NPORT-EX 2 gramercysoi09302024.htm

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS

As of September 30, 2024 (Unaudited) 

 

 

Principal
Amount1

      Value 
    FIXED INCOME SECURITIES — 94.1%    
    ANGOLA — 0.4%    
 260,000   Angolan Government International Bond
8.250%, 5/9/2028		  $246,675 
     AZERBAIJAN — 0.5%     
 320,000   Republic of Azerbaijan International Bond
3.500%, 9/1/2032		   287,699 
     BAHRAIN — 0.6%     
 330,000   Bahrain Government International Bond
7.500%, 9/20/2047		   337,425 
     BRAZIL — 7.7%     
 10,815   Brazil Notas do Tesouro Nacional Serie F
10.000%, 1/1/2025		   2,028,476 
 780,000   Brazilian Government International Bond
4.750%, 1/14/20502		   595,421 
 320,000   CSN Resources S.A.
4.625%, 6/10/20312		   258,880 
 450,000   LD Celulose International GmbH
7.950%, 1/26/20322,3		   460,800 
 315,000   MARB BondCo PLC
3.950%, 1/29/20312		   277,925 
 455,000   Nexa Resources S.A.
6.750%, 4/9/20342,3		   481,731 
 290,000   Suzano Austria GmbH
3.125%, 1/15/20322		   252,010 
 275,000   Yinson Boronia Production B.V.
8.947%, 7/31/20422,3		   293,287 
         4,648,530 
     BULGARIA — 0.4%     
 220,000   Bulgaria Government International Bond
4.875%, 5/13/2036		   269,368 
     CHILE — 1.8%     
 510,000   Banco de Credito e Inversiones S.A.
7.500% (USD 5 Year Tsy+376.70 basis points), 12/12/21722,3,4,5		   516,758 
 410,000   Corp Nacional del Cobre de Chile
3.150%, 1/15/20512		   275,520 
 305,000   Inversiones La Construccion S.A.
4.750%, 2/7/20322		   279,932 
         1,072,210 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1

