572 (+42.4%)	$848,677 (+70.9%)	1.4%	$10.85	—	SPONSORED ADS	91912E105
KO	COCA COLA CO	26,250,313 (+15.1%)	$1,835,161 (+21.4%)	3.0%	$68.25	+1.7%	COM	191216100
AWK	AMERICAN WTR WKS CO INC NEW	6,493,161 (+64.2%)	$847,361 (+54.0%)	1.4%	$137.53	-3.2%	COM	030420103
ALL	ALLSTATE CORP	5,488,560 (+36.0%)	$1,142,449 (+31.9%)	1.9%	$186.17	+9.6%	COM	020002101
CI	THE CIGNA GROUP	7,763,295 (+14.3%)	$2,136,699 (+9.2%)	3.5%	$313.95	-11.1%	COM	125523100
INFY	INFOSYS LTD	29,130,383 (+35.2%)	$519,103 (+48.1%)	0.9%	$16.67	—	SPONSORED ADR	456788108
HDB	HDFC BANK LTD	52,962,709 (+1.5%)	$1,935,258 (+8.6%)	3.2%	$50.62	—	SPONSORED ADS	40415F101
PG	PROCTER AND GAMBLE CO	3,226,929 (+56.3%)	$462,451 (+45.8%)	0.8%	$153.84	-4.3%	COM	742718109
NVS	NOVARTIS AG	3,158,122 (+39.6%)	$435,414 (+50.0%)	0.7%	$130.82	—	SPONSORED ADR	66987V109
ACGL	ARCH CAP GROUP LTD	1,693,629 (+95.6%)	$162,453 (+106.8%)	0.3%	$91.90	-0.4%	ORD	G0450A105
ABEV	AMBEV SA	172,969,655 (+9.1%)	$427,235 (+20.9%)	0.7%	$2.41	—	SPONSORED ADR	02319V103
PGR	PROGRESSIVE CORP	10,432,549 (+11.7%)	$2,375,706 (+3.0%)	3.9%	$229.15	-7.3%	COM	743315103
KR	KROGER CO	13,398,072 (+11.3%)	$837,113 (+3.2%)	1.4%	$67.88	-3.9%	COM	501044101
ITUB	ITAU UNIBANCO HLDG S A	96,959,405 (+6.3%)	$694,229 (+3.7%)	1.1%	$5.82	—	SPON ADR REP PFD	465562106
SPY	SPDR S&P 500 ETF TR	50,058 (+188.8%)	$34,138 (+195.5%)	0.1%	$653.72	—	TR UNIT	78462F103
FNV	FRANCO NEV CORP	1,746,117 (+1.8%)	$362,420 (-5.1%)	0.6%	$180.58	+12.3%	COM	351858105
ACWI	ISHARES TR	54,789 (+236.3%)	$7,752 (+244.2%)	0.0%	$138.37	—	MSCI ACWI ETF	464288257
IWB	ISHARES TR	17,826 (+359.6%)	$6,657 (+369.5%)	0.0%	$362.99	—	RUS 1000 ETF	464287622
AZN	ASTRAZENECA PLC	102,372 (+16.4%)	$9,412 (+39.5%)	0.0%	$79.09	—	SPONSORED ADR	046353108
SNY	SANOFI SA	120,946 (+41.0%)	$5,861 (+44.8%)	0.0%	$47.57	—	SPONSORED ADR	80105N105
E	ENI S P A	175,726 (+24.4%)	$6,667 (+35.0%)	0.0%	$31.89	—	SPONSORED ADR	26874R108
ASR	GRUPO AEROPORTUARIO DEL SURE	32,785 (+8.4%)	$10,603 (+8.5%)	0.0%	$323.34	—	SPON ADR SER B	40051E202
NFLX	NETFLIX INC	3,394 (+577.4%)	$318 (-47.1%)	0.0%	$101.37	+6.3%	COM	64110L106
NGG	NATIONAL GRID PLC	5,914 (+47.7%)	$457 (+57.2%)	0.0%	$67.28	—	SPONSORED ADR NE	636274409
NOW	SERVICENOW INC	2,338 (+388.1%)	$358 (-18.7%)	0.0%	$175.89	-2.5%	COM	81762P102
VV	VANGUARD INDEX FDS	1,497 (+3.4%)	$471 (+5.7%)	0.0%	$286.30	—	LARGE CAP ETF	922908637
AXIA	CENTRAIS ELET BRAS SA	20,874 (+13.2%)	$191 (+4.5%)	0.0%	$7.63	—	SPONSORED ADR	15234Q207

