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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 5 Holdings as of 7/31/21 Type Weight
Voya Commercial Mortgage Lending Fund LP Private Real Estate Fund 9.8%
PA MAC FUND LP Private Real Estate Fund 9.6%
USAA US Government Building Open-End Feeder LP Private Real Estate Fund 9.2%
Clarion Lion Properties Fund Private Real Estate Fund 3.5%
Goldman Sachs U.S. Real Property Income Fund Private Real Estate Fund 3.3%

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 09/17/2021
Fund Daily NAV
BDREX
Class I
 $2.09
BDRWX
Class W
 $2.08
Quarterly as of 12/30/2020
Fund Distribution
BDREX
Class I		 5.08%
BDRWX
Class W		 4.83%
Daily as of 09/17/2021
Fund Distribution
BDREX
Class I
 823.43%
BDRWX
Class W
 827.38%

Class I gross expenses are 3.06% and net expenses after fee waiver and reimbursement are 2.40%, Class W gross expenses are 3.31% and net expenses after fee waiver and reimbursement are 2.65%. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until February 7, 2022 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.