The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
SELECT SECTOR SPDR TR ENERGY 81369Y506 576 8,000 SH   SOLE   8,000 0 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 18,137 482,500 SH   SOLE   442,300 21,000 19,200
INVESCO QQQ TR UNIT SER 1 46090E103 4,731 17,700 SH   SOLE   17,700 0 0
BARCLAYS BANK PLC DJUBS CMDT ETN36 06738C778 2,231 67,800 SH   SOLE   67,800 0 0
ISHARES INC CORE MSCI EMKT 46434G103 107 2,500 SH   SOLE   2,500 0 0
ISHARES GOLD TR ISHARES NEW 464285204 27,049 857,875 SH   SOLE   698,250 141,625 18,000
ISHARES TR JPMORGAN USD EMG 464288281 341 4,300 SH   SOLE   4,300 0 0
ISHARES TR MSCI ACWI ETF 464288257 4,670 60,000 SH   SOLE   60,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 97,865 3,302,900 SH   SOLE   3,088,000 134,700 80,200
ISHARES INC MSCI CDA ETF 464286509 14,128 459,300 SH   SOLE   459,300 0 0
ISHARES TR EAFE VALUE ETF 464288877 1,376 35,700 SH   SOLE   30,000 0 5,700
ISHARES INC MSCI JPN ETF NEW 46434G822 977 20,000 SH   SOLE   10,000 0 10,000
ISHARES INC MSCI MLY ETF NEW 46434G814 151 7,500 SH   SOLE   7,500 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 18,095 690,400 SH   SOLE   520,400 150,000 20,000
META PLATFORMS INC CL A 30303M102 2,876 21,200 SH   SOLE   9,300 2,600 9,300
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 3,964 80,150 SH   SOLE   47,150 0 33,000
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 7,209 316,200 SH   SOLE   316,200 0 0
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 45,560 337,085 SH   SOLE   337,085 0 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 1,077 10,600 SH   SOLE   10,600 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 55,797 1,534,562 SH   SOLE   1,141,462 30,000 363,100
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 78,114 2,140,700 SH   SOLE   1,725,400 0 415,300
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676 137 3,600 SH   SOLE   3,600 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,358 54,360 SH   SOLE   41,460 0 12,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 49,094 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INDEX FDS VALUE ETF 922908744 414 3,350 SH   SOLE   750 0 2,600
SCHWAB STRATEGIC TR US TIPS ETF 808524870 259 5,000 SH   SOLE   0 5,000 0
SCHWAB STRATEGIC TR US REIT ETF 808524847 736 39,400 SH   SOLE   0 39,400 0
FREEPORT-MCMORAN INC CL B 35671D857 3,498 128,000 SH   SOLE   4,000 124,000 0