Fund | Abbreviation | Share Class/Ticker | Fiscal Year End | Prospectus Date | ||||
Cohen & Steers Low Duration Preferred and Income Fund, Inc. | Low Duration Preferred and Income Fund | Class
A/LPXAX Class C/LPXCX Class F/LPXFX Class I/LPXIX Class R/LPXRX Class Z/LPXZX |
April 30 | September
1, 2019, supplemented on December 20, 2019 | ||||
Cohen
& Steers Alternative Income Fund, Inc. (Prior to July 1, 2019, Cohen & Steers Dividend Value Fund, Inc.) |
Alternative Income Fund | Class
A/DVFAX Class C/DVFCX Class F/DVVFX Class I/DVFIX Class R/DVFRX Class Z/DVFZX |
October
31 (Prior to July 1, 2019, the fiscal year end was February 28.) |
March
1, 2020 supplemented on March 2, 2020 | ||||
Cohen & Steers Global Infrastructure Fund, Inc. | Global Infrastructure Fund | Class
A/CSUAX Class C/CSUCX Class F/CSUFX Class I/CSUIX Class R/CSURX Class Z/CSUZX |
December 31 | May 1, 2020 | ||||
Cohen & Steers Global Realty Shares, Inc. | Global Realty Shares | Class
A/CSFAX Class C/CSFCX Class F/GRSFX Class I/CSSPX Class R/GRSRX Class Z/CSFZX |
December 31 | May 1, 2020 | ||||
Cohen & Steers Institutional Realty Shares, Inc. | Institutional Realty Shares | CSRIX | December 31 | May 1, 2020 | ||||
Cohen & Steers International Realty Fund, Inc. | International Realty Fund | Class
A/IRFAX Class C/IRFCX Class F/IRFFX Class I/IRFIX Class R/IRFRX Class Z/IRFZX |
December 31 | May 1, 2020 | ||||
Cohen & Steers MLP & Energy Opportunity Fund, Inc. | MLP & Energy Opportunity Fund | Class
A/MLOAX Class C/MLOCX Class F/MLOFX Class I/MLOIX Class R/MLORX Class Z/MLOZX |
November 30 | April 1, 2020 | ||||
Cohen & Steers Preferred Securities and Income Fund, Inc. | Preferred Securities and Income Fund | Class
A/CPXAX Class C/CPXCX Class F/CPXFX Class I/CPXIX Class R/CPRRX Class Z/CPXZX |
December 31 | May 1, 2020 | ||||
Cohen & Steers Real Assets Fund, Inc. | Real Assets Fund | Class
A/RAPAX Class C/RAPCX Class F/RAPFX Class I/RAPIX Class R/RAPRX Class Z/RAPZX |
December 31 | May 1, 2020 | ||||
Cohen & Steers Real Estate Securities Fund, Inc. | Real Estate Securities Fund | Class
A/CSEIX Class C/CSCIX Class F/CREFX Class I/CSDIX Class R/CIRRX Class Z/CSZIX |
December 31 | May 1, 2020 |
Fund | Abbreviation | Share Class/Ticker | Fiscal Year End | Prospectus Date | ||||
Cohen & Steers Realty Shares, Inc. | Realty Shares | Class
A/CSJAX Class C/CSJCX Class F/CSJFX Class I/CSJIX Class L/CSRSX Class R/CSJRX Class Z/CSJZX |
December 31 | May 1, 2020 | ||||
Cohen & Steers Preferred Securities and Income SMA Shares, Inc. | Preferred Securities and Income SMA Shares | PISHX | October 31 | March 1, 2020 |
Fund | Diversification Status | Date of Incorporation | |||||
Low Duration Preferred and Income Fund | Diversified | September 2, 2015 | |||||
Alternative Income Fund | Diversified | November 8, 2004 | |||||
Global Infrastructure Fund | Diversified | January 13, 2004 | |||||
Global Realty Shares | Diversified | February 14, 1997 | |||||
Institutional Realty Shares | Non-diversified | October 13, 1999 | |||||
International Realty Fund | Diversified | November 23, 2004 | |||||
MLP & Energy Opportunity Fund | Non-diversified | July 8, 2013 | |||||
Preferred Securities and Income Fund | Diversified | February 22, 2010 | |||||
Real Assets Fund | Diversified | October 25, 2011 | |||||
Real Estate Securities Fund | Non-diversified | July 3, 1997 | |||||
Realty Shares | Non-diversified | April 26, 1991 | |||||
Preferred Securities and Income SMA Shares | Non-diversified | November 16, 2018 |
Types of Investments | Low
Duration Preferred and Income Fund |
Alternative
Income Fund |
Global
Infrastructure Fund |
Global
Realty Shares |
Institutional
Realty Shares |
International
Realty Fund |
MLP
& Energy Opportunity Fund |
Preferred
Securities and Income Fund |
Real
Assets Fund |
Real
Estate Securities Fund |
Realty
Shares |
Preferred
Securities and Income SMA Shares | ||||||||||||
Below Investment Grade Securities
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||
Borrowing for Investment Purposes
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Types of Investments | Low
Duration Preferred and Income Fund |
Alternative
Income Fund |
Global
Infrastructure Fund |
Global
Realty Shares |
Institutional
Realty Shares |
International
Realty Fund |
MLP
& Energy Opportunity Fund |
Preferred
Securities and Income Fund |
Real
Assets Fund |
Real
Estate Securities Fund |
Realty
Shares |
Preferred
Securities and Income SMA Shares | ||||||||||||
Canadian Royalty Trusts
|
✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||
Cayman Subsidiary
|
✓ | |||||||||||||||||||||||
Cash Reserves
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Commodities
|
