CUMBERLAND ADVISORS INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VUG	VANGUARD INDEX FDS	18,203 (+22.8%)	$8,881 (+25.0%)	3.4%	$385.35	—	GROWTH ETF	922908736
BRK/B	BERKSHIRE HATHAWAY INC DEL	28,699 (+2.2%)	$14,426 (+2.2%)	5.5%	$252.24	+97.2%	CL B NEW	084670702
XLI	SELECT SECTOR SPDR TR	39,606 (+2.3%)	$6,144 (+2.8%)	2.3%	$105.18	—	STATE STREET IND	81369Y704
BND	VANGUARD BD INDEX FDS	23,365 (+11.3%)	$1,731 (+10.9%)	0.7%	$72.73	—	TOTAL BND MRKT	921937835
MSFT	MICROSOFT CORP	21,200 (+6.3%)	$10,253 (-0.8%)	3.9%	$362.73	+38.0%	COM	594918104
BSV	VANGUARD BD INDEX FDS	10,970 (+8.9%)	$865 (+8.8%)	0.3%	$78.05	—	SHORT TRM BOND	921937827
TFI	SPDR SERIES TRUST	24,590 (+4.8%)	$1,124 (+5.1%)	0.4%	$46.22	—	STATE STREET SPD	78468R721
MUB	ISHARES TR	3,255 (+5.2%)	$349 (+5.8%)	0.1%	$106.16	—	NATIONAL MUN ETF	464288414

Decreased Positions (26)

IBB ISHARES TR 4.1%

Value ($000) $10,841 (+14.8%) Shares 64,233 (-1.8%) Est. Cost $127.82 Unrealized —

URI UNITED RENTALS INC 2.4%

Value ($000) $6,402 (-17.3%) Shares 7,910 (-2.5%) Est. Cost $153.80 Unrealized +463.8%

INDA ISHARES TR 0.3%

Value ($000) $920 (-53.6%) Shares 17,025 (-55.3%) Est. Cost $40.77 Unrealized —

GOOG ALPHABET INC 2.3%

Value ($000) $5,962 (+21.5%) Shares 19,000 (-5.7%) Est. Cost $111.19 Unrealized +157.5%

FCX FREEPORT-MCMORAN INC 1.7%

Value ($000) $4,589 (+28.1%) Shares 90,350 (-1.1%) Est. Cost $12.36 Unrealized +250.4%

CMI CUMMINS INC 1.6%

Value ($000) $4,147 (+19.0%) Shares 8,125 (-1.5%) Est. Cost $127.69 Unrealized +265.2%

META META PLATFORMS INC 1.9%

Value ($000) $5,017 (-11.3%) Shares 7,600 (-1.3%) Est. Cost $186.60 Unrealized +257.6%

SPY SPDR S&P 500 ETF TR 22.7%

Value ($000) $59,970 (-1.0%) Shares 87,943 (-3.2%) Est. Cost $404.41 Unrealized —

FDX FEDEX CORP 1.1%

Value ($000) $2,903 (+21.0%) Shares 10,050 (-1.2%) Est. Cost $159.67 Unrealized +63.8%

MAT MATTEL INC 0.3%

Value ($000) $853 (-35.8%) Shares 43,000 (-45.6%) Est. Cost $14.02 Unrealized +37.7%

PFE PFIZER INC 0.5%

Value ($000) $1,215 (-26.4%) Shares 48,800 (-24.7%) Est. Cost $24.71 Unrealized +1.3%

BABA ALIBABA GROUP HLDG LTD 0.5%

Value ($000) $1,308 (-19.8%) Shares 8,925 (-2.2%) Est. Cost $103.14 Unrealized —

XAR SPDR SERIES TRUST 7.0%

Value ($000) $18,335 (-1.6%) Shares 76,002 (-4.2%) Est. Cost $83.55 Unrealized —

OXY OCCIDENTAL PETE CORP 0.6%

Value ($000) $1,604 (-14.1%) Shares 39,000 (-1.3%) Est. Cost $58.08 Unrealized -28.5%

AAPL APPLE INC 1.9%

Value ($000) $5,133 (+5.0%) Shares 18,880 (-1.7%) Est. Cost $107.41 Unrealized +149.8%

TSLA TESLA INC 0.1%

Value ($000) $297 (-39.9%) Shares 660 (-40.5%) Est. Cost $319.75 Unrealized +38.6%

ACWX ISHARES TR 4.3%

Value ($000) $11,263 (+1.5%) Shares 167,785 (-1.7%) Est. Cost $52.63 Unrealized —

GOOGL ALPHABET INC 0.2%

Value ($000) $495 (-18.0%) Shares 1,580 (-36.3%) Est. Cost $157.72 Unrealized +81.1%

