Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SE	SEA LTD	28,300	$2.344M	0.9%	—	—	SPONSORD ADS	81141R100
CPNG	COUPANG INC	60,000	$1.133M	0.5%	—	—	CL A	22266T109
DLO	DLOCAL LTD	56,000	$726K	0.3%	—	—	CLASS A COM	G29018101
PAGS	PAGSEGURO DIGITAL LTD	56,000	$561K	0.2%	—	—	COM CL A	G68707101
NVDA	NVIDIA CORPORATION	3,000	$523K	0.2%	—	—	COM	67066G104
GOOG	ALPHABET INC	1,000	$287K	0.1%	—	—	CAP STK CL C	02079K107

Increased Positions (9)

MELI MERCADOLIBRE INC 2.2%

Value $5.522M (+72.0%) Shares 3,194 (+100.4%) Est. Cost — Unrealized —

EWU ISHARES TR 1.8%

Value $4.442M (+54.2%) Shares 97,500 (+48.9%) Est. Cost — Unrealized —

VTI VANGUARD INDEX FDS 5.8%

Value $14.5M (+6.0%) Shares 45,200 (+10.8%) Est. Cost — Unrealized —

ARCC ARES CAPITAL CORP 0.5%

Value $1.128M (+46.5%) Shares 62,618 (+64.5%) Est. Cost — Unrealized —

SBS COMPANHIA DE SANEAMENTO BASI 0.4%

Value $902K (+30.1%) Shares 29,551 (+1.7%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.2%

Value $417K (+80.5%) Shares 2,000 (+100.0%) Est. Cost — Unrealized —

OBDC BLUE OWL CAPITAL CORPORATION 0.2%

Value $568K (-9.5%) Shares 51,361 (+1.8%) Est. Cost — Unrealized —

MAIN MAIN STR CAP CORP 0.1%

Value $332K (-10.9%) Shares 6,274 (+1.6%) Est. Cost — Unrealized —

OCSL OAKTREE SPECIALTY LENDING CO 0.1%

Value $178K (-9.8%) Shares 15,760 (+1.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MELI	MERCADOLIBRE INC	3,194 (+100.4%)	$5.522M (+72.0%)	2.2%	—	—	COM	58733R102
EWU	ISHARES TR	97,500 (+48.9%)	$4.442M (+54.2%)	1.8%	—	—	MSCI UK ETF NEW	46435G334
VTI	VANGUARD INDEX FDS	45,200 (+10.8%)	$14.5M (+6.0%)	5.8%	—	—	TOTAL STK MKT	922908769
ARCC	ARES CAPITAL CORP	62,618 (+64.5%)	$1.128M (+46.5%)	0.5%	—	—	COM	04010L103
SBS	COMPANHIA DE SANEAMENTO BASI	29,551 (+1.7%)	$902K (+30.1%)	0.4%	—	—	SPONSORED ADR	20441A102
AMZN	AMAZON COM INC	2,000 (+100.0%)	$417K (+80.5%)	0.2%	—	—	COM	023135106
OBDC	BLUE OWL CAPITAL CORPORATION	51,361 (+1.8%)	$568K (-9.5%)	0.2%	—	—	COM	69121K104
MAIN	MAIN STR CAP CORP	6,274 (+1.6%)	$332K (-10.9%)	0.1%	—	—	COM	56035L104
OCSL	OAKTREE SPECIALTY LENDING CO	15,760 (+1.7%)	$178K (-9.8%)	0.1%	—	—	COM	67401P405

Exited Positions (4)

— TOTALENERGIES SE 0.1%

Value $196K Shares 3,000 Est. Cost — Unrealized —

SID COMPANHIA SIDERURGICA NACION 0.0%

Value $89,184 Shares 55,740 Est. Cost — Unrealized —

CSAN COSAN S A 0.0%

Value $43,134 Shares 10,920 Est. Cost — Unrealized —

BAK BRASKEM S A 0.0%

Value $28,055 Shares 9,510 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	TOTALENERGIES SE	3,000	$196K	0.1%	—	—	—	89151E109
SID	COMPANHIA SIDERURGICA NACION	55,740	$89,184	0.0%	—	—	—	20440W105
CSAN	COSAN S A	10,920	$43,134	0.0%	—	—	—	22113B103
BAK	BRASKEM S A	9,510	$28,055	0.0%	—	—	—	105532105