✓ | ✓ | ||||||||||||||||||||||
Companies in the Financials Sector
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||
Convertible Securities
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Credit Derivatives
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||
Debt Securities
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||
Energy Companies
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||
Exchange-Traded Notes
|
✓ | ✓ | ✓ | |||||||||||||||||||||
Foreign Currency and Currency Hedging
Transactions
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Futures Contracts and Options on Futures
Contracts
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Foreign Securities
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Gold and Other Precious Metals
|
✓ | |||||||||||||||||||||||
Healthcare Companies
|
✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||
Illiquid Securities
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Industrial Companies
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||
Master Limited Partnerships
|
✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||
Natural Resource Companies
|
✓ | ✓ | ✓ | |||||||||||||||||||||
Other Investment Companies
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Preferred Securities
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Real Estate Companies and Real Estate Investment
Trusts
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||
Repurchase Agreements
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Securities Lending
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
Short Sales
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||
Swap Transactions
|
✓ 1 | ✓ | ✓ 1 | ✓ 1 | ✓ | ✓ 1 | ||||||||||||||||||
Telecommunications and Media Companies
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||
Utility Companies
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||
Warrants and Rights
|
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
• | Price Limits. Some (not all exchanges have price change limits) futures exchanges impose on each futures contract traded on that exchange a maximum permissible price movement for each trading session. If the maximum permissible price movement is achieved on any trading day, no more trades may be executed above (or below, if the price has moved downward) that limit. If the Fund wishes to execute a trade outside the daily permissible price movement, it would be prevented from doing so by exchange rules, and would have to wait for another trading session to execute its transaction. |
• | Price Volatility. Despite the daily price limits on various futures exchanges, the price volatility of futures contracts has been historically greater than that for traditional securities such as stocks and bonds. To the extent that the Fund invests in futures contracts, the assets of the Fund, and therefore the prices of Fund shares, may be subject to greater volatility. |
• | Marking-to-Market Futures Positions. The futures clearinghouse marks every futures contract to market at the end of each trading day, to ensure that the outstanding futures obligations are limited to the mark-to-market change in price from one day for any given futures contract. This process of marking-to-market is designed to prevent losses from accumulating in any futures account. Therefore, if the Fund’s futures positions have declined in value, the Fund may be required to post additional margin to cover this decline. Alternatively, if the Fund’s futures positions have increased in value, this increase will be credited to the Fund’s account. Futures contracts, when entered into directly by the Fund on a qualified board or exchange, as defined in the Code, are taxed on the “marked-to-market” basis applicable to section 1256 contracts. To the extent Real Assets Fund invest in futures contracts indirectly through its Subsidiary, income from such contracts will be taxable to Real Assets Fund as ordinary income when it includes in its income its pro rata share of its Subsidiary’s income, as described in “Taxation—Investment in the Subsidiary” and “Taxation—Controlled Foreign Corporations.” |
• | Margin. In connection with futures contracts and options on futures contracts, a Fund (directly or through its Subsidiary) typically posts margin directly to a futures commission merchant (“FCM”), who is expected typically to re-hypothecate the margin to an exchange or clearinghouse. Prior to re-hypothecation, such margin may be held by the FCM in commingled accounts with margin from other clients of the FCM. The margin maintained by the FCM is not subject to the regulatory |