      Value 
    FIXED INCOME SECURITIES (Continued)    
    CHINA — 0.6%    
 700,000   CIFI Holdings Group Co., Ltd.
6.550%, 3/28/2025*2,6		  $64,750 
 800,000   Country Garden Holdings Co., Ltd.
3.300%, 1/12/20312,6		   58,000 
 400,000   KWG Group Holdings Ltd.
5.950%, 8/10/2025*2,6		   23,500 
 250,000   Logan Group Co., Ltd.
5.250%, 10/19/2025*2,6		   20,938 
 1,700,000   Shimao Group Holdings Ltd.
6.125%, 2/21/2025*2,6		   85,000 
 800,000   Sunac China Holdings Ltd.
7.250%, 9/30/20302,7		   56,000 
 1,000,000   Yuzhou Group Holdings Co., Ltd.
8.500%, 2/4/2025*2,6		   65,000 
         373,188 
     COLOMBIA — 2.4%     
 300,000   Banco Davivienda S.A.
6.650% (USD 10 Year Tsy+509.70 basis points), 10/22/20722,4,5		   255,750 
 3,572,800,000   Colombian TES
6.000%, 4/28/2028		   771,645 
 490,000   Ecopetrol S.A.
4.625%, 11/2/20312		   419,783 
         1,447,178 
     CZECH REPUBLIC — 1.7%     
 23,490,000   Czech Republic Government Bond
2.400%, 9/17/2025		   1,026,156 
     DOMINICAN REPUBLIC — 1.8%     
 830,000   Dominican Republic International Bond
4.500%, 1/30/2030		   793,945 
 310,000   Empresa Generadora de Electricidad Haina S.A.
5.625%, 11/8/20282		   293,433 
         1,087,378 
     ECUADOR — 0.8%     
 900,000   Ecuador Government International Bond
5.500%, 7/31/20358		   511,650 
     EL SALVADOR — 0.6%     
     El Salvador Government International Bond     
 370,000   0.250%, 4/17/20302,3   8,325 
 370,000   9.250%, 4/17/20302,3   368,613 
         376,938 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    GHANA — 1.0%    
 330,000   Ghana Government International Bond
7.750%, 4/7/20293		  $175,313 
 410,000   Kosmos Energy Ltd.
8.750%, 10/1/20312,3		   404,875 
         580,188 
     GUATEMALA — 0.4%     
 320,000   Guatemala Government Bond
4.650%, 10/7/20412		   264,300 
     HONG KONG — 1.6%     
 260,000   AIA Group Ltd.
4.950%, 4/4/20332		   265,850 
 370,000   CK Hutchison International 20 Ltd.
3.375%, 5/8/20502		   279,986 
 490,000   Standard Chartered PLC
4.300% (USD 5 Year Tsy+313.50 basis points), 8/14/20722,4,5		   444,675 
         990,511 
     HUNGARY — 2.2%     
 197,260,000   Hungary Government Bond
5.500%, 6/24/2025		   553,372 
 300,000   Magyar Export-Import Bank Zrt
6.125%, 12/4/20272		   308,157 
 400,000   Raiffeisen Bank zrt
5.150% (3-Month Euribor+225.00 basis points), 5/23/20302,5		   455,254 
         1,316,783 
     INDIA — 2.5%     
 310,000   Greenko Solar Mauritius Ltd.
5.950%, 7/29/20262		   308,934 
 307,989   India Green Power Holdings
4.000%, 2/22/20272		   293,456 
 270,000   India Vehicle Finance
5.850%, 9/25/20303		   269,663 
 360,000   JSW Steel Ltd.
5.050%, 4/5/20322		   330,525 
 300,000   Manappuram Finance Ltd.
7.375%, 5/12/2028		   306,750 
         1,509,328 
     INDONESIA — 2.2%     
 580,000   Indofood CBP Sukses Makmur Tbk P.T.
4.745%, 6/9/20512		   506,775 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    INDONESIA (Continued)    
 980,000   Indonesia Government International Bond
3.700%, 10/30/2049		  $808,500 
         1,315,275 
     IVORY COAST — 0.7%     
 430,000   Ivory Coast Government International Bond
8.250%, 1/30/2037		   441,556 
     JAMAICA — 0.3%     
 200,000   Kingston Airport Revenue Finance Ltd.
6.750%, 12/15/20362,3		   206,300 
     KAZAKSTAN — 1.0%     
 325,000   KazMunayGas National Co. JSC
3.500%, 4/14/20332		   282,750 
 380,000   Tengizchevroil Finance Co. International Ltd.
3.250%, 8/15/20302		   329,517 
         612,267 
     KUWAIT — 1.3%     
 830,000   MEGlobal B.V.
2.625%, 4/28/20282		   768,269 
     MALAYSIA — 2.1%     
 360,000   Axiata Spv5 Labuan Ltd.
3.064%, 8/19/20502		   257,584 
 1,040,000   Malaysia Government Bond
3.733%, 6/15/2028		   254,722 
 1,050,000   Petronas Capital Ltd.
3.404%, 4/28/20612		   763,707 
         1,276,013 
     MEXICO — 9.6%     
 290,000   Banco Bilbao Vizcaya Argentaria S.A.
6.125% (USD SWAP SEMI 30/360 5Y+387.00 basis points), 2/16/21672,4,5		   280,932 
 300,000   Banco Mercantil del Norte S.A./Grand Cayman
6.625% (USD 10 Year Tsy+503.40 basis points), 1/24/20722,4,5		   278,640 
 280,000   BBVA Bancomer S.A./Texas
8.125% (USD 5 Year Tsy+421.40 basis points), 1/8/20392,5		   296,537 
 470,000   Bimbo Bakeries USA, Inc.
5.375%, 1/9/20362		   484,541 
 380,000   Braskem Idesa SAPI
6.990%, 2/20/20322		   299,250 
 710,000   Cemex S.A.B. de C.V.
5.125% (USD 5 Year Tsy+453.40 basis points), 9/8/20722,4,5		   697,575 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    MEXICO (Continued)    
 200,000   FIEMEX Energia - Banco Actinver S.A. Institucion de Banca Multiple
7.250%, 1/31/20412,3		  $207,750 
 340,000   Fresnillo PLC
4.250%, 10/2/20502		   259,930 
 270,000   GCC S.A.B. de C.V.
3.614%, 4/20/20322		   240,300 
 340,000   Industrias Penoles S.A.B. de C.V.
4.750%, 8/6/20502		   272,319 
     Mexican Bonos     
 35,180,000   10.000%, 12/5/2024   1,784,398 
 8,320,000   5.750%, 3/5/2026   401,337 
 410,000   Petroleos Mexicanos
6.750%, 9/21/2047		   293,150 
         5,796,659 
     MONTENEGRO — 0.6%     
 350,000   Montenegro Government International Bond
7.250%, 3/12/20313		   364,788 
     MOROCCO — 1.0%     
 370,000   Morocco Government International Bond
4.000%, 12/15/2050		   273,916 