Exited Positions (16)

MELI MERCADOLIBRE INC 1.3%

Value ($000) $776,556 Shares 332,296 Est. Cost $1779.11 Unrealized +18.1%

DB DEUTSCHE BANK A G 1.2%

Value ($000) $706,077 Shares 20,063,955 Est. Cost $20.95 Unrealized +72.3%

DTE DTE ENERGY CO 1.0%

Value ($000) $616,554 Shares 4,359,398 Est. Cost $131.30 Unrealized +2.7%

— UNILEVER PLC 0.9%

Value ($000) $550,132 Shares 9,280,226 Est. Cost $61.35 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.2%

Value ($000) $111,181 Shares 659,877 Est. Cost $177.73 Unrealized -12.1%

KSPI KASPI KZ JSC 0.1%

Value ($000) $90,431 Shares 1,107,143 Est. Cost $125.75 Unrealized —

FLUT FLUTTER ENTMT PLC 0.1%

Value ($000) $71,427 Shares 281,210 Est. Cost $292.68 Unrealized -23.2%

SLDE SLIDE INS HLDGS INC 0.1%

Value ($000) $47,197 Shares 2,989,964 Est. Cost $21.55 Unrealized -22.6%

ETOR ETORO GROUP LTD 0.1%

Value ($000) $34,770 Shares 842,502 Est. Cost $64.04 Unrealized -39.7%

CIB GRUPO CIBEST SA 0.0%

Value ($000) $26,268 Shares 505,743 Est. Cost $46.19 Unrealized —

— TOTALENERGIES SE 0.0%

Value ($000) $15,556 Shares 260,611 Est. Cost $63.82 Unrealized —

USB US BANCORP DEL 0.0%

Value ($000) $4,137 Shares 85,600 Est. Cost $40.76 Unrealized +19.5%

BAC BANK AMERICA CORP 0.0%

Value ($000) $2,209 Shares 42,818 Est. Cost $48.34 Unrealized +8.9%

GLD SPDR GOLD TR 0.0%

Value ($000) $678 Shares 1,908 Est. Cost $304.83 Unrealized —

HSBC HSBC HLDGS PLC 0.0%

Value ($000) $513 Shares 7,225 Est. Cost $46.20 Unrealized —

AAPL APPLE INC 0.0%

Value ($000) $231 Shares 906 Est. Cost $185.12 Unrealized +45.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MELI	MERCADOLIBRE INC	332,296	$776,556	1.3%	$1779.11	+18.1%	—	58733R102
DB	DEUTSCHE BANK A G	20,063,955	$706,077	1.2%	$20.95	+72.3%	—	D18190898
DTE	DTE ENERGY CO	4,359,398	$616,554	1.0%	$131.30	+2.7%	—	233331107
—	UNILEVER PLC	9,280,226	$550,132	0.9%	$61.35	—	—	904767704
ICE	INTERCONTINENTAL EXCHANGE IN	659,877	$111,181	0.2%	$177.73	-12.1%	—	45866F104
KSPI	KASPI KZ JSC	1,107,143	$90,431	0.1%	$125.75	—	—	48581R205
FLUT	FLUTTER ENTMT PLC	281,210	$71,427	0.1%	$292.68	-23.2%	—	G3643J108
SLDE	SLIDE INS HLDGS INC	2,989,964	$47,197	0.1%	$21.55	-22.6%	—	831349105
ETOR	ETORO GROUP LTD	842,502	$34,770	0.1%	$64.04	-39.7%	—	G32089107
CIB	GRUPO CIBEST SA	505,743	$26,268	0.0%	$46.19	—	—	40090E106
—	TOTALENERGIES SE	260,611	$15,556	0.0%	$63.82	—	—	89151E109
USB	US BANCORP DEL	85,600	$4,137	0.0%	$40.76	+19.5%	—	902973304
BAC	BANK AMERICA CORP	42,818	$2,209	0.0%	$48.34	+8.9%	—	060505104
GLD	SPDR GOLD TR	1,908	$678	0.0%	$304.83	—	—	78463V107
HSBC	HSBC HLDGS PLC	7,225	$513	0.0%	$46.20	—	—	404280406
AAPL	APPLE INC	906	$231	0.0%	$185.12	+45.0%	—	037833100

