PRINT

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 6/30/20 Type Weight
iShares U.S. Real Estate ETF N.A. 33.4%
TCM CRE Credit Fund LP Private Real Estate Fund 18.0%
USAA US Government Building Open-End Feeder LP Private Real Estate Fund 7.3%
CBRE U.S. Core Partners LP Private Real Estate Fund 7.2%
Clarion Lion Properties Fund Private Real Estate Fund 6.0%
Sentinel Real Estate Fund LP Private Real Estate Fund 4.9%
Clarion Lion Industrial Trust Private Real Estate Fund 4.5%
Voya Commercial Mortgage Lending Fund LP Private Real Estate Fund 4.4%
Ent Noblesville Direct Real Estate 3.3%
PA MAC FUND LP Private Real Estate Fund 1.8%

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 08/07/2020
Fund Daily NAV
BDREX
Class I
 $9.52
BDRWX
Class W
 $9.51
Quarterly as of 6/30/2020
Fund Distribution
BDREX
Class I		 5.07%
BDRWX
Class W		 4.82%
Daily as of 08/07/2020
Fund Distribution
BDREX
Class I
 5.06%
BDRWX
Class W
 4.81%

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.