Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBS	COMPANHIA DE SANEAMENTO BASI	147,885 (+400.4%)	$855K (-5.2%)	0.3%	—	—	SPONSORED ADR	20441A102
ARCC	ARES CAPITAL CORP	63,254 (+1.0%)	$1.172M (+3.9%)	0.5%	—	—	COM	04010L103
OCSL	OAKTREE SPECIALTY LENDING CO	16,062 (+1.9%)	$192K (+7.7%)	0.1%	—	—	COM	67401P405
OBDC	BLUE OWL CAPITAL CORPORATION	52,407 (+2.0%)	$570K (+0.3%)	0.2%	—	—	COM	69121K104

Decreased Positions (1)

ABEV AMBEV SA 0.4%

Value $904K (-20.2%) Shares 287,929 (-25.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABEV	AMBEV SA	287,929 (-25.8%)	$904K (-20.2%)	0.4%	—	—	SPONSORED ADR	02319V103

Unchanged Positions (60)

IAU ISHARES GOLD TR 12.0%

Value $29.86M Shares 395,430 Est. Cost — Unrealized —

VEA VANGUARD TAX-MANAGED INTL FD 15.0%

Value $37.45M Shares 525,600 Est. Cost — Unrealized —

GUNR FLEXSHARES TR 9.8%

Value $24.52M Shares 497,600 Est. Cost — Unrealized —

VTI VANGUARD INDEX FDS 6.7%

Value $16.73M Shares 45,200 Est. Cost — Unrealized —

IEMG ISHARES INC 4.2%

Value $10.5M Shares 126,800 Est. Cost — Unrealized —

EWZ ISHARES INC 5.5%

Value $13.57M Shares 393,400 Est. Cost — Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 5.0%

Value $12.45M Shares 52,630 Est. Cost — Unrealized —

EWC ISHARES INC 7.2%

Value $17.97M Shares 311,800 Est. Cost — Unrealized —

ACWI ISHARES TR 2.8%

Value $6.86M Shares 43,700 Est. Cost — Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 0.9%

Value $2.258M Shares 154,260 Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 1.1%

Value $2.625M Shares 19,200 Est. Cost — Unrealized —

PBR PETROLEO BRASILEIRO SA PETRO 0.9%

Value $2.147M Shares 132,846 Est. Cost — Unrealized —

GNR SPDR INDEX SHS FDS 2.1%

Value $5.22M Shares 77,550 Est. Cost — Unrealized —

SE SEA LTD 1.1%

Value $2.712M Shares 28,300 Est. Cost — Unrealized —

CVX CHEVRON CORP NEW 0.6%

Value $1.442M Shares 8,700 Est. Cost — Unrealized —

FCX FREEPORT-MCMORAN INC 2.0%

Value $5.094M Shares 81,000 Est. Cost — Unrealized —

NU NU HLDGS LTD 1.5%

Value $3.816M Shares 285,600 Est. Cost — Unrealized —

JBS JBS N.V. 0.2%

Value $513K Shares 43,311 Est. Cost — Unrealized —

KOF COCA-COLA FEMSA SAB DE CV 1.1%

Value $2.634M Shares 24,789 Est. Cost — Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.9%

Value $2.25M Shares 37,700 Est. Cost — Unrealized —

BHP BHP GROUP LTD 0.7%

Value $1.666M Shares 20,000 Est. Cost — Unrealized —

EMLC VANECK ETF TRUST 3.2%

Value $8.082M Shares 316,200 Est. Cost — Unrealized —

XLE SELECT SECTOR SPDR TR 0.3%

Value $850K Shares 16,000 Est. Cost — Unrealized —

VDE VANGUARD WORLD FDS 0.3%

Value $796K Shares 5,300 Est. Cost — Unrealized —

VIV TELEFONICA BRASIL SA 0.2%

Value $542K Shares 41,185 Est. Cost — Unrealized —

VALE VALE S A 0.7%

Value $1.835M Shares 122,010 Est. Cost — Unrealized —

XP XP INC 0.2%

Value $603K Shares 37,068 Est. Cost — Unrealized —

MELI MERCADOLIBRE INC 2.2%

Value $5.421M Shares 3,194 Est. Cost — Unrealized —

ITUB ITAU UNIBANCO HLDG S A 1.4%

Value $3.579M Shares 438,013 Est. Cost — Unrealized —

CPNG COUPANG INC 0.4%

Value $1.042M Shares 60,000 Est. Cost — Unrealized —

TIMB TIM S A 0.1%

Value $338K Shares 15,760 Est. Cost — Unrealized —

EFV ISHARES TR 1.1%

Value $2.733M Shares 35,700 Est. Cost — Unrealized —

SHEL SHELL PLC 0.2%

Value $388K Shares 5,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.2%

Value $600K Shares 3,000 Est. Cost — Unrealized —

COP CONOCOPHILLIPS 0.1%

Value $281K Shares 2,700 Est. Cost — Unrealized —

SUZ SUZANO S A 0.1%

Value $261K Shares 33,605 Est. Cost — Unrealized —

VTV VANGUARD INDEX FDS 0.3%

Value $730K Shares 3,350 Est. Cost — Unrealized —

STNE STONECO LTD 0.1%

Value $239K Shares 22,040 Est. Cost — Unrealized —

AXIA CENTRAIS ELETRICAS BRASILEIR 0.4%

Value $1.057M Shares 100,104 Est. Cost — Unrealized —

GOOG ALPHABET INC 0.1%

Value $353K Shares 1,000 Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.2%

