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Fund Holdings

BDREX seeks to generate a return comprised of both current income and long-term capital appreciation with low-to-moderate volatility and low correlation to the broader markets.

Top 10 Holdings as of 12/31/19 Type Weight
TCM CRE Credit Fund LP Private Real Estate Fund 17.4%
USAA US Government Building Open-End Feeder LP Private Real Estate Fund 7.5%
CBRE U.S. Core Partners LP Private Real Estate Fund 6.3%
Sentinel Real Estate Fund LP Private Real Estate Fund 6.2%
Clarion Lion Properties Fund Private Real Estate Fund 6.2%
Prologis Inc. Financial 3.7%
PA MAC FUND LP Private Real Estate Fund 2.9%
Simon Property Group Inc. Financial 2.2%
Welltower Inc. Financial 2.2%
Healthpeak Properties Inc. Financial 2.1%

Weight represents the position’s percentage of gross assets. Holdings are subject to change.

Class Symbol CUSIP
Class I BDREX 11135A201
Class W BDRWX 11135A102
Daily as of 02/18/2020
Fund Daily NAV
BDREX
Class I
 $11.03
BDRWX
Class W
 $11.02
Quarterly as of 12/30/2019
Fund Distribution
BDREX
Class I		 14.6%
BDRWX
Class W		 14.3%
Daily as of 02/18/2020
Fund Distribution
BDREX
Class I
 2.20%
BDRWX
Class W
 1.95%

Class I gross expenses are 4.23% and net expenses after fee waiver and reimbursement are 2.71%, Class W gross expenses are 4.48% and net expenses after fee waiver and reimbursement are 2.96%.* The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until September 25, 2020 to ensure that the net annual fund operating expenses will not exceed 1.74% for Class I and 1.99% for Class W, subject to possible recoupment from the Fund in future years. Please review the Fund’s Prospectus for more detail on the expense waiver. *Expense information as of the Prospectus dated February 3, 2020.