# EDGAR Filing Document

**Accession Number:** 0001255435
**File Stem:** 0001255435-23-000003
**Filing Date:** 2023-1
**Character Count:** 9472
**Document Hash:** 06b3ed89d42be5e4d144e50601346536
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001255435-23-000003.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001255435-23-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CUMBERLAND ADVISORS INC
- **CENTRAL INDEX KEY:** 0001255435
- **IRS NUMBER:** 223564821
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11051
- **FILM NUMBER:** 23566155

**BUSINESS ADDRESS:**
- **STREET 1:** 2 N. TAMIAMI TR
- **STREET 2:** SUITE 303
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236
- **BUSINESS PHONE:** 800-257-7013

**MAIL ADDRESS:**
- **STREET 1:** 2 N. TAMIAMI TR
- **STREET 2:** SUITE 303
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CUMBERLAND ADVISORS INC<br>**Address:** 2 N. TAMIAMI TR<br>SUITE 303<br>SARASOTA, FL 34236

**Form 13F File Number:** 028-11051

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Timothy Lyle<br>**Title:** CCO<br>**Phone:** 8002577013

**Signature, Place, and Date of Signing:**

Timothy Lyle  Sarasota, FL  01-30-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 58

**Form 13F Information Table Value Total:** $230882347

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | COMMON | 00724F101 |  | 2870601 | 8530 | SH |  | SOLE |  | 8530 | 0 | 0 |
| ALIBABA GROUP HLDG | SPN ADS 8 ORD SHS | 01609W102 |  | 799417 | 9075 | SH |  | SOLE |  | 9075 | 0 | 0 |
| ALPHABET INC | CLASS C | 02079K107 |  | 1783473 | 20100 | SH |  | SOLE |  | 20100 | 0 | 0 |
| AMAZON COM INC | COMMON | 023135106 |  | 813120 | 9680 | SH |  | SOLE |  | 9680 | 0 | 0 |
| APPLE INC | COMMON | 037833100 |  | 2566767 | 19755 | SH |  | SOLE |  | 19755 | 0 | 0 |
| BANK OF AMERICA CORP | COMMON | 060505104 |  | 2053440 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| BERKSHIRE HATHAWAY | CLASS B | 084670702 |  | 11840137 | 38330 | SH |  | SOLE |  | 38330 | 0 | 0 |
| CATERPILLAR INC | COMMON | 149123101 |  | 2359666 | 9850 | SH |  | SOLE |  | 9850 | 0 | 0 |
| CHEVRON CORP | COMMON | 166764100 |  | 231542 | 1290 | SH |  | SOLE |  | 1290 | 0 | 0 |
| CITIGROUP INC | COMMON | 172967424 |  | 539142 | 11920 | SH |  | SOLE |  | 11920 | 0 | 0 |
| COMCAST CORP | CLASS A | 20030N101 |  | 685412 | 19600 | SH |  | SOLE |  | 19600 | 0 | 0 |
| CUMMINS INC | COMMON | 231021106 |  | 2071580 | 8550 | SH |  | SOLE |  | 8550 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 139223 | 11729 | SH |  | SOLE |  | 11729 | 0 | 0 |
| FEDEX CORP | COMMON | 31428X106 |  | 1779630 | 10275 | SH |  | SOLE |  | 10275 | 0 | 0 |
| FREEPORT-MCMORAN INC | COMMON | 35671D857 |  | 3460280 | 91060 | SH |  | SOLE |  | 91060 | 0 | 0 |
| ISHARES | LATN AMER 40 ETF | 464287390 |  | 2153491 | 94080 | SH |  | SOLE |  | 79360 | 0 | 14720 |
| ISHARES | MSCI ACWI US ETF | 464288240 |  | 5378100 | 118200 | SH |  | SOLE |  | 101380 | 0 | 16820 |
| ISHARES | EAFE SML CP ETF | 464288273 |  | 263197 | 4660 | SH |  | SOLE |  | 3800 | 0 | 860 |
| ISHARES | 3-7 YR TR BD ETF | 464288661 |  | 1522292 | 13250 | SH |  | SOLE |  | 13250 | 0 | 0 |
| ISHARES | U.S. MED DVC ETF | 464288810 |  | 15308594 | 291204 | SH |  | SOLE |  | 278924 | 0 | 12280 |
| ISHARES INC | MSCI CDA INDEX | 464286509 |  | 5384249 | 164505 | SH |  | SOLE |  | 138865 | 0 | 25640 |
| ISHARES INC | MSCI EMERG MRKT | 464286533 |  | 346416 | 6530 | SH |  | SOLE |  | 5290 | 0 | 1240 |