Decreased Positions (40)

META META PLATFORMS INC 0.0%

Value ($000) $342 (-100.0%) Shares 518 (-100.0%) Est. Cost $237.91 Unrealized +180.5%

MSFT MICROSOFT CORP 0.0%

Value ($000) $878 (-99.9%) Shares 1,815 (-99.9%) Est. Cost $323.87 Unrealized +54.6%

PBR PETROLEO BRASILEIRO SA PETRO 2.7%

Value ($000) $1,611,638 (-39.9%) Shares 136,003,212 (-35.8%) Est. Cost $12.44 Unrealized —

V VISA INC 0.0%

Value ($000) $2,913 (-99.7%) Shares 8,307 (-99.7%) Est. Cost $222.69 Unrealized +52.9%

T AT&T INC 3.5%

Value ($000) $2,136,430 (-29.2%) Shares 86,007,645 (-19.5%) Est. Cost $20.25 Unrealized +24.9%

VZ VERIZON COMMUNICATIONS INC 2.9%

Value ($000) $1,786,691 (-23.3%) Shares 43,866,695 (-17.2%) Est. Cost $39.45 Unrealized +2.6%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.9%

Value ($000) $556,731 (-43.0%) Shares 1,832,009 (-47.6%) Est. Cost $109.19 Unrealized —

ENB ENBRIDGE INC 6.3%

Value ($000) $3,849,696 (-8.7%) Shares 80,353,458 (-3.8%) Est. Cost $34.74 Unrealized +35.6%

CL COLGATE PALMOLIVE CO 1.0%

Value ($000) $584,450 (-35.7%) Shares 7,396,227 (-34.9%) Est. Cost $90.03 Unrealized -13.0%

XOM EXXON MOBIL CORP 1.7%

Value ($000) $1,048,833 (-21.1%) Shares 8,715,556 (-26.1%) Est. Cost $106.81 Unrealized +8.1%

MO ALTRIA GROUP INC 2.4%

Value ($000) $1,444,871 (-15.0%) Shares 25,058,437 (-2.7%) Est. Cost $52.74 Unrealized +12.6%

AEP AMERICAN ELEC PWR CO INC 3.2%

Value ($000) $1,949,073 (-8.4%) Shares 16,902,872 (-10.6%) Est. Cost $89.47 Unrealized +31.6%

DUK DUKE ENERGY CORP NEW 1.8%

Value ($000) $1,118,546 (-12.5%) Shares 9,543,071 (-7.6%) Est. Cost $110.76 Unrealized +9.8%

XEL XCEL ENERGY INC 1.5%

Value ($000) $911,032 (-13.6%) Shares 12,334,556 (-5.7%) Est. Cost $67.97 Unrealized +15.2%

DEO DIAGEO PLC 0.0%

Value ($000) $265 (-99.8%) Shares 3,076 (-99.8%) Est. Cost $95.43 Unrealized —

EXC EXELON CORP 1.8%

Value ($000) $1,088,861 (-10.4%) Shares 24,979,574 (-7.5%) Est. Cost $43.30 Unrealized +5.0%

AIG AMERICAN INTL GROUP INC 2.2%

Value ($000) $1,325,423 (-8.6%) Shares 15,492,942 (-16.1%) Est. Cost $76.35 Unrealized +4.4%

CMS CMS ENERGY CORP 0.5%

Value ($000) $316,078 (-20.4%) Shares 4,519,921 (-16.6%) Est. Cost $69.86 Unrealized +3.8%

GGAL GRUPO FINANCIERO GALICIA S.A 0.3%

Value ($000) $165,895 (+92.7%) Shares 3,075,544 (-1.6%) Est. Cost $50.39 Unrealized —

