LDR REAL ESTATE VALUE-OPPORTUNITY FUND
Schedule of Investments | September 30, 2023 (unaudited) | ||||
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|
| Shares |
| Value |
65.46% | COMMON STOCK |
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|
|
|
12.56% | DIVERSIFIED/OTHER |
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|
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|
| Alexander & Baldwin, Inc. . . . . . . . . . . . . . | . . . | 52,050 | $ 870,796 | |
| The Howard Hughes Corp.(A) . . . . . . . . . . . . . | 12,665 | 938,856 | ||
| Kennedy-Wilson Holdings, Inc. . . . . . . . . . . . | 69,191 | 1,019,875 | ||
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|
|
|
| 2,829,527 |
10.13% | HEALTHCARE |
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|
|
|
| Healthcare Realty Trust, Inc. . . . . . . . . . . . | . . . | 77,327 | 1,180,783 | |
| Healthpeak Properties, Inc. . . . . . . . . . . . | . . . | 59,995 | 1,101,508 | |
|
|
|
|
| 2,282,291 |
3.72% | HOTEL |
|
|
|
|
| Hersha Hospitality Trust - Class A . . . . . . | . . . | 85,009 | 838,189 | |
7.02% | OFFICE/INDUSTRIAL |
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|
|
|
| Brandywine Realty Trust . . . . . . . . . . . . . . | . . . | 136,800 | 621,072 | |
| STAG Industrial, Inc. . . . . . . . . . . . . . . . . . . | . . . | 27,818 | 959,999 | |
|
|
|
|
| 1,581,071 |
17.60% | RESIDENTIAL |
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|
|
|
| Apartment Income REIT Corp. . . . . . . . . . | . . . | 34,923 | 1,072,136 | |
| Century Communities, Inc. . . . . . . . . . . . . | . . . | 8,106 | 541,319 | |
| Independence Realty Trust, Inc. . . . . . . . . . . | 47,718 | 671,392 | ||
| UMH Properties, Inc. . . . . . . . . . . . . . . . . . | . . . | 68,052 | 954,089 | |
| Veris Residential, Inc. . . . . . . . . . . . . . . . . . | . . . | 43,920 | 724,680 | |
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|
|
|
| 3,963,616 |
14.43% | RETAIL |
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|
|
|
| Brixmor Property Group, Inc. . . . . . . . . . . | . . . | 48,310 | 1,003,882 | |
| Kite Realty Group Trust . . . . . . . . . . . . . . . | . . . | 54,071 | 1,158,201 | |
| Urban Edge Properties . . . . . . . . . . . . . . . | . . . | 71,290 | 1,087,885 | |
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|
|
|
| 3,249,968 |
65.46% | TOTAL COMMON STOCK |
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|
|
|
| (Cost: $14,913,670) . . . . . . . . . . . . . . . . . . . | . . . . . . | . . . . . . . . . . . . |
| 14,744,662 |
1
QUARTERLY REPORT
LDR REAL ESTATE VALUE-OPPORTUNITY FUND
Schedule of Investments - continued | September 30, 2023 (unaudited) | ||||
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|
| Shares |
| Value |
12.42% | EXCHANGE TRADED FUND |
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|
12.42% | REAL ESTATE |
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|
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|
| Real Estate Select Sector SPDR Fund . . | . . . | 82,124 | $ 2,797,965 | |
12.42% | TOTAL EXCHANGE TRADED FUND |
|
|
|
|
| (Cost: $3,122,646) . . . . . . . . . . . . . . . . . . . . | . . . . . . | . . . . . . . . . . . . | 2,797,965 | |
10.62% | MONEY MARKET FUND |
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| Money Market Fiduciary(A) 0.000%(B) |
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|
|
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| (Cost: $2,391,681) . . . . . . . . . . . . . . . . . . . . | . . . | 2,391,681 | 2,391,681 | |
11.07% | PREFERRED STOCK |
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|
|
|
2.37% | CONVERTIBLE |
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|
| RPT Realty, Series D, 7.250% . . . . . . . . . . | . . . | 10,537 | 533,383 | |
1.16% | DIVERSIFIED/OTHER |
|
|
|
|
| DigitalBridge Group, Inc. Series H, 7.500% | . . . | 11,928 | 261,223 | |
1.42% | FINANCIALS |
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|
|
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| KKR Real Estate Finance . . . . . . . . . . . . . . | . . . | 19,618 | 319,773 | |
0.55% | HEALTHCARE |
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|
|
|
| Healthcare Trust Inc. Series B, 7.125% . . . . . | 6,631 | 122,872 | ||
3.44% | HOTEL |
|
|
|
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| Hersha Hospitality Trust, Series C, 6.875% | . . . | 9,188 | 226,760 | |
| Hersha Hospitality Trust, Series D, 6.500% | . . . | 22,100 | 546,975 | |
|
|
|
|
| 773,735 |
2.13% | REAL ESTATE |
|
|
|
|
| City Office REIT, Inc. Series A, 6.625% . . | . . . | 13,906 | 207,617 | |
| UMH Properties, Inc. . . . . . . . . . . . . . . . . . | . . . | 12,969 | 272,608 | |
|
|
|
|
| 480,225 |
11.07% | TOTAL PREFERRED STOCK |
|
|
|
|
| (Cost: $2,606,692) . . . . . . . . . . . . . . . . . . . | . . . . . . | . . . . . . . . . . . . |
| 2,491,211 |
2
QUARTERLY REPORT
LDR REAL ESTATE VALUE-OPPORTUNITY FUND
Schedule of Investments - continued | September 30, 2023 (unaudited) | ||||
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| Shares |
| Value |
99.57% | TOTAL INVESTMENTS |
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|
|
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| (Cost: $23,034,689) . . . . . . . . . . . . . . . . . . | . . . . . . | . . . . . . . . . . . . | $ 22,425,519 | |
0.43% | . . . . . . . . . . . . . . . .Assets net of liabilities | . . . . . . | . . . . . . . . . . . . |
| 96,006 |
100.00% | . . . . . . . . . . . . . . . . . . . . . . . .NET ASSETS | . . . . . . | . . . . . . . . . . . . |
| $22,521,525 |
(A)Non-income producing
(B)Effective 7 day yield as of September 30,2023
See Notes to Schedule of Investments
3
QUARTERLY REPORT