| OTG Latin America Fund |
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Schedule of Investments |
| december 31, 2023 (unaudited) |
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| Shares | Value | |||
81.92% | COMMON STOCK |
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27.64% | BRAZIL |
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| Ambev SA ADR . . . . . . . . | . | . . . . . . . . . | . 187,000. . . . $. | 523,600 |
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| Banco Bradesco SA ADR . . . | . | . . . . . . . . . .157,579. . |
| 551,526 |
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| Banco BTG Pactual SA(A) . . . . | . | . . . . . . . . . . . . | 74,055 |
| 573,371 |
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| Gerdau SA ADR . . . . . . . . . . . | . | . . . . . . . . | 63,787. . . . |
| 309,367 |
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| Itau Unibanco Holding SA ADR | . . . . . . . . . . . | 91,662 |
| 637,051 |
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| Nu Holdings Ltd..(A) . . . . . . . . . | . . . . . . |
| . . .49,700. . . . | 414,001 |
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| Petroleo Brasileiro SA ADR . | . | . . . . . . . . . .39,550. . |
| 631,614 |
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| Sendas Distribuidora SA ADR |
| . . . . . . . . . . . . 12,444 |
| 171,976 |
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| Suzano SA ADR . . . . . . . . . . . | . | . . . . . . . . .56,900. . . |
| 646,384 |
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| Vale SA ADR . . . . . . . . . . . . . | . . . . . . . . . . | 38,300. . . . |
| 607,438 |
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| 5,066,328 |
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11.41% | CHILE |
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| Aguas Andinas SA Class A(A) | . | . . . . . . . . . .186,589. . |
| 60,275 |
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| Banco de Credito e Inversiones .. .. .. .. .. .. .. .. .. .. |
| 9,973 |
| 269,969 |
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| Banco Itau Chile SA(A) . . . . . | . . . . . . . . . . | 39,983. . . . |
| 389,383 |
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| Cencosud SA . . . . . . . . . . . . | . | . . . . . . . .146,600. . . . . | 275,392 |
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| SMU SA(A) . . . . . . . . . . . . . . . . . |
| . . . . . . .2,904,500. . . . . . | 533,420 |
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| Sociedad Quimica y Minera |
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| de Chile SA ADR . . . . . . . . | . | . . . . . . . . . | . . .9,362 |
| 563,780 |
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| 2,092,219 |
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1.96% | COLOMBIA |
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| Bancolombia SA ADR . . . . . . | . | . . . . . . . . .11,700. . . |
| 360,009 |
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27.99% | MEXICO |
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| Alfa S..A..B.. de C..V.. Class A . . | . | . . . . . . . . . 461,533. . . |
| 369,368 |
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| American Movil S..A..B.. de C..V.. |
| . . . . . . . . . |
| . .241,000. |
| 223,387 |
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| Arca Continental S..A..B.. de C..V.. | . . . . . . . . . . . | 37,133 |
| 406,034 |
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| Cemex S..A..B.. de C..V.. ADR(A) . | . | . . . . . . . . . . .47,000. |
| 364,250 |
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| El Puerto de Liverpool S..A..B.. de C..V.. . . . . . . |
| 71,250 |
| 483,741 |
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| 1 |
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QUARTERLY REPORT
| OTG Latin America Fund |
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Schedule of Investments - continued | December 31, 2023 (unaudited) |
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| Shares | Value | |||
| Fomento Economico Mexicano S..A..B.. |
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| de C..V.. . . . . . . . . . . . . . . . . . . . . . . . .37,952. . . $. . 494,956. | |||||||
| Gentera S..A..B.. de C..V.. . . . . . . . . . . . . . . . . . | . . 242,500 | 337,167 |
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| Grupo Aeroport del Pacific Class B . . . . . | . . | 26,200 | 459,553 |
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| Grupo Comercial Chedraui SA . . . . . . . . | . | .24,803. | 150,109 |
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| Grupo Financiero Banorte S..A..B.. de C..V.. . . . |
| 53,150 | 535,538 |
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| Grupo Traxion S..A..B.. de C..V..(A) . . . . . . . | . . . . 316,000. | 647,780 |
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| Orbia Advance Corp.. S..A..B.. de C..V..(A) . . . . . . |
| 184,554 | 408,538 |
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| Walmart de Mexico S..A..B.. de C..V.. . . . . . . . | . . | 59,600 | 250,565 |
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| 5,130,986 |
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8.90% | PERU |
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| Alicorp SAA . . . . . . . . . . . . . . . . . . . . . . . | . . 73,511. . . | 125,191 |
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| Cementos Pacasmayo S..A..A.. . . . . . . . . . . | . | 150,000. . | 153,272 |
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| Credicorp Ltd.. . . . . . . . . . . . . . . . . . . . . . | . 4,085. . . . | 612,464 |