Value $477K Shares 2,000 Est. Cost — Unrealized —

BSBR BANCO SANTANDER BRASIL S A 0.2%

Value $462K Shares 88,050 Est. Cost — Unrealized —

EWU ISHARES TR 1.8%

Value $4.499M Shares 97,500 Est. Cost — Unrealized —

PAGS PAGSEGURO DIGITAL LTD 0.2%

Value $507K Shares 56,000 Est. Cost — Unrealized —

AGNC AGNC INVT CORP 0.3%

Value $654K Shares 60,000 Est. Cost — Unrealized —

CIG CIA ENERGETICA DE MINAS GERA 0.1%

Value $310K Shares 147,547 Est. Cost — Unrealized —

GGB GERDAU SA 0.1%

Value $348K Shares 86,242 Est. Cost — Unrealized —

BBD BANCO BRADESCO S A 0.3%

Value $652K Shares 187,900 Est. Cost — Unrealized —

RIO RIO TINTO PLC 0.6%

Value $1.614M Shares 17,000 Est. Cost — Unrealized —

UGP ULTRAPAR PARTICIPACOES SA 0.1%

Value $234K Shares 46,700 Est. Cost — Unrealized —

CSWC CAPITAL SOUTHWEST CORP 0.1%

Value $202K Shares 8,500 Est. Cost — Unrealized —

FSK FS KKR CAP CORP 0.2%

Value $378K Shares 36,000 Est. Cost — Unrealized —

CCAP CRESCENT CAP BDC INC 0.0%

Value $98,280 Shares 9,000 Est. Cost — Unrealized —

EMB ISHARES TR 0.2%

Value $415K Shares 4,300 Est. Cost — Unrealized —

AXIA/PC CENTRAIS ELET BRAS SA 0.1%

Value $278K Shares 26,310 Est. Cost — Unrealized —

MAIN MAIN STR CAP CORP 0.1%

Value $329K Shares 6,336 Est. Cost — Unrealized —

DLO DLOCAL LTD 0.3%

Value $728K Shares 56,000 Est. Cost — Unrealized —

SCHP SCHWAB STRATEGIC TR 0.1%

Value $265K Shares 10,000 Est. Cost — Unrealized —

PFE PFIZER INC 0.0%

Value $2,408 Shares 100 Est. Cost — Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.0%

