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None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Cumberland Advisors invest in?","answer":"At the end of its last fiscal year, Cumberland Advisors’ separately managed accounts held 64% state and local bonds, 17% exchange-traded equities, 11% U.S. government and agency bonds, 5% investment grade corporate bonds, 2% cash and equivalents and 1% registered funds (mutual funds, ETFs, BDCs).","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Cumberland Advisors?","answer":"Cumberland Advisors’ direct owner is Mid Penn Bancorp, Inc. 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