| OTG Latin America Fund |
| |
Schedule of Investments | June 30, 2022 (unaudited) | ||
|
| Shares | Fair Value |
6.17% | CORPORATE BONDS |
|
|
0.88% | BOLIVIA |
|
|
| Bolivia Government, 4.500%, 3/30/2028 . | 150,000 | $ 117,300 |
0.68% | COLUMBIA |
|
|
| Banco GNB Sudameris SA, VAR%, |
|
|
| 4/3/2027 . . . . . . . . . . . . . . | 100,000 | 89,963 |
2.17% | MEXICO |
|
|
| Credito Real SAB DE, 8.00%, 1/21/2028 . . | 200,000 | 12,038 |
| Unifin Financiera SA, 7.25%, 9/27/2023 . . | 200,000 | 147,419 |
| Unifin Financiera SA, 7.375%, 2/12/2026 . | 200,000 | 130,688 |
|
|
| 290,145 |
2.44% | PERU |
|
|
| Peru Lng S.R.L., 5.375%, 3/22/2030 . . . | 300,000 | 243,016 |
| Volcan Cia Minea SAA, 4.375%, 2/11/2026 . | 95,000 | 82,835 |
|
|
| 325,851 |
6.17% | TOTAL CORPORATE BONDS . . . . . . . . . . . . . | 823,259 | |
81.68% | COMMON STOCKS |
|
|
0.33% | ARGENTINA |
|
|
| Mercadolibre, Inc.* . . . . . . . . . . . | 70 | 44,581 |
48.67% | BRAZIL |
|
|
| Ambev S.A. ADR . . . . . . . . . . . . | 143,000 | 358,930 |
| Banco Bradesco S.A. ADR . . . . . . . | 303,034 | 987,891 |
| Banco Santander (Brasil) S.A. . . . . . . | 39,000 | 214,321 |
| BRF S.A. ADR* . . . . . . . . . . . . . | 99,000 | 253,440 |
| Companhia Brasileira de Distribuicao ADR* . | 80,900 | 250,790 |
| Gerdau S.A. ADR . . . . . . . . . . . . | 150,750 | 646,717 |
| Hapvida Participacoes e Investimentos S.A. . | 85,000 | 88,680 |
| Itau Unibanco Holdings S.A. ADR . . . . | 152,100 | 650,988 |
| JBS SA . . . . . . . . . . . . . . . . | 36,000 | 217,715 |
| 1 |
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|
QUARTERLY REPORT
| OTG Latin America Fund |
|
| ||
Schedule of Investments - continued | June 30, 2022 (unaudited) |
| |||
|
|
| Shares | Fair Value | |
| JBS SA-Sponsored ADR . . . . . . . . | 14,500 | $ 175,450 | ||
| NU Holdings LTD* . . . . . . . . . . . | 292,000 | 109,208 | ||
| Pagseguro Digital Ltd.* . . . . . . . . . | 13,500 | 138,240 | ||
| Petroleo Brasileiro S.A. ADR . . . . . . . | 93,150 | 1,087,992 | ||
| Sendas Distribuidora S/A . . . . . . . . . . . . . . . . | 23,900 | 324,801 | ||
| Suzaano Papel E Celul . . . . . . . . . | 34,800 | 329,904 | ||
| Vale S.A. ADR . . . . . . . . . . . . . | 45,300 | 662,739 | ||
|
|
|
| 6,497,806 | |
8.10% | CHILE |
|
|
|
|
| Banco De Credito Inversion* . . . . . . | 7,112 | 208,178 | ||
| Cencosud SA . . . . . . . . . . . . . | 105,000 | 133,646 | ||
| Colbun SA . . . . . . . . . . . . . . | 3,035,509 | 210,086 | ||
| Itau Corpbanca* . . . . . . . . . . . . | 107,668,957 | 201,458 | ||
| SMU SA . . . . . . . . . . . . . . . . | 2,904,500 | 275,368 | ||
| Sociedad Mariz Saam SA . . . . . . . . | 877,601 | 52,561 | ||
|
|
|
| 1,081,297 | |
2.60% | COLOMBIA |
|
|
|
|
| BAC Holding International Co.* . . . . . | 341,000 | 22,835 | ||
| Bancolumbia S.A. Spons ADR . . . . . . | 1,500 | 46,245 | ||
| Cementos Argos S.A. . . . . . . . . . . | 102,462 | 115,880 | ||
| Grupo Aval Acciones y Valores S.A. . . . | 901,000 | 162,778 | ||
|
|
|
| 347,738 | |
9.95% | MEXICO |
|
|
|
|
| America Movil SAB de CV . . . . . . . . | 8,500 | 173,655 | ||
| American Movil SAB de C-Ser L . . . . . | 126,000 | 128,948 | ||
| Cemex SAB-Spons ADR* . . . . . . . . | 50,000 | 196,000 | ||
| Fomento Economico Mexicano S.A.B. |
|
|
|
|
| de C.V. ADR . . . . . . . . . . . . . | 22,952 | 154,915 | ||
| Fomento Economico MEX-SP ADR . . . . | 1,550 | 104,609 | ||
| Genetera S.A.B de C.V . . . . . . . . . | 265,000 | 212,822 | ||
| Grupo Financiero Banorte-O . . . . . . | 25,500 | 142,530 | ||
| Grupo Traxion SAB de C.V.* . . . . . . . | 7,000 | 9,510 | ||
| Wal-Mart DE Mexico S.A.B. de C.V. . . . . | 59,600 | 205,093 | ||
|
|
|
| 1,328,082 | |
| 2 |
|
|
|
|
QUARTERLY REPORT
| OTG Latin America Fund |
|
|
| |
Schedule of Investments - continued | June 30, 2022 (unaudited) |
| |||
|
| Shares |
| Fair Value | |
6.19% | PERU |
|