protections provided by bank custody arrangements. If margin is posted to the FCM and re-hypothecated, neither the Fund nor the FCM to whom the margin was posted will have custody of the margin. If margin posted by the Fund is not maintained with the Fund’s custodian, the Fund is fully exposed to the fraud and unsecured credit risk of the FCM to whom the margin is posted. |
• | the possibility of expropriation of assets; |
• | confiscatory taxation; |
• | difficulty in obtaining or enforcing a court judgment; |
• | economic, political or social instability; and |
• | diplomatic developments that could affect investments in those countries. |
(1) | TOPrS is a registered service mark of Merrill Lynch & Co., Inc. MIPS and QUIDS are registered service marks, and QUIPS is a service mark, owned by Goldman, Sachs & Co. QUIBS is a registered service mark owned by Morgan Stanley & Co. Incorporated. TRUPS, CorTS and PINES are registered service marks owned by Citigroup Global Markets Inc. |
• | Retail Properties. Retail properties are affected by the overall health of the applicable economy and may be adversely affected by the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, spending patterns and lease terminations. |
• | Office Properties. Office properties are affected by the overall health of the economy and other factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness. |
• | Hotel Properties. The risks of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of travel and adverse effects of general and local economic conditions. |
• | Healthcare Properties. Healthcare properties and healthcare providers are affected by several significant factors, including Federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical distribution, medical rates, equipment, personnel and other factors regarding operations; continued availability of revenue from government reimbursement programs (primarily Medicaid and Medicare); and competition on a local and regional basis. |
• | Multifamily Properties. The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other laws affecting such properties. |
• | Insurance Issues. Certain real estate companies may carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance with various policy specifications, limits and deductibles. |
• | Credit Risk. Real estate investment trusts REITs may be highly leveraged, and financial covenants may affect the ability of REITs to operate effectively. |
• | Environmental Issues . In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property. |
• | Smaller Companies. Even the larger REITs in the industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. REIT shares, therefore, can be more volatile than, and perform differently from, larger company stocks. |
• | REIT Tax Issues. REITs are subject to a highly technical and complex set of provisions in the Code. It is possible that the Fund may invest in a real estate company which purports to be a REIT and that the company could fail to qualify as a REIT. In the event of any such unexpected failure to qualify as a REIT, the company would be subject to corporate level taxation, significantly reducing the return to the Fund on its investment in such company. |
• | Interest Rate Swap Transactions. An interest rate swap agreement involves the exchange of cash flows based on interest rate specifications and a specified principal amount, often a fixed payment for a floating payment that is linked to an interest rate. In an interest rate cap one party receives payments at the end of each period in which a specified interest rate on a specified principal amount exceeds an agreed rate; conversely, in an interest rate floor one party may receive payments if a specified interest rate on a specified principal amount falls below an agreed rate. Interest rate collars involve selling a cap and purchasing a floor, or vice versa, to protect the Fund against interest rate movements exceeding given minimum or maximum levels. |
• | Credit Default Swap Transactions (Preferred Securities and Income SMA Shares, Low Duration Preferred and Income Fund, MLP & Energy Opportunity Fund, Alternative Income Fund, Preferred Securities and Income Fund and Real Assets Fund only). Credit default swap agreements and similar agreements may have as reference obligations debt securities that are or are not currently held by the Fund. The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an upfront payment or a periodic stream of payments over the term of the contract provided generally that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. |