 370,000   OCP S.A.
5.125%, 6/23/20512		   300,736 
         574,652 
     NIGERIA — 1.9%     
 540,000   IHS Netherlands Holdco B.V.
8.000%, 9/18/20272		   541,013 
 710,000   Nigeria Government International Bond
7.375%, 9/28/2033		   601,547 
         1,142,560 
     PAKISTAN — 1.3%     
 200,000   Pakistan Government International Bond
6.875%, 12/5/2027		   181,250 
 230,000   Pakistan Water & Power Development Authority
7.500%, 6/4/2031		   178,825 
     VEON Holdings B.V.     
 250,000   3.375%, 11/25/20272   202,500 
 250,000   3.375%, 11/25/20272   219,375 
         781,950 
     PANAMA — 1.6%     
 299,191   AES Panama Generation Holdings SRL
4.375%, 5/31/20302		   269,636 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    PANAMA (Continued)    
 970,000   Panama Government International Bond
4.500%, 1/19/20632		  $679,912 
         949,548 
     PARAGUAY — 0.5%     
 360,000   Paraguay Government International Bond
2.739%, 1/29/20332		   306,675 
     PHILIPPINES — 2.1%     
 370,000   Metropolitan Bank & Trust Co.
5.500%, 3/6/2034		   383,297 
 890,000   Philippine Government International Bond
2.650%, 12/10/2045		   626,894 
 280,000   Rizal Commercial Banking Corp.
5.500%, 1/18/2029		   289,100 
         1,299,291 
     POLAND — 2.4%     
 440,000   Bank Gospodarstwa Krajowego
6.250%, 7/9/20543		   472,323 
 980,000   Republic of Poland Government International Bond
5.125%, 9/18/20342		   1,006,646 
         1,478,969 
     QATAR — 4.4%     
 730,000   Ooredoo International Finance Ltd.
2.625%, 4/8/2031		   662,015 
 840,000   Qatar Government International Bond
4.750%, 5/29/20343		   879,900 
 900,000   QatarEnergy
3.300%, 7/12/20512		   673,875 
 420,000   QIC Cayman Ltd.
6.750% (Constant Maturity Yield Six-Year Tsy+353.70 basis points), 7/7/20722,4,5		   427,867 
         2,643,657 
     ROMANIA — 1.5%     
 1,110,000   Romania Government Bond
4.850%, 4/22/2026		   244,199 
 630,000   Romanian Government International Bond
6.375%, 1/30/2034		   654,413 
         898,612 
     SAUDI ARABIA — 5.1%     
 800,000   Gaci First Investment Co.
5.375%, 10/13/21222		   724,750 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    SAUDI ARABIA (Continued)    
 630,000   Greensaif Pipelines Bidco Sarl
6.129%, 2/23/2038		  $667,409 
 1,000,000   Saudi Arabian Oil Co.
3.500%, 11/24/20702		   667,812 
     Saudi Government International Bond     
 630,000   5.000%, 1/16/2034   642,600 
 390,000   5.750%, 1/16/2054   397,313 
         3,099,884 
     SOUTH AFRICA — 6.0%     
 250,000   Absa Group Ltd.
6.375% (USD 5 Year Tsy+541.10 basis points), 11/27/20722,4,5		   246,406 
 510,000   Bidvest Group UK PLC
3.625%, 9/23/20262		   494,700 
 48,160,000   Republic of South Africa Government Bond
6.500%, 2/28/2041		   1,924,686 
 340,000   Sasol Financing USA LLC
5.500%, 3/18/20312		   303,450 
 750,000   Stillwater Mining Co.
4.500%, 11/16/20292		   638,203 
         3,607,445 
     SOUTH KOREA — 1.1%     
 760,000   LG Chem Ltd.
2.375%, 7/7/2031		   653,600 
     SRI LANKA — 0.3%     
 280,000   Sri Lanka Government International Bond
7.550%, 3/28/2030		   156,537 
     TANZANIA (UNITED REPUBLIC OF) — 0.9%     
 560,000   HTA Group Ltd./Mauritius
7.500%, 6/4/20292,3		   567,868 
     THAILAND — 1.7%     
 390,000   Bangkok Bank PCL/Hong Kong
5.650%, 7/5/20342,3		   409,043 
 18,190,000   Thailand Government Bond
3.650%, 6/20/2031		   610,074 
         1,019,117 
     TRINIDAD AND TOBAGO — 1.0%     
 600,000   Trinidad & Tobago Government International Bond
6.400%, 6/26/20342,3		   619,530 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    TURKEY — 4.4%    
 600,000   Akbank TAS
9.369% (USD 5 Year Tsy+527.00 basis points), 6/14/20722,3,4,5		  $621,563 
 320,000   Ford Otomotiv Sanayi A.S.
7.125%, 4/25/20292,3		   330,320 
 420,000   Turkiye Garanti Bankasi A.S.
8.375% (USD 5 Year Tsy+409.00 basis points), 2/28/20342,3,5		   431,944 
 22,270,000   Turkiye Government Bond
12.600%, 10/1/2025		   514,217 
 260,000   Turkiye Sinai Kalkinma Bankasi A.S.
9.750% (USD 5 Year Tsy+545.40 basis points), 9/21/20722,4,5		   269,009 
 510,000   Yapi ve Kredi Bankasi A.S.
7.125%, 10/10/20293		   518,262 
         2,685,315 
     UKRAINE — 0.3%     
     Ukraine Government International Bond     
 558,043   0.000%, 2/1/20343,8   188,898 
 230   0.000%, 2/1/20353,8   100 
         188,998 
     UNITED ARAB EMIRATES — 7.0%     
 990,000   Abu Dhabi National Energy Co. PJSC
3.400%, 4/29/20512		   757,659 
 340,000   DP World Ltd./United Arab Emirates
4.700%, 9/30/20492		   299,275 
 300,000   Emirates NBD Bank PJSC
4.250% (Constant Maturity Yield Six-Year Tsy+315.50 basis points), 11/27/21722,4,5		   287,250 
 400,000   Finance Department Government of Sharjah
4.000%, 7/28/2050		   278,875 
 600,000   First Abu Dhabi Bank PJSC
5.804% (USD 5 Year Tsy+155.00 basis points), 1/16/20352,5		   617,622 
 810,000   Galaxy Pipeline Assets Bidco Ltd.
3.250%, 9/30/2040		   655,088 
 570,000   Magellan Capital Holdings Ltd.
8.375% (USD 1 Year Tsy+423.30 basis points), 7/8/20292,5		   580,534 
 840,000   MDGH GMTN RSC Ltd.
2.500%, 6/3/20312		   750,487 
         4,226,790 
     URUGUAY — 1.3%     
 810,000   Uruguay Government International Bond
4.975%, 4/20/2055		   784,485 