|
|
|
| Alicorp S.A.A. . . . . . . . . . . . . . | 142,155 | $ | 191,223 |
|
| Banco BBVA Peru SA . . . . . . . . . . | 126,329 |
| 56,095 |
|
| Cememntos Pascasmayo S.A.A.* . . . . . | 70,000 |
| 66,736 |
|
| Ferreyros SA . . . . . . . . . . . . . | 268,133 |
| 147,776 |
|
| Inretail Peru Corp. . . . . . . . . . . . | 7,229 |
| 186,147 |
|
| Intercorp Financial Services . . . . . . . | 7,599 |
| 177,817 |
|
|
|
|
| 825,794 |
|
0.66% | SPAIN |
|
|
|
|
| Banco Santander S.A. ADR . . . . . . . | 1,272 |
| 3,562 |
|
| Codere Online Luxembourg, S.A.* . . . . | 30,000 |
| 84,300 |
|
|
|
|
| 87,862 |
|
5.51% | UNITED STATES |
|
|
|
|
| Adobe, Inc.* . . . . . . . . . . . . . . | 240 |
| 87,854 |
|
| Comcast Corp . . . . . . . . . . . . . | 1,800 |
| 70,632 |
|
| CreditCorp Ltd. . . . . . . . . . . . . | 2,760 |
| 330,952 |
|
| The Goldman Sachs Group, Inc. . . . . . . . . . . | 400 |
| 118,808 |
|
| Microsoft Corp. . . . . . . . . . . . . | 495 |
| 127,131 |
|
|
|
|
| 735,377 |
|
82.01% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . |
| 10,948,537 |
| |
0.84% | EXCHANGE TRADED FUNDS |
|
|
|
|
| iShares Russell 2000 ETF . . . . . . . . | 665 |
| 112,624 |
|
0.84% | TOTAL EXCHANGE TRADED FUNDS . . . . . . . . . . |
| 112,624 |
| |
6.35% | MONEY MARKET FUNDS |
|
|
|
|
| Morgan Stanley Institutional Liquidity Fund . |
|
|
|
|
| Institutional Class 1.38%** . . . . . . . . . . . . . . . . | 847,207 |
| 847,207 |
|
95.37% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . |
| 12,731,627 |
| |
4.63% | Other assets, net of liabilities . . . . . . . . . . . . . . |
| 618,763 |
| |
100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $ | 13,350,390 |
| |
| 3 |
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QUARTERLY REPORT
OTG Latin America Fund |
|
|
|
| |||
Schedule of Investments - continued |
| June 30, 2022 (unaudited) |
| ||||
-0.20% OPTIONS WRITTEN |
|
|
|
|
|
|
|
| Number |
|
|
|
|
|
|
| of | Notional | Exercie | Expiration |
|
|
|
| Contracts | Amount | Price | Date |
| Value | |
DESCRIPTION |
|
|
|
|
|
|
|
PUT OPTION |
|
|
|
|
|
|
|
Petrobras SA ADR . | 200 | $233,600 | $12.00 | 7/15/2022 | $ | (12,600) | |
Vale SA-SP ADR . | 150 | $212,250 | $15.00 | 7/15/2022 | $ | (13,500) | |
|
|
|
|
| $ | (26,100) | |
TOTAL OPTIONS WRITTEN . . | . . . . . | . . . . | . . . . . . | $ | (26,100) |
*Non-income producing
**Effective 7 day yield as of June 30, 2022
ADR - Security represented is held by the custodian bank in the form of American Depositary Receipts.
4
QUARTERLY REPORT
OTG Latin America Fund
Schedule of Investments - continued | June 30, 2022 (unaudited) |
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 is a summary of the inputs used to value the Fund’s investments as of June 30, 2022:
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
|
|
|
|
|
|
| Other |
|
|
|
|
| |
|
|
|
| Significant |
| Significant |
|
|
| ||
|
| Quoted |
| Observable | Unobservable |
|
|
| |||
|
| Prices |
|
| Inputs |
| Inputs |
| Total | ||
Corporate Bonds . . . . . . . . . . . . | $ | — | $ | 823,259 |
| $ | — | $ | 823,259 |
| |
Common Stocks . . . . . . |
| 10,948,537 |
|
| — |
| — |
| 10,948,537 |
| |
Exchange Traded Funds . . . |
| 112,624 |
|
|
|
|
|
|
| 112,624 |
|
Money Market Funds . . . . |
| 847,207 |
|
| — |
| — |
| 847,207 |
| |
Total Investments . . . . . . | $ | 11,908,368 | $ | 823,259 |
| $ | — | $ | 12,731,627 |
| |
OPTIONS WRITTEN . . . . . | $ | — | $ | (26,100) | $ | — | $ | (26,100) | |||
|
|
|
|
|
|
|
|
|
|
|
|
The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2022.
At June 30, 2022, the cost of investment for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $14,271,453 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . | $ | 773,842 |
|
Gross unrealized depreciation . . |
| (2,339,769) | |
Net unrealized appreciation . . . |
|
|
|
$ | (1,565,927) | ||
5 |
|
|
|
QUARTERLY REPORT