LDR REAL ESTATE VALUE-OPPORTUNITY FUND

 

 

 

 

SCHEDULE OF INVESTMENTS

 

 

 

 

September 30, 2022 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Fair Value

69.45%

COMMON STOCKS

 

 

 

 

 

15.35%

DIVERSIFIED/OTHER

 

 

 

 

 

 

Alexander & Baldwin, Inc.

69,636

 

$

1,154,565

 

The Howard Hughes Corp.*

17,019

 

 

942,682

 

iStar, Inc.

36,696

 

 

339,805

 

Kennedy-Wilson Holdings, Inc.

76,095

 

 

1,176,429

 

Phillips Edison & Co., Inc.

30,080

 

 

843,744

 

 

 

 

 

 

4,457,225

7.47%

HEALTHCARE

 

 

 

 

 

 

Healthcare Realty Trust Inc.

55,577

 

 

1,158,780

 

Healthpeak Properties, Inc.

44,122

 

 

1,011,276

 

 

 

 

 

 

2,170,056

8.40%

HOTEL

 

 

 

 

 

 

Hersha Hospitality Trust - Class A

114,699

 

 

915,298

 

Pebblebrook Hotel Trust

41,481

 

 

601,889

 

Ryman Hospitality Properties, Inc.

12,542

 

 

922,966

 

 

 

 

 

 

2,440,153

6.85%

OFFICE/INDUSTRIAL

 

 

 

 

 

 

Brandywine Realty Trust

136,800

 

 

923,400

 

STAG Industrial, Inc.

37,441

 

 

1,064,448

 

 

 

 

 

 

1,987,848

7.21%

REAL ESTATE

 

 

 

 

 

 

Highwoods Properties, Inc.

26,180

 

 

705,813

 

Kite Realty Group Trust

47,109

 

 

811,217

 

Piedmont Office Realty Trust, Inc.

54,511

 

 

575,636

 

 

 

 

 

 

2,092,666

17.04%

RESIDENTIAL

 

 

 

 

 

 

Apartment Income REIT Corp.

29,500

 

 

1,139,290

 

Century Communities, Inc.

13,777

 

 

589,380

 

Forestar Group, Inc.*

13,550

 

 

151,624

 

Independence Realty Trust, Inc.

47,718

 

 

798,322

 

UMH Properties, Inc.

68,052

 

 

1,099,040

 

Veris Residential, Inc.*

102,768

 

 

1,168,472

 

 

 

 

 

 

4,946,128

7.14%

RETAIL

 

 

 

 

 

 

Brixmor Property Group, Inc.

52,758

 

 

974,440

 

Urban Edge Properties

82,040

 

 

1,094,414

 

 

 

 

 

 

2,068,854

69.45%

TOTAL COMMON STOCKS

 

 

 

 

20,162,930

10.36%

PREFERRED STOCKS

 

 

 

 

 

2.06%

CONVERTIBLE

 

 

 

 

 

 

RPT Realty, Series D, 7.250%

13,638

 

 

597,664

3.02%

DIVERSIFIED/OTHER

 

 

 

 

 

 

DigitalBridge Group, Inc., Series H, 7.500%

18,449

 

 

413,811

 

iStar Financial, Inc., Series I, 7.500%

18,995

 

 

463,098

 

 

 

 

 

 

876,909

0.56%

FINANCIAL

 

 

 

 

 

 

RITHM Capital Corp.

8,383

 

 

161,624

1.47%

HEALTHCARE

 

 

 

 

 

 

Healthcare Trust Inc., Series B, 7.125%

18,900

 

 

426,384

2.06%

HOTEL

 

 

 

 

 

 

Hersha Hospitality Trust, Series C, 6.875%

9,188

 

 

184,679

 

Hersha Hospitality Trust, Series D, 6.500%

22,100

 

 

413,491

 

 

 

 

 

 

598,170

1.20%

REAL ESTATE

 

 

 

 

 

 

City Office Reit, Series A, 6.625%

17,416

 

 

347,972

10.36%

TOTAL PREFERRED STOCKS

 

 

 

 

3,008,723

79.81%

TOTAL LONG POSITIONS

 

 

 

 

23,171,653

5.03%

EXCHANGE TRADED FUNDS

 

 

 

 

 

 

Real Estate Select Sector SPDR ETF Fund

40,577

 

 

1,461,178

13.78%

MONEY MARKET FUNDS

 

 

 

 

 

 

Money Market Fiduciary 0.0685%**

3,999,693

 

 

3,999,693

98.62%

NET INVESTMENTS IN SECURITIES

 

 

 

$

28,632,524

1.38%

Other assets, net of liablities

 

 

 

 

401,179

100.00%

NET ASSETS

 

 

 

$

29,033,703

 

 

 

 

 

 

 

LDR REAL ESTATE VALUE-OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022 (unaudited)

*Non-income producing

**Effective 7 day yield as of September 30, 2022

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 September 30, 2022:

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

Other Significant

 

Significant

 

 

 

Quoted

 

Observable

 

Unobservable

 

 

 

Prices

 

Inputs

 

Inputs

 

Total

Common Stocks

$ 20,162,930

$

-

$

-

$

20,162,930

Preferred Stocks

3,008,723

 

-

 

-

 

3,008,723

Exchange Traded Funds

1,461,178

 

 

 

 

 

 

Money Market Funds

3,999,693

 

-

 

-

 

3,999,693

Net Investments in Securities

$ 28,632,524

$

-

$

-

$

28,632,524

 

 

 

 

 

 

 

 

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 September 30, 2022.

At September 30, 2022 the cost of investments 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 $30,341,838 and the related tax-based net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation

$

2,248,695

Gross unrealized depreciation

 

(3,958,009)

Net unrealized appreciation

$

(1,709,314)