Decreased Positions (2)

NU NU HLDGS LTD 1.6%

Value $4.104M (-20.3%) Shares 285,600 (-7.2%) Est. Cost — Unrealized —

EWZ ISHARES INC 6.0%

Value $15.1M (-3.7%) Shares 393,400 (-20.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NU	NU HLDGS LTD	285,600 (-7.2%)	$4.104M (-20.3%)	1.6%	—	—	ORD SHS CL A	G6683N103
EWZ	ISHARES INC	393,400 (-20.3%)	$15.1M (-3.7%)	6.0%	—	—	MSCI BRAZIL ETF	464286400

Unchanged Positions (48)

GUNR FLEXSHARES TR 11.0%

Value $27.45M Shares 497,600 Est. Cost — Unrealized —

IAU ISHARES GOLD TR 13.9%

Value $34.86M Shares 395,430 Est. Cost — Unrealized —

PBR PETROLEO BRASILEIRO SA PETRO 1.1%

Value $2.757M Shares 132,846 Est. Cost — Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 1.2%

Value $2.892M Shares 154,260 Est. Cost — Unrealized —

GNR SPDR INDEX SHS FDS 2.3%

Value $5.791M Shares 77,550 Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 1.3%

Value $3.257M Shares 19,200 Est. Cost — Unrealized —

VEA VANGUARD TAX-MANAGED INTL FD 13.5%

Value $33.68M Shares 525,600 Est. Cost — Unrealized —

FCX FREEPORT-MCMORAN INC 1.9%

Value $4.761M Shares 81,000 Est. Cost — Unrealized —

ITUB ITAU UNIBANCO HLDG S A 1.5%

Value $3.671M Shares 438,013 Est. Cost — Unrealized —

CVX CHEVRON CORP NEW 0.7%

Value $1.8M Shares 8,700 Est. Cost — Unrealized —

VALE VALE S A 0.8%

Value $1.941M Shares 122,010 Est. Cost — Unrealized —

IEMG ISHARES INC 3.5%

Value $8.844M Shares 126,800 Est. Cost — Unrealized —

EWC ISHARES INC 6.8%

Value $17.08M Shares 311,800 Est. Cost — Unrealized —

XLE SELECT SECTOR SPDR TR 0.4%

Value $980K Shares 16,000 Est. Cost — Unrealized —

VDE VANGUARD WORLD FDS 0.4%

Value $917K Shares 5,300 Est. Cost — Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 4.5%