| ISHARES INC | MSCI MEXICO CAPPED E | 464286822 |  | 1924594 | 38920 | SH |  | SOLE |  | 33390 | 0 | 5530 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 |  | 4626834 | 115210 | SH |  | SOLE |  | 95680 | 0 | 19530 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 2601143 | 47780 | SH |  | SOLE |  | 40750 | 0 | 7030 |
| ISHARES MSCI | INDIA INDEX FUND | 46429B598 |  | 1390777 | 33320 | SH |  | SOLE |  | 28290 | 0 | 5030 |
| ISHARES TR | NATL AMT FREE MUNI B | 464288414 |  | 423135 | 4010 | SH |  | SOLE |  | 4010 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 641435 | 21010 | SH |  | SOLE |  | 20410 | 0 | 600 |
| JPMORGAN CHASE  CO | COMMON | 46625H100 |  | 3982770 | 29700 | SH |  | SOLE |  | 29700 | 0 | 0 |
| LYONDELLBASELL INDUS | SHARES A | N53745100 |  | 689149 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| MACYS INC | COMMON | 55616P104 |  | 2251056 | 109010 | SH |  | SOLE |  | 109010 | 0 | 0 |
| MATTEL INC | COMMON | 577081102 |  | 1726912 | 96800 | SH |  | SOLE |  | 96800 | 0 | 0 |
| MERCADOLIBRE INC | COMMON | 58733R102 |  | 1633243 | 1930 | SH |  | SOLE |  | 1930 | 0 | 0 |
| META PLATFORMS INC | COM USD0.000006 CL A | 30303M102 |  | 1215434 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| METLIFE INC | COMMON | 59156R108 |  | 1204960 | 16650 | SH |  | SOLE |  | 16650 | 0 | 0 |
| MICROSOFT CORP | COMMON | 594918104 |  | 8346935 | 34805 | SH |  | SOLE |  | 34805 | 0 | 0 |
| OCCIDENTAL PETE CORP | COMMON | 674599105 |  | 2513301 | 39900 | SH |  | SOLE |  | 39900 | 0 | 0 |
| OPKO HEALTH INC | COMMON | 68375N103 |  | 24375 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| PROSHARES TR | PSHS ULTSH 20YRS | 74347B201 |  | 497575 | 15310 | SH |  | SOLE |  | 14560 | 0 | 750 |
| PROSHARES TR | ULTRPRO S | 74347X864 |  | 226768 | 6920 | SH |  | SOLE |  | 6920 | 0 | 0 |
| PROSHARES TR ETF | PSHS ULSHT 7-10Y | 74347R313 |  | 1258226 | 56486 | SH |  | SOLE |  | 56486 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 6198291 | 74445 | SH |  | SOLE |  | 74445 | 0 | 0 |
| SELECT SECTOR SPDR | HEALTH CARE | 81369Y209 |  | 13273224 | 97705 | SH |  | SOLE |  | 94045 | 0 | 3660 |
| SELECT SECTOR SPDR | SBI CONS STPLS | 81369Y308 |  | 3825906 | 51320 | SH |  | SOLE |  | 51320 | 0 | 0 |
| SELECT SECTOR SPDR | SBI INT-ENERGY | 81369Y506 |  | 3817191 | 43640 | SH |  | SOLE |  | 43640 | 0 | 0 |
| SELECT SECTOR SPDR | SBI INT-UTILS | 81369Y886 |  | 3792900 | 53800 | SH |  | SOLE |  | 53800 | 0 | 0 |
| SPDR S 500 ETF TR | UNITS SER 1 S | 78462F103 |  | 28051240 | 73350 | SH |  | SOLE |  | 73240 | 0 | 110 |
| SPDR S MIDCAP 400 | UTSER1 S | 78467Y107 |  | 18388626 | 41529 | SH |  | SOLE |  | 40979 | 0 | 550 |
| SPDR S MTLS | SPDR SERIES TRUST | 78464A755 |  | 2264612 | 45465 | SH |  | SOLE |  | 45465 | 0 | 0 |
| SPDR SERIES TRUST | SPDR S TR/S TRANS | 78464A532 |  | 11152155 | 165930 | SH |  | SOLE |  | 157990 | 0 | 7940 |
| SPDR SERIES TRUST | AEROSPACE DEF | 78464A631 |  | 22331346 | 202920 | SH |  | SOLE |  | 193340 | 0 | 9580 |
| UNITED RENTALS INC | COMMON | 911363109 |  | 3253870 | 9155 | SH |  | SOLE |  | 9155 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 10263433 | 358110 | SH |  | SOLE |  | 341180 | 0 | 16930 |
| VANGUARD BD INDEX FD | ETF SHORT TRM BOND | 921937827 |  | 332587 | 4418 | SH |  | SOLE |  | 4418 | 0 | 0 |
| VANGUARD INDEX TR | TOTAL STOCK MARKET | 922908769 |  | 1077356 | 5635 | SH |  | SOLE |  | 5635 | 0 | 0 |
| VANGUARD INTL EQ IND | PACIFIC | 922042866 |  | 234234 | 3640 | SH |  | SOLE |  | 3000 | 0 | 640 |
| VANGUARD INTL EQ IND | FTSE EUROPE ETF | 922042874 |  | 362023 | 6530 | SH |  | SOLE |  | 5280 | 0 | 1250 |
| WELLS FARGO  CO | COMMON | 949746101 |  | 734962 | 17800 | SH |  | SOLE |  | 17800 | 0 | 0 |

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