• | Total Return Swap Transactions (Preferred Securities and Income SMA Shares, Low Duration Preferred and Income Fund, MLP & Energy Opportunity Fund, Alternative Income Fund, Preferred Securities and Income Fund and Real Assets Fund only). In a total return or “equity” swap agreement, one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. The underlying reference asset of a total return swap may include an individual security, an equity index, loans or bonds. |
• | Commodity Swap Transactions (Real Assets Fund only). The Fund may invest in total return swaps to gain exposure to specific commodities or the overall commodity markets. A total return commodity swap is an agreement to make payments of the price appreciation from a specified commodity, basket of commodities or commodity index during the specified period, in return for payments equal to a fixed or floating rate of interest or the price appreciation from another specified commodity, basket of commodities or commodity index. Alternatively, a total return swap can be structured so that one party will make payments to the other party if the value of the relevant commodity, basket of commodities or commodity index increases, but receive payments from the other party if the value of that commodity, basket of commodities or commodity index decreases. If the commodity swap is for one period, the Fund will pay a fixed fee, established at the outset of the swap. The Fund may enter into exchanges for risk (“EFRs”), in which a position in a futures contract is exchanged for an over-the-counter swap, (or an over-the-counter swap is exchanged for a futures contract) with a commodity broker in accordance with exchange rules. |
• | high interest costs in connection with capital construction and improvement programs; |
• | difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; |
• | governmental regulation of rates charged to customers; |
• | costs associated with compliance with and changes in environmental and other regulations; |
• | effects of economic slowdowns and surplus capacity; |
• | increased competition from other providers of utility services; |
• | inexperience with and potential losses resulting from a developing deregulatory environment; |
• | costs associated with reduced availability of certain types of fuel, occasionally reduced availability and high costs of natural gas for resale and the effects of energy conservation policies, and the potential that costs incurred by the utility, such as the cost of fuel, change more rapidly than the rate the utility is permitted to charge its customers; |
• | effects of a national energy policy and lengthy delays and greatly increased costs and other problems associated with the design, construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes; |
• | technological innovations that may render existing plants, equipment or products obsolete; and |
• | potential impact of terrorist activities on utility companies and their customers and the impact of natural or man-made disasters, including events such as the blackout that affected electric utility companies in many Mid-Atlantic and Midwest states in 2003. |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Funds |
Term
of Office(2) |
Principal
Occupation During At Least The Past Five Years (Including Other Directorships Held) |
Number
of Funds Within Fund Complex Overseen by Director (Including the Funds) |
Length
of Time Served(3) | |||||
Interested Directors(4) | ||||||||||
Robert H. Steers
|
Director and Chairman | Until Next Election of Directors | Chief Executive Officer of the Advisor and its parent, Cohen & Steers, Inc. (CNS), since 2014. Prior to that, Co-Chairman and Co-Chief Executive Officer of the Advisor since 2003 and CNS since 2004. | 20 | Since 1991 | |||||
1953 | ||||||||||
Joseph M. Harvey
|
Director | Until Next Election of Directors | President of the Advisor since 2003 and President of CNS since 2004. Chief Investment Officer of CSCM from 2003 to 2019. Prior to that, Senior Vice President and Director of Investment Research of CSCM. | 20 | Since 2014 | |||||
1963 | ||||||||||
Independent Directors | ||||||||||
Michael G. Clark
|
Director | Until Next Election of Directors | Certified Public Accountant and Chartered Financial Analyst; from 2006 to 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management. | 20 | Since 2011 | |||||
1965 | ||||||||||
George Grossman
|
Director | Until Next Election of Directors | Attorney-at-law. | 20 | Since 1993 | |||||
1953 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Funds |
Term
of Office(2) |
Principal
Occupation During At Least The Past Five Years (Including Other Directorships Held) |
Number
of Funds Within Fund Complex Overseen by Director (Including the Funds) |
Length