Value $11.32M Shares 52,630 Est. Cost — Unrealized —

BHP BHP GROUP LTD 0.6%

Value $1.455M Shares 20,000 Est. Cost — Unrealized —

RIO RIO TINTO PLC 0.6%

Value $1.586M Shares 17,000 Est. Cost — Unrealized —

EMLC VANECK ETF TRUST 3.2%

Value $7.94M Shares 316,200 Est. Cost — Unrealized —

AXIA CENTRAIS ELETRICAS BRASILEIR 0.5%

Value $1.129M Shares 100,104 Est. Cost — Unrealized —

ABEV AMBEV SA 0.5%

Value $1.133M Shares 387,929 Est. Cost — Unrealized —

VIV TELEFONICA BRASIL SA 0.3%

Value $655K Shares 41,185 Est. Cost — Unrealized —

FSK FS KKR CAP CORP 0.1%

Value $366K Shares 36,000 Est. Cost — Unrealized —

JBS JBS N.V. 0.3%

Value $778K Shares 43,311 Est. Cost — Unrealized —

ACWI ISHARES TR 2.4%

Value $6.047M Shares 43,700 Est. Cost — Unrealized —

TIMB TIM S A 0.2%

Value $417K Shares 15,760 Est. Cost — Unrealized —

EFV ISHARES TR 1.1%

Value $2.654M Shares 35,700 Est. Cost — Unrealized —

COP CONOCOPHILLIPS 0.1%

Value $356K Shares 2,700 Est. Cost — Unrealized —

XP XP INC 0.3%

Value $706K Shares 37,068 Est. Cost — Unrealized —

SHEL SHELL PLC 0.2%

Value $465K Shares 5,000 Est. Cost — Unrealized —

UGP ULTRAPAR PARTICIPACOES SA 0.1%

Value $257K Shares 46,700 Est. Cost — Unrealized —

KOF COCA-COLA FEMSA SAB DE CV 1.0%

Value $2.418M Shares 24,789 Est. Cost — Unrealized —

AXIA/PC CENTRAIS ELET BRAS SA 0.1%

Value $287K Shares 26,310 Est. Cost — Unrealized —

BBD BANCO BRADESCO S A 0.3%

Value $686K Shares 187,900 Est. Cost — Unrealized —

CIG CIA ENERGETICA DE MINAS GERA 0.1%

Value $353K Shares 147,547 Est. Cost — Unrealized —

AGNC AGNC INVT CORP 0.2%

Value $602K Shares 60,000 Est. Cost — Unrealized —

SUZ SUZANO S A 0.1%

Value $336K Shares 33,605 Est. Cost — Unrealized —

VTV VANGUARD INDEX FDS 0.3%

Value $657K Shares 3,350 Est. Cost — Unrealized —

CCAP CRESCENT CAP BDC INC 0.0%

Value $109K Shares 9,000 Est. Cost — Unrealized —

BSBR BANCO SANTANDER BRASIL S A 0.2%

Value $522K Shares 88,050 Est. Cost — Unrealized —

STNE STONECO LTD 0.1%

Value $311K Shares 22,040 Est. Cost — Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.8%

Value $2.038M Shares 37,700 Est. Cost — Unrealized —

EMB ISHARES TR 0.2%

Value $404K Shares 4,300 Est. Cost — Unrealized —

GGB GERDAU SA 0.1%

Value $311K Shares 86,242 Est. Cost — Unrealized —

SCHP SCHWAB STRATEGIC TR 0.1%

Value $266K Shares 10,000 Est. Cost — Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.0%