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited) 

 

 

Principal
Amount1		      Value 
    FIXED INCOME SECURITIES (Continued)    
    UZBEKISTAN — 3.0%    
 400,000   Jscb Agrobank
9.250%, 10/2/20293		  $401,200 
 560,000   National Bank of Uzbekistan
8.500%, 7/5/20292		   570,360 
 310,000   Republic of Uzbekistan International Bond
3.900%, 10/19/2031		   264,566 
 580,000   Uzauto Motors AJ
4.850%, 5/4/20262		   548,825 
         1,784,951 
     ZAMBIA — 0.5%     
 260,000   First Quantum Minerals Ltd.
9.375%, 3/1/20292,3		   275,600 
     TOTAL FIXED INCOME SECURITIES     
     (Cost $54,957,171)   56,872,666 
     U.S. GOVERNMENT — 5.4%     
     United States Treasury Bill     
$2,400,000   0.000%, 11/7/2024   2,388,403 
 900,000   0.000%, 12/19/2024   891,097 
     TOTAL U.S. GOVERNMENT     
     (Cost $3,278,710)   3,279,500 
     TOTAL INVESTMENTS — 99.5%     
     (Cost $58,235,881)   60,152,164 
     Other Assets in Excess of Liabilities — 0.5%   283,497 
     TOTAL NET ASSETS — 100.0%  $60,435,661 

 

PLC – Public Limited Company
PJSC – Public Joint Stock Company

 

* Non-income producing security.
1 Local currency.
2 Callable.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $9,474,754, which represents 15.68% of Net Assets.
4 Perpetual security. Maturity date is not applicable.
5 Variable rate security.
6 Security is in default.
7 Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.
8 Step rate security.

 

 

Gramercy Emerging Markets Debt Fund

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

 

Sale Contracts  Counterparty 

Currency

Exchange

 

Settlement

Date

 

Currency

Amount

Sold

  

Value At

Settlement

Date

  

Value At

September 30, 2024

  

Unrealized

Appreciation

(Depreciation)

 
Euro  UMB Bank NA  EUR per USD  12/18/2024   635,000   $(707,390)  $(709,175)  $(1,785)
                  (707,390)   (709,175)   (1,785)
TOTAL FORWARD FOREIGN CURRENCY
EXCHANGE CONTRACTS		       $(707,390)  $(709,175)  $(1,785)

 

EUR – Euro