|
OTG LATIN AMERICA FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
86.94% |
COMMON STOCKS |
|
|
|
1.96% |
ARGENTINA |
|
|
|
|
Grupo Supervielle SA |
20,850 |
$ |
220,802 |
|
YPF SA(A) |
5,000 |
|
157,250 |
|
|
|
|
378,052 |
31.01% |
BRAZIL |
|
|
|
|
Ambev SA |
252,000 |
|
607,320 |
|
Banco Bradesco SA |
124,079 |
|
383,404 |
|
Gerdau SA |
136,544 |
|
398,708 |
|
Itau Unibanco Holding SA |
73,427 |
|
498,571 |
|
Lojas Renner SA(A) |
249,150 |
|
900,189 |
|
Petroleo Brasileiro SA |
36,250 |
|
453,488 |
|
Raia Drogasil SA(A) |
93,150 |
|
259,745 |
|
Rumo SA |
81,500 |
|
278,262 |
|
Sendas Distribuidora SA |
174,000 |
|
362,854 |
|
Suzano SA |
57,500 |
|
541,075 |
|
TOTVS SA(A) |
84,950 |
|
661,544 |
|
Vale SA |
63,300 |
|
614,643 |
|
|
|
|
5,959,803 |
7.49% |
CAYMAN ISLANDS |
|
|
|
|
Nu Holdings Ltd.(A) |
51,285 |
|
703,630 |
|
XP, Inc. |
36,415 |
|
735,583 |
|
|
|
|
1,439,213 |
14.54% |
CHILE |
|
|
|
|
Aguas Andinas SA Class A |
559,542 |
|
204,207 |
|
Banco de Credito e Inversiones(A) |
5,343 |
|
225,601 |
|
Banco Itaú Chile |
40,006 |
|
553,954 |
|
Banco Santander Chile(A) |
8,201,452 |
|
515,086 |
|
Cencosud SA |
227,556 |
|
774,295 |
|
SMU SA |
2,904,500 |
|
520,651 |
|
|
|
|
2,793,794 |
0.05% |
COLOMBIA |
|
|
|
|
Grupo Cibest SA |
200 |
|
9,238 |
|
OTG LATIN AMERICA FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
19.36% |
MEXICO |
|
|
|
|
America Movil S.A.B. de C.V. |
14,370 |
$ |
257,798 |
|
America Movil S.A.B. de C.V. |
372,000 |
|
333,054 |
|
Arca Continental S.A.B. de C.V. |
31,218 |
|
330,738 |
|
Cemex S.A.B. de C.V. |
105,800 |
|
733,194 |
|
Coca-Cola FEMSA S.A.B. de C.V. |
19,300 |
|
186,957 |
|
Fomento Economico Mexicano SAB |
2,450 |
|
252,301 |
|
GCC S.A.B. de C.V. |
35,100 |
|
336,700 |
|
Grupo Traxion S.A.B. de C.V. 144A(A) |
329,400 |
|
306,676 |
|
Kimberly-Clark de México S.A.B. de C.V. |
149,000 |
|
273,154 |
|
Wal Mart de Mexico S.A.B. de C.V. |
214,900 |
|
710,970 |
|
|
|
|
3,721,542 |
2.61% |
PANAMA |
|
|
|
|
Intercorp Financial Services, Inc. |
13,149 |
|
501,371 |
8.25% |
PERU |
|
|
|
|
Alicorp S.A.A. |
73,511 |
|
198,174 |
|
Cementos Pacasmayo S.A.A. |
150,000 |
|
179,958 |
|
Ferreycorp S.A.A. |
450,633 |
|
408,336 |
|
InRetail Peru Corp. 144A |
10,729 |
|
289,576 |
|
Southern Copper Corp. |
5,034 |
|
509,290 |
|
|
|
|
1,585,334 |
1.67% |
UNITED STATES |
|
|
|
|
Grupo Financiero Galicia SA |
4,540 |
|
228,771 |
|
IRSA Inversiones y Representaciones SA |
6,600 |
|
91,938 |
|
|
|
|
320,709 |
86.94% |
TOTAL COMMON STOCKS |
|
|
16,709,056 |
3.38% |
CORPORATE BONDS |
|
|
|
1.22% |
PERU |
|
|
|
|
Peru LNG 03/22/2030 5.375% |
250,020 |
|
235,268 |
|
OTG LATIN AMERICA FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
2.16% |
UNITED STATES |
|
|
|
|
Bank of America NA 08/18/2025 5.650% |
15,000 |
$ |
15,012 |
|
BNP Paribas SA 05/20/2027 0.000% |
200,000 |
|
163,400 |
|
HSBC Bank plc 04/02/2026 0.000% |
254,000 |
|
237,363 |
|
|
|
|
415,775 |
3.38% |
TOTAL CORPORATE BONDS |
|
|
651,043 |
9.49% |
MONEY MARKET FUND |
|
|
|
|
Morgan Stanley Institutional Liquid |
|
|
|
|
Government Fund 4.233%(B) |
1,824,165 |
|
1,824,165 |
99.82% |
TOTAL INVESTMENTS |
|
|
19,184,264 |
0.18% |
Other assets, net of liabilities |
|
|
34,170 |
100.00% |
NET ASSETS |
|
$ |
19,218,434 |
(A)Non-income producing
(B)Effective 7 day yield as of June 30,2025
In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used
in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an |
|
|
indication of the risk associated with investing in those securities. |
|
|
The following summarizes the inputs used to value the Fund’s investments as of June 30, 2025: |
|
|
Level 1 |
Level 2 |
Level 3 |
|
Other |
Significant |
|
|
|
Significant |
Unobservable |
|
|
Quoted Prices |
|
Observable Inputs |
Inputs |
Total |
COMMON STOCKS |
$ |
16,709,056 |
|
|
16,709,056 |
CORPORATE BONDS |
|
651,043 |
|
|
651,043 |
MONEY MARKET FUND |
|
1,824,165 |
|
|
1,824,165 |
TOTAL INVESTMENTS |
|
19,184,264 |
- |
- $ |
19,184,264 |
The cost of investments for Federal income tax purposes has been estimated a/o June 30, 2025 since
the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $16,932,699, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation |
$ |
2,916,599 |
Gross unrealized depreciation |
|
(665,034) |
Net unrealized appreciation |
$ |
2,251,565 |