Value $6,065 Shares 100 Est. Cost — Unrealized —

PFE PFIZER INC 0.0%

Value $2,808 Shares 100 Est. Cost — Unrealized —

CSWC CAPITAL SOUTHWEST CORP 0.1%

Value $188K Shares 8,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GUNR	FLEXSHARES TR	497,600	$27.45M	11.0%	—	—	MORNSTAR UPSTR	33939L407
IAU	ISHARES GOLD TR	395,430	$34.86M	13.9%	—	—	ISHARES NEW	464285204
PBR	PETROLEO BRASILEIRO SA PETRO	132,846	$2.757M	1.1%	—	—	SPONSORED ADR	71654V408
PBR/A	PETROLEO BRASILEIRO SA PETRO	154,260	$2.892M	1.2%	—	—	SP ADR NON VTG	71654V101
GNR	SPDR INDEX SHS FDS	77,550	$5.791M	2.3%	—	—	GLB NAT RESRCE	78463X541
XOM	EXXON MOBIL CORP	19,200	$3.257M	1.3%	—	—	COM	30231G102
VEA	VANGUARD TAX-MANAGED INTL FD	525,600	$33.68M	13.5%	—	—	FTSE DEV MKT ETF	921943858
FCX	FREEPORT-MCMORAN INC	81,000	$4.761M	1.9%	—	—	CL B	35671D857
ITUB	ITAU UNIBANCO HLDG S A	438,013	$3.671M	1.5%	—	—	SPON ADR REP PFD	465562106
CVX	CHEVRON CORP NEW	8,700	$1.8M	0.7%	—	—	COM	166764100
VALE	VALE S A	122,010	$1.941M	0.8%	—	—	SPONSORED ADS	91912E105
IEMG	ISHARES INC	126,800	$8.844M	3.5%	—	—	CORE MSCI EMKT	46434G103
EWC	ISHARES INC	311,800	$17.08M	6.8%	—	—	MSCI CDA ETF	464286509
XLE	SELECT SECTOR SPDR TR	16,000	$980K	0.4%	—	—	ENERGY	81369Y506
VDE	VANGUARD WORLD FDS	5,300	$917K	0.4%	—	—	ENERGY ETF	92204A306
VIG	VANGUARD SPECIALIZED FUNDS	52,630	$11.32M	4.5%	—	—	DIV APP ETF	921908844
BHP	BHP GROUP LTD	20,000	$1.455M	0.6%	—	—	SPONSORED ADS	088606108
RIO	RIO TINTO PLC	17,000	$1.586M	0.6%	—	—	SPONSORED ADR	767204100
EMLC	VANECK ETF TRUST	316,200	$7.94M	3.2%	—	—	JP MRGAN EM LOC	92189H300
AXIA	CENTRAIS ELETRICAS BRASILEIR	100,104	$1.129M	0.5%	—	—	SPONSORED ADR	15234Q207
ABEV	AMBEV SA	387,929	$1.133M	0.5%	—	—	SPONSORED ADR	02319V103
VIV	TELEFONICA BRASIL SA	41,185	$655K	0.3%	—	—	NEW ADR	87936R205
FSK	FS KKR CAP CORP	36,000	$366K	0.1%	—	—	COM	302635206
JBS	JBS N.V.	43,311	$778K	0.3%	—	—	CL A SHS	N4732M103
ACWI	ISHARES TR	43,700	$6.047M	2.4%	—	—	MSCI ACWI ETF	464288257
TIMB	TIM S A	15,760	$417K	0.2%	—	—	SPONSORED ADR	88706T108
EFV	ISHARES TR	35,700	$2.654M	1.1%	—	—	EAFE VALUE ETF	464288877
COP	CONOCOPHILLIPS	2,700	$356K	0.1%	—	—	COM	20825C104
XP	XP INC	37,068	$706K	0.3%	—	—	CL A	G98239109
SHEL	SHELL PLC	5,000	$465K	0.2%	—	—	SPON ADS	780259305
UGP	ULTRAPAR PARTICIPACOES SA	46,700	$257K	0.1%	—	—	SP ADR REP COM	90400P101
KOF	COCA-COLA FEMSA SAB DE CV	24,789	$2.418M	1.0%	—	—	SPONSORD ADR REP	191241108
AXIA/PC	CENTRAIS ELET BRAS SA	26,310	$287K	0.1%	—	—	SPON ADS PF CL C	15236F100
BBD	BANCO BRADESCO S A	187,900	$686K	0.3%	—	—	BANCO BRADESCO-ADR	059460303
CIG	CIA ENERGETICA DE MINAS GERA	147,547	$353K	0.1%	—	—	SP ADR N-V PFD	204409601
AGNC	AGNC INVT CORP	60,000	$602K	0.2%	—	—	COM	00123Q104
SUZ	SUZANO S A	33,605	$336K	0.1%	—	—	SPON ADS	86959K105
VTV	VANGUARD INDEX FDS	3,350	$657K	0.3%	—	—	VALUE ETF	922908744
CCAP	CRESCENT CAP BDC INC	9,000	$109K	0.0%	—	—	COM	225655109
BSBR	BANCO SANTANDER BRASIL S A	88,050	$522K	0.2%	—	—	ADS REP 1 UNIT	05967A107
STNE	STONECO LTD	22,040	$311K	0.1%	—	—	COM CL A	G85158106
VWO	VANGUARD INTL EQUITY INDEX F	37,700	$2.038M	0.8%	—	—	FTSE EMR MKT ETF	922042858
EMB	ISHARES TR	4,300	$404K	0.2%	—	—	JPMORGAN USD EMG	464288281
GGB	GERDAU SA	86,242	$311K	0.1%	—	—	SPON ADR REP PFD	373737105
SCHP	SCHWAB STRATEGIC TR	10,000	$266K	0.1%	—	—	US TIPS ETF	808524870
BMY	BRISTOL-MYERS SQUIBB CO	100	$6,065	0.0%	—	—	COM	110122108
PFE	PFIZER INC	100	$2,808	0.0%	—	—	COM	717081103
CSWC	CAPITAL SOUTHWEST CORP	8,500	$188K	0.1%	—	—	COM	140501107