Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VEA	VANGUARD TAX-MANAGED INTL FD	1,280,000	$59.11M	15.0%	$39.09	—	FTSE DEV MKT ETF	921943858
VWO	VANGUARD INTL EQUITY INDEX F	1,448,700	$58.93M	15.0%	$40.67	—	FTSE EMR MKT ETF	922042858
VTI	VANGUARD INDEX FDS	221,300	$48.75M	12.4%	$127.00	—	TOTAL STK MKT	922908769
VIG	VANGUARD SPECIALIZED FUNDS	257,330	$41.8M	10.6%	$92.67	—	DIV APP ETF	921908844
EWZ	ISHARES INC	1,246,937	$40.44M	10.3%	$34.13	—	MSCI BRAZIL ETF	464286400
IAU	ISHARES GOLD TR	648,780	$23.61M	6.0%	$14.84	—	ISHARES NEW	464285204
GUNR	FLEXSHARES TR	493,703	$19.78M	5.0%	$29.45	—	MORNSTAR UPSTR	33939L407
EWC	ISHARES INC	419,300	$14.67M	3.7%	$32.81	—	MSCI CDA ETF	464286509
ACWI	ISHARES TR	129,100	$12.39M	3.2%	$80.43	—	MSCI ACWI ETF	464288257
EMLC	VANECK ETF TRUST	316,200	$8.082M	2.1%	$29.06	—	JP MRGAN EM LOC	92189H300
QQQ	INVESCO QQQ TR	17,700	$6.539M	1.7%	$188.80	—	UNIT SER 1	46090E103
IEMG	ISHARES INC	126,800	$6.25M	1.6%	$49.30	—	CORE MSCI EMKT	46434G103
EWU	ISHARES TR	191,400	$6.192M	1.6%	$26.96	—	MSCI UK ETF NEW	46435G334
FCX	FREEPORT-MCMORAN INC	128,000	$5.12M	1.3%	$27.89	+31.8%	CL B	35671D857
VNQ	VANGUARD INDEX FDS	54,200	$4.529M	1.2%	$85.57	—	REAL ESTATE ETF	922908553
GNR	SPDR INDEX SHS FDS	77,550	$4.181M	1.1%	$48.74	—	GLB NAT RESRCE	78463X541
VALE	VALE S A	256,714	$3.445M	0.9%	$16.67	—	SPONSORED ADS	91912E105
AGNC	AGNC INVT CORP	300,000	$3.039M	0.8%	$10.16	—	COM	00123Q104
ITUB	ITAU UNIBANCO HLDG S A	386,597	$2.281M	0.6%	$4.75	—	SPON ADR REP PFD	465562106
DJP	BARCLAYS BANK PLC	67,800	$2.073M	0.5%	$22.67	—	DJUBS CMDT ETN36	06738C778
ABEV	AMBEV SA	616,839	$1.962M	0.5%	$2.75	—	SPONSORED ADR	02319V103
PBR/A	PETROLEO BRASILEIRO SA PETRO	154,260	$1.908M	0.5%	$9.28	—	SP ADR NON VTG	71654V101
PBR	PETROLEO BRASILEIRO SA PETRO	132,846	$1.837M	0.5%	$10.65	—	SPONSORED ADR	71654V408
EFV	ISHARES TR	35,700	$1.747M	0.4%	$46.27	—	EAFE VALUE ETF	464288877
BBD	BANCO BRADESCO S A	434,650	$1.504M	0.4%	$2.81	—	BANCO BRADESCO-ADR	059460303
EWJ	ISHARES INC	20,000	$1.238M	0.3%	$55.15	—	MSCI JPN ETF NEW	46434G822
BSBR	BANCO SANTANDER BRASIL S A	157,930	$1.004M	0.3%	$5.37	—	ADS REP 1 UNIT	05967A107
AXIA	CENTRAIS ELETRICAS BRASILEIR	100,104	$828K	0.2%	$7.60	—	SPONSORED ADR	15234Q207
SCHH	SCHWAB STRATEGIC TR	39,400	$769K	0.2%	$32.23	—	US REIT ETF	808524847
KOF	COCA-COLA FEMSA SAB DE CV	9,139	$761K	0.2%	$71.06	—	SPONSORD ADR REP	191241108
NLY	ANNALY CAPITAL MANAGEMENT IN	35,000	$700K	0.2%	$19.11	—	COM NEW	035710839
VIV	TELEFONICA BRASIL SA	72,375	$661K	0.2%	$7.25	—	NEW ADR	87936R205
XLE	SELECT SECTOR SPDR TR	8,000	$649K	0.2%	$68.46	—	ENERGY	81369Y506
VDE	VANGUARD WORLD FDS	5,300	$598K	0.2%	$88.49	—	ENERGY ETF	92204A306
MELI	MERCADOLIBRE INC	494	$585K	0.1%	$941.81	+33.5%	COM	58733R102
XP	XP INC	24,068	$565K	0.1%	$16.67	+1.8%	CL A	G98239109
SUZ	SUZANO S A	58,835	$542K	0.1%	$8.98	—	SPON ADS	86959K105
VTV	VANGUARD INDEX FDS	3,350	$476K	0.1%	$97.48	—	VALUE ETF	922908744
GGB	GERDAU SA	71,869	$375K	0.1%	$5.37	—	SPON ADR REP PFD	373737105
EMB	ISHARES TR	4,300	$372K	0.1%	$96.74	—	JPMORGAN USD EMG	464288281
SBS	COMPANHIA DE SANEAMENTO BASI	28,680	$340K	0.1%	$10.48	—	SPONSORED ADR	20441A102
TIMB	TIM S A	20,350	$311K	0.1%	$11.86	—	SPONSORED ADR	88706T108
CIG	CIA ENERGETICA DE MINAS GERA	113,498	$299K	0.1%	$2.09	—	SP ADR N-V PFD	204409601
CSAN	COSAN S A	19,080	$285K	0.1%	$12.75	—	ADS	22113B103
SCHP	SCHWAB STRATEGIC TR	5,000	$262K	0.1%	$62.00	—	US TIPS ETF	808524870
—	NATURA &CO HLDG S A	28,990	$202K	0.1%	$4.54	—	ADS	63884N108
BAK	BRASKEM S A	17,230	$201K	0.1%	$8.79	—	SP ADR PFD A	105532105
UGP	ULTRAPAR PARTICIPACOES SA	46,700	$184K	0.0%	$2.49	—	SP ADR REP COM	90400P101
STNE	STONECO LTD	13,440	$171K	0.0%	$9.45	—	COM CL A	G85158106
EWM	ISHARES INC	7,500	$150K	0.0%	$32.40	—	MSCI MLY ETF NEW	46434G814
VNQI	VANGUARD INTL EQUITY INDEX F	3,600	$145K	0.0%	$42.78	—	GLB EX US ETF	922042676
SID	COMPANHIA SIDERURGICA NACION	55,740	$144K	0.0%	$2.83	—	SPONSORED ADR	20440W105
—	BRF SA	46,008	$87,415	0.0%	$1.50	—	SPONSORED ADR	10552T107