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|
LDR REAL ESTATE VALUE-OPPORTUNITY FUND |
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SCHEDULE OF INVESTMENTS |
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|
September 30, 2022 (unaudited) |
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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 |
|
|
|
|
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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 |
|
|
|
|
|
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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 |
|
|
|
|
|
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Brixmor Property Group, Inc. |
52,758 |
|
|
974,440 |
|
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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 |
|
|
|
|
|
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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 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) |
|
|
|