Schedule of Investments
December 31, 2024 (unaudited)
| Shares | | | Value |
77.74% COMMON STOCK | | | | | |
32.60% BRAZIL | | | | | |
Ambev SA ADR | 252,000 | $ | 466,200 | |
Banco Bradesco SA ADR | 249,079 | | | 475,741 | |
Gerdau SA ADR | 136,544 | | | 393,247 | |
Itau Unibanco Holding SA ADR | 66,752 | | | 331,090 | |
Lojas Renner SA | 249,150 | | | 488,794 | |
Nu Holdings Ltd.(A) | 17,000 | | | 176,120 | |
Petroleo Brasileiro SA ADR | 36,250 | | | 466,175 | |
Raia Drogasil SA(A) | 51,050 | | | 181,795 | |
Sendas Distribuidora SA ADR | 12,444 | | | 55,625 | |
Sendas Distribuidora SA | 259,000 | | | 236,032 | |
Suzano SA ADR | 52,000 | | | 526,240 | |
TOTVS SA | 84,950 | | | 367,832 | |
Vale SA ADR(A) | 48,300 | | | 428,421 | |
XP, Inc.(A) | 36,415 | | | 431,518 | |
| | | | 5,024,830 | |
14.98% CHILE | | |
Aguas Andinas SA | 559,542 | 168,505 |
Banco de Crédito e Inversiones | 13,343 | 370,282 |
Banco Itaú Chile(A) | 40,006 | 408,900 |
Banco Santander Chile | 8,201,452 | 390,064 |
Cencosud SA | 227,556 | 503,379 |
SMU SA | 2,904,500 | 466,986 |
| | 2,308,116 |
3.40% | COLOMBIA | | |
| Bancolombia SA ADR | 16,620 | 523,696 |
3.47% | LUXEMBOURG | | |
| Globant SA(A) | 2,497 | 535,407 |
OTG LATIN AMERICA FUND
Schedule of Investments
December 31, 2024 (unaudited)
| Shares | | | Value |
12.45% MEXICO | | | | |
America Movil S.A.B. de C.V. ADR | 14,370 | $ | 205,635 |
America Movil S.A.B. de C.V. | 372,000 | | | 266,721 |
Arca Continental S.A.B. de C.V. | 16,818 | | | 139,159 |
Cemex S.A.B. de C.V. ADR | 105,800 | | | 596,712 |
Fomento Economico Mexicano SAB ADR(A) | 1,700 | | | 145,333 |
Wal Mart de Mexico S.A.B. de C.V. | 214,900 | | | 565,619 |
| | | | 1,919,179 |
9.92% PERU | | |
Alicorp S.A.A. | 73,511 | 135,012 |
Complete Cementos Pacasmayo S.A.A. | 150,000 | 168,889 |
Ferreycorp S.A.A. | 450,633 | 351,448 |
InRetail Peru Corp. | 10,729 | 340,646 |
Intercorp Financial Services, Inc. | 18,149 | 532,492 |
| | 1,528,487 |
0.92% | UNITED STATES | | |
| The Boeing Co(A) | 800 | 141,600 |
77.74% | TOTAL COMMON STOCK | | 11,981,315 |
4.09% | DEBT SECURITIES | | |
1.64% | PERU | | |
| Peru LNG 03/22/2030 5.375% | 275,010 | 253,629 |
OTG LATIN AMERICA FUND
Schedule of Investments
December 31, 2024 (unaudited)
| | Shares | | | Value |
2.45% | UNITED STATES | | | | |
| Bank of America NA 08/18/2025 5.650% | 15,000 | $ | 15,081 |
| BNP Paribas SA 05/20/2027 0.000% | 200,000 | | | 168,180 |
| HSBC Bank plc 04/02/2026 0.000% | 214,000 | | | 194,141 |
| | | | | 377,402 |
4.09% | TOTAL DEBT SECURITIES | | | | 631,031 |
15.45% | MONEY MARKET FUND | | | | |
| Morgan Stanley Institutional Liquid Government Fund 4.432% | 2,380,330 | | | 2,380,330 |
97.28% | TOTAL INVESTMENTS | | | | 14,992,676 |
2.72% | Other assets, net of liabilities | | | | 419,538 |
100.00% | NET ASSETS | | $ | 15,412,214 |
| | | | | |
(A)Non-income producing
(B)Effective 7 day yield as of December 31,2024
ADR - Security represented is held by the custodian in the form of American Depositary Receipts.
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 measurementsfor 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 December 31, 2024:
| Level 1 | Level 2 | Level 3 | |
| | Other | Significant | |
| | Significant | Unobservable | |
| Quoted Prices | Observable Inputs | Inputs | Total |
COMMON STOCK | $ | 11,981,315 | $ | 11,981,315 |
DEBT SECURITIES | $ | 631,031 | $ | 631,031 |
MONEY MARKET FUND | $ | 2,380,330 | $ | 2,380,330 |
TOTAL INVESTMENTS | $ | 14,992,676 | $ | 14,992,676 |
| | | | |
The cost of investments for Federal income tax purposes has been estimated a/o December 31, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $16,377,241, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 534,472 |
Gross unrealized depreciation | | (1,919,037) |
Net unrealized appreciation | $ | (1,384,565) |
| | |