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| Ferreycorp S..A..A.. . . . . . . . . . . . . . . . . . . . | . . 268,133. . | 179,756 |
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| InRetail Peru Corp.. . . . . . . . . . . . . . . . . . . . | . . . 7,229 | 262,846 |
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| Intercorp Financial Services, Inc.. . . . . . . . . | . . | 13,599 | 298,498 |
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| 1,632,027 |
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4.02% | UNITED STATES |
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| Advanced Micro Devices(A) . . . . . . . . . . . | . . .1,400. | 206,374 |
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| The Boeing Co(A) . . . . . . . . . . . . . . . . . . | . . . .800. . | 208,528 |
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| Exxon Mobil Corp.. . . . . . . . . . . . . . | . . . . . .1,600. . . | 159,968 |
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| The Walt Disney Co . . . . . . . . . . . . . . . . . . | . 1,805. . | 162,973 |
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| 737,843 |
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81.92% | TOTAL COMMON STOCK . . . . . . . . . . . . . . . . . . . . . . | $. 15,019,412. . . . . . . | ||||||
| (Cost: $12,206,036) |
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2
QUARTERLY REPORT
| OTG Latin America Fund |
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Schedule of Investments - continued | December 31, 2023 (unaudited) | |||||
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| Shares | Value | |
1.97% | DEBT SECURITIES |
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1.97% | CORPORATE BONDS |
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0.53% | COLUMBIA |
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| Banco GNB Sudameris SA 04/03/2027 |
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| 7..051% . . . . . . . . . . . . . . . | . . . . | . . . .100,000. . . $. | . 97,309. . | ||
1.36% | PERU |
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| Peru LNG 03/22/2030 5..375%(A) . . . . . . | . . . . 300,000 |
| 248,545 | ||
0.08% | UNITED STATES |
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| Bank of America Corp.. |
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| 08/18/2025 5..650% . . . . . | . . . . . | . . . . .15,000. . . |
| 15,184 | |
1.97% | TOTAL DEBT SECURITIES . . . | . . . . . . . . . | . . . . . . . . . . .$ . | .361,038. . . . . | ||
7.33% | MONEY MARKET FUND |
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| Morgan Stanley Inst’l Liquid Gov’t Fund |
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| 5..270%(B) . . . . . . . . . . . . . . | . . . . | . . . 1,344,449. . . . . . $. | 1,344,449 | ||
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91.22% TOTAL INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . .$ 16,724,899. . . . . . . .
8.78% Assets net of liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,607,471. . . . . . .
100.00% NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $. 18,332,370. . . . . . . .
-0.04% | OPTIONS |
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| Number |
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| of | Notional | Exercise | Expiration |
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-0.04% | OPTIONS WRITTEN |
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-0.04% | PUT |
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| Petroleo |
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| Brasileiro SA(A) . | . | (100) | (159,700) | 15..50 | 1/12/2024 $ | (6,500) | ||
-0.04% | TOTAL OPTIONS WRITTEN . . . . . . . . . . . . . . . . . . . | . . . . . $. .(6,500. . ) . . . | |||||||
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(A)Non-income producing
(B)Effective 7 day yield as of December 31, 2023
3
QUARTERLY REPORT
OTG Latin America Fund
Schedule of Investments - continued | December 31, 2023 (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 December 31, 2023:
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| Level 2 |
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| Level 3 |
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| Other |
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| Significant |
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| Observable | Unobservable |
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| Quoted Prices |
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| Total |
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.. .. .. ..Corporate Bonds .. .. .. | .. .. .. .. .. $ | — | $ | 361,038 |
| $ | — | $ | 361,038 |
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Common Stocks . . . . . . . | . . . 15,019,412. . . |
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| 15,019,412 |
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Money Market Funds . . . . | . . . . 1,344,449. |
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| 1,344,449 |
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Total Investments . . . . . . | . . .$16,363,861. . . | $ | 361,038 |
| $ | — | $ | 16,724,899 |
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OPTIONS WRITTEN . |
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. . .$ . . | — | $ | (6,500) | $ | — | $ | (6,500) | |||||
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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 December 31, 2023..
At December 31, 2023, 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 $13,945,782 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . . . $ 3,072,765
Gross unrealized depreciation . . . . (300,148)
Net unrealized appreciation . . . . .$. 2,772,617
4
QUARTERLY REPORT