Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VEA	VANGUARD TAX-MANAGED INTL FD	1,112,000	$55.79M	15.5%	$39.09	—	FTSE DEV MKT ETF	921943858
VWO	VANGUARD INTL EQUITY INDEX F	1,322,600	$55.25M	15.3%	$40.67	—	FTSE EMR MKT ETF	922042858
VTI	VANGUARD INDEX FDS	204,600	$53.18M	14.8%	$127.00	—	TOTAL STK MKT	922908769
VIG	VANGUARD SPECIALIZED FUNDS	177,730	$32.46M	9.0%	$92.67	—	DIV APP ETF	921908844
IAU	ISHARES GOLD TR	608,780	$25.57M	7.1%	$14.84	—	ISHARES NEW	464285204
GUNR	FLEXSHARES TR	528,203	$21.69M	6.0%	$30.20	—	MORNSTAR UPSTR	33939L407
EWZ	ISHARES INC	606,500	$19.66M	5.5%	$34.13	—	MSCI BRAZIL ETF	464286400
EWC	ISHARES INC	351,800	$13.47M	3.7%	$32.81	—	MSCI CDA ETF	464286509
ACWI	ISHARES TR	86,200	$9.493M	2.6%	$80.43	—	MSCI ACWI ETF	464288257
EMLC	VANECK ETF TRUST	316,200	$7.75M	2.2%	$29.06	—	JP MRGAN EM LOC	92189H300
IEMG	ISHARES INC	126,800	$6.543M	1.8%	$49.30	—	CORE MSCI EMKT	46434G103
VNQ	VANGUARD INDEX FDS	54,200	$4.687M	1.3%	$85.57	—	REAL ESTATE ETF	922908553
GNR	SPDR INDEX SHS FDS	77,550	$4.492M	1.2%	$48.74	—	GLB NAT RESRCE	78463X541
FCX	FREEPORT-MCMORAN INC	94,000	$4.42M	1.2%	$29.54	+33.4%	CL B	35671D857
AGNC	AGNC INVT CORP	350,000	$3.465M	1.0%	$10.06	—	COM	00123Q104
EWU	ISHARES TR	98,900	$3.383M	0.9%	$26.96	—	MSCI UK ETF NEW	46435G334
VALE	VALE S A	256,714	$3.129M	0.9%	$16.67	—	SPONSORED ADS	91912E105
NU	NU HLDGS LTD	260,100	$3.103M	0.9%	$10.21	0.0%	ORD SHS CL A	G6683N103
AAPL	APPLE INC	18,000	$3.087M	0.9%	$180.25	0.0%	COM	037833100
ITUB	ITAU UNIBANCO HLDG S A	386,597	$2.679M	0.7%	$4.75	—	SPON ADR REP PFD	465562106
PBR/A	PETROLEO BRASILEIRO SA PETRO	154,260	$2.298M	0.6%	$9.28	—	SP ADR NON VTG	71654V101
DJP	BARCLAYS BANK PLC	67,800	$2.109M	0.6%	$22.67	—	DJUBS CMDT ETN36	06738C778
PBR	PETROLEO BRASILEIRO SA PETRO	132,846	$2.021M	0.6%	$10.65	—	SPONSORED ADR	71654V408
EFV	ISHARES TR	35,700	$1.942M	0.5%	$46.27	—	EAFE VALUE ETF	464288877
EWJ	ISHARES INC	23,500	$1.677M	0.5%	$57.56	—	MSCI JPN ETF NEW	46434G822
ABEV	AMBEV SA	616,839	$1.53M	0.4%	$2.75	—	SPONSORED ADR	02319V103
KOF	COCA-COLA FEMSA SAB DE CV	14,789	$1.437M	0.4%	$80.07	—	SPONSORD ADR REP	191241108
BBD	BANCO BRADESCO S A	434,650	$1.243M	0.3%	$2.81	—	BANCO BRADESCO-ADR	059460303
MELI	MERCADOLIBRE INC	794	$1.2M	0.3%	$1121.44	+45.9%	COM	58733R102
XP	XP INC	37,068	$951K	0.3%	$18.82	+33.2%	CL A	G98239109
BSBR	BANCO SANTANDER BRASIL S A	157,930	$903K	0.3%	$5.37	—	ADS REP 1 UNIT	05967A107
AXIA	CENTRAIS ELETRICAS BRASILEIR	100,104	$836K	0.2%	$7.60	—	SPONSORED ADR	15234Q207
SCHH	SCHWAB STRATEGIC TR	39,400	$800K	0.2%	$32.23	—	US REIT ETF	808524847
XLE	SELECT SECTOR SPDR TR	8,000	$755K	0.2%	$68.46	—	ENERGY	81369Y506
SUZ	SUZANO S A	58,835	$752K	0.2%	$8.98	—	SPON ADS	86959K105
VIV	TELEFONICA BRASIL SA	72,375	$729K	0.2%	$7.25	—	NEW ADR	87936R205
VDE	VANGUARD WORLD FDS	5,300	$698K	0.2%	$88.49	—	ENERGY ETF	92204A306
NLY	ANNALY CAPITAL MANAGEMENT IN	35,000	$689K	0.2%	$19.11	—	COM NEW	035710839
VTV	VANGUARD INDEX FDS	3,350	$546K	0.2%	$97.48	—	VALUE ETF	922908744
SBS	COMPANHIA DE SANEAMENTO BASI	28,680	$483K	0.1%	$10.48	—	SPONSORED ADR	20441A102
EMB	ISHARES TR	4,300	$386K	0.1%	$96.74	—	JPMORGAN USD EMG	464288281
TIMB	TIM S A	20,350	$361K	0.1%	$11.86	—	SPONSORED ADR	88706T108
GGB	GERDAU SA	71,869	$318K	0.1%	$5.37	—	SPON ADR REP PFD	373737105
STNE	STONECO LTD	18,540	$308K	0.1%	$11.81	—	COM CL A	G85158106
CIG	CIA ENERGETICA DE MINAS GERA	113,498	$280K	0.1%	$2.09	—	SP ADR N-V PFD	204409601
UGP	ULTRAPAR PARTICIPACOES SA	46,700	$267K	0.1%	$2.49	—	SP ADR REP COM	90400P101
SCHP	SCHWAB STRATEGIC TR	5,000	$261K	0.1%	$62.00	—	US TIPS ETF	808524870
CSAN	COSAN S A	19,080	$247K	0.1%	$12.75	—	ADS	22113B103
—	NATURA &CO HLDG S A	28,990	$208K	0.1%	$4.54	—	ADS	63884N108
BAK	BRASKEM S A	17,230	$181K	0.1%	$8.79	—	SP ADR PFD A	105532105
SID	COMPANHIA SIDERURGICA NACION	55,740	$174K	0.0%	$2.83	—	SPONSORED ADR	20440W105
EWM	ISHARES INC	7,500	$163K	0.0%	$32.40	—	MSCI MLY ETF NEW	46434G814
VNQI	VANGUARD INTL EQUITY INDEX F	3,600	$152K	0.0%	$42.78	—	GLB EX US ETF	922042676
—	BRF SA	46,008	$150K	0.0%	$1.50	—	SPONSORED ADR	10552T107