BAC BANK AMERICA CORP 1.0%

Value ($000) $2,745 (+3.9%) Shares 49,900 (-2.5%) Est. Cost $24.54 Unrealized +114.6%

EWT ISHARES INC 0.9%

Value ($000) $2,467 (-2.9%) Shares 38,830 (-2.7%) Est. Cost $32.66 Unrealized —

EWJ ISHARES INC 0.9%

Value ($000) $2,394 (-2.9%) Shares 29,645 (-3.6%) Est. Cost $56.27 Unrealized —

EWC ISHARES INC 1.1%

Value ($000) $2,778 (+2.6%) Shares 51,510 (-3.8%) Est. Cost $27.90 Unrealized —

DIS DISNEY WALT CO 0.7%

Value ($000) $1,775 (-2.2%) Shares 15,600 (-1.6%) Est. Cost $97.90 Unrealized +11.9%

AMZN AMAZON COM INC 0.8%

Value ($000) $2,200 (+1.4%) Shares 9,530 (-3.5%) Est. Cost $129.53 Unrealized +76.6%

EEMV ISHARES INC 0.1%

Value ($000) $293 (-3.9%) Shares 4,570 (-4.2%) Est. Cost $56.30 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.1%

Value ($000) $231 (-0.3%) Shares 2,760 (-4.8%) Est. Cost $56.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBB	ISHARES TR	64,233 (-1.8%)	$10,841 (+14.8%)	4.1%	$127.82	—	ISHARES BIOTECH	464287556
URI	UNITED RENTALS INC	7,910 (-2.5%)	$6,402 (-17.3%)	2.4%	$153.80	+463.8%	COM	911363109
INDA	ISHARES TR	17,025 (-55.3%)	$920 (-53.6%)	0.3%	$40.77	—	MSCI INDIA ETF	46429B598
GOOG	ALPHABET INC	19,000 (-5.7%)	$5,962 (+21.5%)	2.3%	$111.19	+157.5%	CAP STK CL C	02079K107
FCX	FREEPORT-MCMORAN INC	90,350 (-1.1%)	$4,589 (+28.1%)	1.7%	$12.36	+250.4%	CL B	35671D857
CMI	CUMMINS INC	8,125 (-1.5%)	$4,147 (+19.0%)	1.6%	$127.69	+265.2%	COM	231021106
META	META PLATFORMS INC	7,600 (-1.3%)	$5,017 (-11.3%)	1.9%	$186.60	+257.6%	CL A	30303M102
SPY	SPDR S&P 500 ETF TR	87,943 (-3.2%)	$59,970 (-1.0%)	22.7%	$404.41	—	TR UNIT	78462F103
FDX	FEDEX CORP	10,050 (-1.2%)	$2,903 (+21.0%)	1.1%	$159.67	+63.8%	COM	31428X106
MAT	MATTEL INC	43,000 (-45.6%)	$853 (-35.8%)	0.3%	$14.02	+37.7%	COM	577081102
PFE	PFIZER INC	48,800 (-24.7%)	$1,215 (-26.4%)	0.5%	$24.71	+1.3%	COM	717081103
BABA	ALIBABA GROUP HLDG LTD	8,925 (-2.2%)	$1,308 (-19.8%)	0.5%	$103.14	—	SPONSORED ADS	01609W102
XAR	SPDR SERIES TRUST	76,002 (-4.2%)	$18,335 (-1.6%)	7.0%	$83.55	—	STATE STREET SPD	78464A631
OXY	OCCIDENTAL PETE CORP	39,000 (-1.3%)	$1,604 (-14.1%)	0.6%	$58.08	-28.5%	COM	674599105
AAPL	APPLE INC	18,880 (-1.7%)	$5,133 (+5.0%)	1.9%	$107.41	+149.8%	COM	037833100
TSLA	TESLA INC	660 (-40.5%)	$297 (-39.9%)	0.1%	$319.75	+38.6%	COM	88160R101
ACWX	ISHARES TR	167,785 (-1.7%)	$11,263 (+1.5%)	4.3%	$52.63	—	MSCI ACWI EX US	464288240
GOOGL	ALPHABET INC	1,580 (-36.3%)	$495 (-18.0%)	0.2%	$157.72	+81.1%	CAP STK CL A	02079K305
BAC	BANK AMERICA CORP	49,900 (-2.5%)	$2,745 (+3.9%)	1.0%	$24.54	+114.6%	COM	060505104
EWT	ISHARES INC	38,830 (-2.7%)	$2,467 (-2.9%)	0.9%	$32.66	—	MSCI TAIWAN ETF	46434G772
EWJ	ISHARES INC	29,645 (-3.6%)	$2,394 (-2.9%)	0.9%	$56.27	—	MSCI JAPAN ETF	46434G822
EWC	ISHARES INC	51,510 (-3.8%)	$2,778 (+2.6%)	1.1%	$27.90	—	MSCI CDA ETF	464286509
DIS	DISNEY WALT CO	15,600 (-1.6%)	$1,775 (-2.2%)	0.7%	$97.90	+11.9%	COM	254687106
AMZN	AMAZON COM INC	9,530 (-3.5%)	$2,200 (+1.4%)	0.8%	$129.53	+76.6%	COM	023135106
EEMV	ISHARES INC	4,570 (-4.2%)	$293 (-3.9%)	0.1%	$56.30	—	MSCI EMERG MRKT	464286533
VGK	VANGUARD INTL EQUITY INDEX F	2,760 (-4.8%)	$231 (-0.3%)	0.1%	$56.82	—	FTSE EUROPE ETF	922042874