Value $5,762 Shares 100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	395,430	$29.86M	12.0%	—	—	ISHARES NEW	464285204
VEA	VANGUARD TAX-MANAGED INTL FD	525,600	$37.45M	15.0%	—	—	FTSE DEV MKT ETF	921943858
GUNR	FLEXSHARES TR	497,600	$24.52M	9.8%	—	—	MORNSTAR UPSTR	33939L407
VTI	VANGUARD INDEX FDS	45,200	$16.73M	6.7%	—	—	TOTAL STK MKT	922908769
IEMG	ISHARES INC	126,800	$10.5M	4.2%	—	—	CORE MSCI EMKT	46434G103
EWZ	ISHARES INC	393,400	$13.57M	5.5%	—	—	MSCI BRAZIL ETF	464286400
VIG	VANGUARD SPECIALIZED FUNDS	52,630	$12.45M	5.0%	—	—	DIV APP ETF	921908844
EWC	ISHARES INC	311,800	$17.97M	7.2%	—	—	MSCI CDA ETF	464286509
ACWI	ISHARES TR	43,700	$6.86M	2.8%	—	—	MSCI ACWI ETF	464288257
PBR/A	PETROLEO BRASILEIRO SA PETRO	154,260	$2.258M	0.9%	—	—	SP ADR NON VTG	71654V101
XOM	EXXON MOBIL CORP	19,200	$2.625M	1.1%	—	—	COM	30231G102
PBR	PETROLEO BRASILEIRO SA PETRO	132,846	$2.147M	0.9%	—	—	SPONSORED ADR	71654V408
GNR	SPDR INDEX SHS FDS	77,550	$5.22M	2.1%	—	—	GLB NAT RESRCE	78463X541
SE	SEA LTD	28,300	$2.712M	1.1%	—	—	SPONSORD ADS	81141R100
CVX	CHEVRON CORP NEW	8,700	$1.442M	0.6%	—	—	COM	166764100
FCX	FREEPORT-MCMORAN INC	81,000	$5.094M	2.0%	—	—	CL B	35671D857
NU	NU HLDGS LTD	285,600	$3.816M	1.5%	—	—	ORD SHS CL A	G6683N103
JBS	JBS N.V.	43,311	$513K	0.2%	—	—	CL A SHS	N4732M103
KOF	COCA-COLA FEMSA SAB DE CV	24,789	$2.634M	1.1%	—	—	SPONSORD ADR REP	191241108
VWO	VANGUARD INTL EQUITY INDEX F	37,700	$2.25M	0.9%	—	—	FTSE EMR MKT ETF	922042858
BHP	BHP GROUP LTD	20,000	$1.666M	0.7%	—	—	SPONSORED ADS	088606108
EMLC	VANECK ETF TRUST	316,200	$8.082M	3.2%	—	—	JP MRGAN EM LOC	92189H300
XLE	SELECT SECTOR SPDR TR	16,000	$850K	0.3%	—	—	ENERGY	81369Y506
VDE	VANGUARD WORLD FDS	5,300	$796K	0.3%	—	—	ENERGY ETF	92204A306
VIV	TELEFONICA BRASIL SA	41,185	$542K	0.2%	—	—	NEW ADR	87936R205
VALE	VALE S A	122,010	$1.835M	0.7%	—	—	SPONSORED ADS	91912E105
XP	XP INC	37,068	$603K	0.2%	—	—	CL A	G98239109
MELI	MERCADOLIBRE INC	3,194	$5.421M	2.2%	—	—	COM	58733R102
ITUB	ITAU UNIBANCO HLDG S A	438,013	$3.579M	1.4%	—	—	SPON ADR REP PFD	465562106
CPNG	COUPANG INC	60,000	$1.042M	0.4%	—	—	CL A	22266T109
TIMB	TIM S A	15,760	$338K	0.1%	—	—	SPONSORED ADR	88706T108
EFV	ISHARES TR	35,700	$2.733M	1.1%	—	—	EAFE VALUE ETF	464288877
SHEL	SHELL PLC	5,000	$388K	0.2%	—	—	SPON ADS	780259305
NVDA	NVIDIA CORPORATION	3,000	$600K	0.2%	—	—	COM	67066G104
COP	CONOCOPHILLIPS	2,700	$281K	0.1%	—	—	COM	20825C104
SUZ	SUZANO S A	33,605	$261K	0.1%	—	—	SPON ADS	86959K105
VTV	VANGUARD INDEX FDS	3,350	$730K	0.3%	—	—	VALUE ETF	922908744
STNE	STONECO LTD	22,040	$239K	0.1%	—	—	COM CL A	G85158106
AXIA	CENTRAIS ELETRICAS BRASILEIR	100,104	$1.057M	0.4%	—	—	SPONSORED ADR	15234Q207
GOOG	ALPHABET INC	1,000	$353K	0.1%	—	—	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	2,000	$477K	0.2%	—	—	COM	023135106
BSBR	BANCO SANTANDER BRASIL S A	88,050	$462K	0.2%	—	—	ADS REP 1 UNIT	05967A107
EWU	ISHARES TR	97,500	$4.499M	1.8%	—	—	MSCI UK ETF NEW	46435G334
PAGS	PAGSEGURO DIGITAL LTD	56,000	$507K	0.2%	—	—	COM CL A	G68707101
AGNC	AGNC INVT CORP	60,000	$654K	0.3%	—	—	COM	00123Q104
CIG	CIA ENERGETICA DE MINAS GERA	147,547	$310K	0.1%	—	—	SP ADR N-V PFD	204409601
GGB	GERDAU SA	86,242	$348K	0.1%	—	—	SPON ADR REP PFD	373737105
BBD	BANCO BRADESCO S A	187,900	$652K	0.3%	—	—	BANCO BRADESCO-ADR	059460303
RIO	RIO TINTO PLC	17,000	$1.614M	0.6%	—	—	SPONSORED ADR	767204100
UGP	ULTRAPAR PARTICIPACOES SA	46,700	$234K	0.1%	—	—	SP ADR REP COM	90400P101
CSWC	CAPITAL SOUTHWEST CORP	8,500	$202K	0.1%	—	—	COM	140501107
FSK	FS KKR CAP CORP	36,000	$378K	0.2%	—	—	COM	302635206
CCAP	CRESCENT CAP BDC INC	9,000	$98,280	0.0%	—	—	COM	225655109
EMB	ISHARES TR	4,300	$415K	0.2%	—	—	JPMORGAN USD EMG	464288281
AXIA/PC	CENTRAIS ELET BRAS SA	26,310	$278K	0.1%	—	—	SPON ADS PF CL C	15236F100
MAIN	MAIN STR CAP CORP	6,336	$329K	0.1%	—	—	COM	56035L104
DLO	DLOCAL LTD	56,000	$728K	0.3%	—	—	CLASS A COM	G29018101
SCHP	SCHWAB STRATEGIC TR	10,000	$265K	0.1%	—	—	US TIPS ETF	808524870
PFE	PFIZER INC	100	$2,408	0.0%	—	—	COM	717081103
BMY	BRISTOL-MYERS SQUIBB CO	100	$5,762	0.0%	—	—	COM	110122108