BTI BRITISH AMERN TOB PLC 2.6%

Value ($000) $1,588,913 (+4.8%) Shares 28,062,747 (-1.7%) Est. Cost $45.30 Unrealized —

CME CME GROUP INC 1.9%

Value ($000) $1,149,253 (-6.0%) Shares 4,208,459 (-7.0%) Est. Cost $255.78 Unrealized +5.9%

IBN ICICI BANK LIMITED 3.7%

Value ($000) $2,224,088 (-2.7%) Shares 74,633,839 (-1.3%) Est. Cost $23.94 Unrealized —

PPL PPL CORP 0.3%

Value ($000) $162,446 (-14.6%) Shares 4,638,660 (-9.4%) Est. Cost $34.05 Unrealized +5.2%

CNP CENTERPOINT ENERGY INC 0.4%

Value ($000) $217,835 (-10.5%) Shares 5,681,646 (-9.4%) Est. Cost $35.41 Unrealized +9.7%

CINF CINCINNATI FINL CORP 0.5%

Value ($000) $276,429 (-6.1%) Shares 1,692,540 (-9.1%) Est. Cost $138.13 Unrealized +16.7%

CVX CHEVRON CORP NEW 0.4%

Value ($000) $214,039 (-7.5%) Shares 1,404,342 (-5.8%) Est. Cost $152.19 Unrealized -0.5%

ATO ATMOS ENERGY CORP 0.2%

Value ($000) $117,946 (-4.0%) Shares 703,592 (-2.2%) Est. Cost $153.12 Unrealized +12.5%

NEE NEXTERA ENERGY INC 1.3%

Value ($000) $791,907 (-0.1%) Shares 9,864,284 (-6.1%) Est. Cost $67.31 Unrealized +22.6%

SO SOUTHERN CO 0.0%

Value ($000) $4,697 (-8.9%) Shares 53,863 (-1.0%) Est. Cost $75.34 Unrealized +20.6%

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $758 (-37.5%) Shares 4,064 (-37.5%) Est. Cost $125.50 Unrealized +48.3%

APP APPLOVIN CORP 0.0%

Value ($000) $1,465 (-23.5%) Shares 2,174 (-18.4%) Est. Cost $26.91 Unrealized +2241.6%

AMZN AMAZON COM INC 0.0%

Value ($000) $755 (-29.2%) Shares 3,269 (-32.7%) Est. Cost $128.97 Unrealized +77.4%

GOOG ALPHABET INC 0.0%

Value ($000) $401 (-36.0%) Shares 1,279 (-50.3%) Est. Cost $175.67 Unrealized +63.0%

AVGO BROADCOM INC 0.0%

Value ($000) $211 (-32.1%) Shares 608 (-35.3%) Est. Cost $154.66 Unrealized +130.8%

PFE PFIZER INC 0.0%

Value ($000) $2,402 (-3.5%) Shares 96,482 (-1.2%) Est. Cost $24.14 Unrealized +3.7%

SHEL SHELL PLC 0.0%

Value ($000) $537 (-10.4%) Shares 7,307 (-12.8%) Est. Cost $73.28 Unrealized —

SAP SAP SE 0.0%

Value ($000) $425 (-12.0%) Shares 1,750 (-3.2%) Est. Cost $220.25 Unrealized —

LLY ELI LILLY & CO 0.0%

Value ($000) $666 (+8.8%) Shares 620 (-22.7%) Est. Cost $436.65 Unrealized +118.8%