Unchanged Positions (14)

CAT CATERPILLAR INC 2.1%

Value ($000) $5,442 Shares 9,500 Est. Cost $120.11 Unrealized +362.5%

MELI MERCADOLIBRE INC 1.5%

Value ($000) $3,853 Shares 1,913 Est. Cost $559.92 Unrealized +275.1%

M MACYS INC 1.0%

Value ($000) $2,536 Shares 115,010 Est. Cost $14.72 Unrealized +39.0%

IHI ISHARES TR 3.1%

Value ($000) $8,109 Shares 130,475 Est. Cost $59.08 Unrealized —

MDY SPDR S&P MIDCAP 400 ETF TR 10.1%

Value ($000) $26,512 Shares 43,947 Est. Cost $385.67 Unrealized —

WFC WELLS FARGO CO NEW 0.3%

Value ($000) $820 Shares 8,800 Est. Cost $27.16 Unrealized +218.9%

KIE SPDR SERIES TRUST 2.8%

Value ($000) $7,393 Shares 122,910 Est. Cost $59.54 Unrealized —

IJR ISHARES TR 2.8%

Value ($000) $7,316 Shares 60,875 Est. Cost $101.35 Unrealized —

WMT WALMART INC 0.1%

Value ($000) $334 Shares 3,000 Est. Cost $62.81 Unrealized +70.7%

KO COCA COLA CO 0.1%

Value ($000) $256 Shares 3,661 Est. Cost $55.41 Unrealized +25.2%

JPM JPMORGAN CHASE & CO. 0.1%

Value ($000) $322 Shares 1,000 Est. Cost $111.65 Unrealized +177.2%

V VISA INC 0.1%

Value ($000) $224 Shares 640 Est. Cost $298.91 Unrealized +13.9%

OPK OPKO HEALTH INC 0.0%

Value ($000) $25 Shares 19,500 Est. Cost $3.39 Unrealized -59.0%

PST PROSHARES TR 0.2%

Value ($000) $537 Shares 24,240 Est. Cost $21.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR INC	9,500	$5,442	2.1%	$120.11	+362.5%	COM	149123101
MELI	MERCADOLIBRE INC	1,913	$3,853	1.5%	$559.92	+275.1%	COM	58733R102
M	MACYS INC	115,010	$2,536	1.0%	$14.72	+39.0%	COM	55616P104
IHI	ISHARES TR	130,475	$8,109	3.1%	$59.08	—	U.S. MED DVC ETF	464288810
MDY	SPDR S&P MIDCAP 400 ETF TR	43,947	$26,512	10.1%	$385.67	—	UTSER1 S&PDCRP	78467Y107
WFC	WELLS FARGO CO NEW	8,800	$820	0.3%	$27.16	+218.9%	COM	949746101
KIE	SPDR SERIES TRUST	122,910	$7,393	2.8%	$59.54	—	STATE STREET SPD	78464A789
IJR	ISHARES TR	60,875	$7,316	2.8%	$101.35	—	CORE S&P SCP ETF	464287804
WMT	WALMART INC	3,000	$334	0.1%	$62.81	+70.7%	COM	931142103
KO	COCA COLA CO	3,661	$256	0.1%	$55.41	+25.2%	COM	191216100
JPM	JPMORGAN CHASE & CO.	1,000	$322	0.1%	$111.65	+177.2%	COM	46625H100
V	VISA INC	640	$224	0.1%	$298.91	+13.9%	COM CL A	92826C839
OPK	OPKO HEALTH INC	19,500	$25	0.0%	$3.39	-59.0%	COM	68375N103
PST	PROSHARES TR	24,240	$537	0.2%	$21.78	—	PSHS ULSHT 7-10Y	74347R313