GS GOLDMAN SACHS GROUP INC 0.0%

Value ($000) $282 (+8.4%) Shares 321 (-1.5%) Est. Cost $544.86 Unrealized +49.3%

WMT WALMART INC 0.0%

Value ($000) $679 (+0.9%) Shares 6,092 (-6.7%) Est. Cost $61.94 Unrealized +73.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	518 (-100.0%)	$342 (-100.0%)	0.0%	$237.91	+180.5%	CL A	30303M102
MSFT	MICROSOFT CORP	1,815 (-99.9%)	$878 (-99.9%)	0.0%	$323.87	+54.6%	COM	594918104
PBR	PETROLEO BRASILEIRO SA PETRO	136,003,212 (-35.8%)	$1,611,638 (-39.9%)	2.7%	$12.44	—	SPONSORED ADR	71654V408
V	VISA INC	8,307 (-99.7%)	$2,913 (-99.7%)	0.0%	$222.69	+52.9%	COM CL A	92826C839
T	AT&T INC	86,007,645 (-19.5%)	$2,136,430 (-29.2%)	3.5%	$20.25	+24.9%	COM	00206R102
VZ	VERIZON COMMUNICATIONS INC	43,866,695 (-17.2%)	$1,786,691 (-23.3%)	2.9%	$39.45	+2.6%	COM	92343V104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,832,009 (-47.6%)	$556,731 (-43.0%)	0.9%	$109.19	—	SPONSORED ADS	874039100
ENB	ENBRIDGE INC	80,353,458 (-3.8%)	$3,849,696 (-8.7%)	6.3%	$34.74	+35.6%	COM	29250N105
CL	COLGATE PALMOLIVE CO	7,396,227 (-34.9%)	$584,450 (-35.7%)	1.0%	$90.03	-13.0%	COM	194162103
XOM	EXXON MOBIL CORP	8,715,556 (-26.1%)	$1,048,833 (-21.1%)	1.7%	$106.81	+8.1%	COM	30231G102
MO	ALTRIA GROUP INC	25,058,437 (-2.7%)	$1,444,871 (-15.0%)	2.4%	$52.74	+12.6%	COM	02209S103
AEP	AMERICAN ELEC PWR CO INC	16,902,872 (-10.6%)	$1,949,073 (-8.4%)	3.2%	$89.47	+31.6%	COM	025537101
DUK	DUKE ENERGY CORP NEW	9,543,071 (-7.6%)	$1,118,546 (-12.5%)	1.8%	$110.76	+9.8%	COM NEW	26441C204
XEL	XCEL ENERGY INC	12,334,556 (-5.7%)	$911,032 (-13.6%)	1.5%	$67.97	+15.2%	COM	98389B100
DEO	DIAGEO PLC	3,076 (-99.8%)	$265 (-99.8%)	0.0%	$95.43	—	SPON ADR NEW	25243Q205
EXC	EXELON CORP	24,979,574 (-7.5%)	$1,088,861 (-10.4%)	1.8%	$43.30	+5.0%	COM	30161N101
AIG	AMERICAN INTL GROUP INC	15,492,942 (-16.1%)	$1,325,423 (-8.6%)	2.2%	$76.35	+4.4%	COM NEW	026874784
CMS	CMS ENERGY CORP	4,519,921 (-16.6%)	$316,078 (-20.4%)	0.5%	$69.86	+3.8%	COM	125896100
GGAL	GRUPO FINANCIERO GALICIA S.A	3,075,544 (-1.6%)	$165,895 (+92.7%)	0.3%	$50.39	—	SPONSORED ADR	399909100
BTI	BRITISH AMERN TOB PLC	28,062,747 (-1.7%)	$1,588,913 (+4.8%)	2.6%	$45.30	—	SPONSORED ADR	110448107
CME	CME GROUP INC	4,208,459 (-7.0%)	$1,149,253 (-6.0%)	1.9%	$255.78	+5.9%	COM	12572Q105
IBN	ICICI BANK LIMITED	74,633,839 (-1.3%)	$2,224,088 (-2.7%)	3.7%	$23.94	—	ADR	45104G104
PPL	PPL CORP	4,638,660 (-9.4%)	$162,446 (-14.6%)	0.3%	$34.05	+5.2%	COM	69351T106
CNP	CENTERPOINT ENERGY INC	5,681,646 (-9.4%)	$217,835 (-10.5%)	0.4%	$35.41	+9.7%	COM	15189T107
CINF	CINCINNATI FINL CORP	1,692,540 (-9.1%)	$276,429 (-6.1%)	0.5%	$138.13	+16.7%	COM	172062101
CVX	CHEVRON CORP NEW	1,404,342 (-5.8%)	$214,039 (-7.5%)	0.4%	$152.19	-0.5%	COM	166764100
ATO	ATMOS ENERGY CORP	703,592 (-2.2%)	$117,946 (-4.0%)	0.2%	$153.12	+12.5%	COM	049560105
NEE	NEXTERA ENERGY INC	9,864,284 (-6.1%)	$791,907 (-0.1%)	1.3%	$67.31	+22.6%	COM	65339F101
SO	SOUTHERN CO	53,863 (-1.0%)	$4,697 (-8.9%)	0.0%	$75.34	+20.6%	COM	842587107
NVDA	NVIDIA CORPORATION	4,064 (-37.5%)	$758 (-37.5%)	0.0%	$125.50	+48.3%	COM	67066G104
APP	APPLOVIN CORP	2,174 (-18.4%)	$1,465 (-23.5%)	0.0%	$26.91	+2241.6%	COM CL A	03831W108
AMZN	AMAZON COM INC	3,269 (-32.7%)	$755 (-29.2%)	0.0%	$128.97	+77.4%	COM	023135106
GOOG	ALPHABET INC	1,279 (-50.3%)	$401 (-36.0%)	0.0%	$175.67	+63.0%	CAP STK CL C	02079K107
AVGO	BROADCOM INC	608 (-35.3%)	$211 (-32.1%)	0.0%	$154.66	+130.8%	COM	11135F101
PFE	PFIZER INC	96,482 (-1.2%)	$2,402 (-3.5%)	0.0%	$24.14	+3.7%	COM	717081103
SHEL	SHELL PLC	7,307 (-12.8%)	$537 (-10.4%)	0.0%	$73.28	—	SPON ADS	780259305
SAP	SAP SE	1,750 (-3.2%)	$425 (-12.0%)	0.0%	$220.25	—	SPON ADR	803054204
LLY	ELI LILLY & CO	620 (-22.7%)	$666 (+8.8%)	0.0%	$436.65	+118.8%	COM	532457108
GS	GOLDMAN SACHS GROUP INC	321 (-1.5%)	$282 (+8.4%)	0.0%	$544.86	+49.3%	COM	38141G104
WMT	WALMART INC	6,092 (-6.7%)	$679 (+0.9%)	0.0%	$61.94	+73.1%	COM	931142103

Unchanged Positions (7)

PM PHILIP MORRIS INTL INC 14.6%

Value ($000) $8,837,452 Shares 55,096,316 Est. Cost $104.79 Unrealized +46.6%

EMBJ EMBRAER S.A. 0.8%

Value ($000) $515,252 Shares 8,004,535 Est. Cost $49.01 Unrealized —

BAP CREDICORP LTD 0.4%

Value ($000) $272,416 Shares 949,184 Est. Cost $192.69 Unrealized +37.4%

MRK MERCK & CO INC 0.0%

Value ($000) $5,632 Shares 53,509 Est. Cost $108.05 Unrealized -13.7%

HII HUNTINGTON INGALLS INDS INC 0.0%

Value ($000) $5,485 Shares 16,129 Est. Cost $220.44 Unrealized +40.4%

VLO VALERO ENERGY CORP 0.0%

Value ($000) $5,516 Shares 33,886 Est. Cost $129.37 Unrealized +30.5%

RY ROYAL BK CDA 0.0%

Value ($000) $522 Shares 3,059 Est. Cost $114.81 Unrealized +33.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PM	PHILIP MORRIS INTL INC	55,096,316	$8,837,452	14.6%	$104.79	+46.6%	COM	718172109
EMBJ	EMBRAER S.A.	8,004,535	$515,252	0.8%	$49.01	—	SPONSORED ADS	29082A107
BAP	CREDICORP LTD	949,184	$272,416	0.4%	$192.69	+37.4%	COM	G2519Y108
MRK	MERCK & CO INC	53,509	$5,632	0.0%	$108.05	-13.7%	COM	58933Y105
HII	HUNTINGTON INGALLS INDS INC	16,129	$5,485	0.0%	$220.44	+40.4%	COM	446413106
VLO	VALERO ENERGY CORP	33,886	$5,516	0.0%	$129.37	+30.5%	COM	91913Y100
RY	ROYAL BK CDA	3,059	$522	0.0%	$114.81	+33.8%	COM	780087102