of Time Served(3) | |||||
Dean A. Junkans
|
Director | Until Next Election of Directors | Chartered Financial Analyst; Advisor to SigFig (a registered investment advisor) since July, 2018; Adjunct Professor and Executive-In-Residence, Bethel University since 2015; Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014 and Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo & Company from 2011 to 2014; former member and Chair, Claritas Advisory Committee at the CFA Institute from 2013 to 2015; Board Member and Investment Committee member, Bethel University Foundation since 2010; formerly, Corporate Executive Board Member of the National Chief Investment Officers Circle, 2010 to 2015; formerly, Member of the Board of Governors of the University of Wisconsin Foundation, River Falls, 1996 to 2004; U.S. Army Veteran, Gulf War. | 20 | Since 2015 | |||||
1959 | ||||||||||
Gerald J. Maginnis
|
Director | Until Next Election of Directors | Philadelphia Office Managing Partner, KPMG LLP from 2006 to 2015; Partner in Charge, KPMG Pennsylvania Audit Practice from 2002 to 2008; President, Pennsylvania Institute of Certified Public Accountants (PICPA) from 2014 to 2015; member, PICPA Board of Directors from 2012 to 2016; member, Council of the American Institute of Certified Public Accountants (AICPA) from 2013 to 2017; member, Board of Trustees of AICPA Foundation from 2015 to 2020. | 20 | Since 2015 | |||||
1955 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Funds |
Term
of Office(2) |
Principal
Occupation During At Least The Past Five Years (Including Other Directorships Held) |
Number
of Funds Within Fund Complex Overseen by Director (Including the Funds) |
Length
of Time Served(3) | |||||
Jane F. Magpiong
|
Director | Until Next Election of Directors | President, Untap Potential since 2013; Board Member, Crespi High School from 2014 to 2017; Senior Managing Director, TIAA-CREF, from 2011 to 2013; National Head of Wealth Management, TIAA-CREF, from 2008 to 2011; and prior to that, President, Bank of America Private Bank from 2005 to 2008. | 20 | Since 2015 | |||||
1960 | ||||||||||
Daphne L. Richards
|
Director | Until Next Election of Directors | Independent Director of Cartica Management, LLC since 2015; Investment Committee Member of the Berkshire Taconic Community Foundation since 2015 and Member of Advisory Board of Northeast Dutchess Fund since 2016; President and CIO of Ledge Harbor Management since 2016; formerly at Bessemer Trust Company from 1999 to 2014; prior thereto, held investment positions at Frank Russell Company from 1996 to1999, Union Bank of Switzerland from 1993 to 1996; Credit Suisse from 1990 to 1993; and Hambros International Venture Capital Fund from 1988 to 1989. | 20 | Since 2017 | |||||
1966 | ||||||||||
C. Edward Ward, Jr.
|
Director | Until Next Election of Directors | Member of The Board of Trustees of Manhattan College, Riverdale, New York from 2004 to 2014; formerly, Director of closed-end fund management for the New York Stock Exchange from 1979 to 2004. | 20 | Since 2004 | |||||
1946 |
(1) | The address for each Director is 280 Park Avenue, New York, NY 10017. |
(2) | On March 12, 2008, the Board of Directors adopted a mandatory retirement policy stating a Director must retire from the Board on December 31st of the year in which he or she turns 75 years of age. |
(3) | The length of time served represents the year in which the Director was first elected or appointed to any fund in the Cohen & Steers Fund Complex. |
(4) | “Interested persons,” as defined in the 1940 Act, on the basis of their affiliation with the Advisor (“Interested Directors”). |
• | Michael G. Clark—In addition to his tenure as a Director of the Cohen & Steers funds, Mr. Clark has served as the Cohen & Steers Fund Complex’s lead Independent Director since January 2018, acting as liaison between the Boards and the Independent Directors. Mr. Clark has also served as the Chairman of the Boards’ Dividend Committee since January 2018. Prior to becoming a Director of the Cohen & Steers funds, Mr. Clark served as President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management for over 5 years. Prior to that, he held senior management positions at Merrill Lynch Investment Managers and Merrill Lynch Asset Management, and prior thereto, was an auditor at Merrill Lynch & Co. and Deloitte & Touche. He has over 25 years of investment management and financial services industry experience and is a Certified Public Accountant and Chartered Financial Analyst. |
• | George Grossman—In addition to his tenure as a Director of the Cohen & Steers funds, Mr. Grossman has practiced commercial and residential real estate law, real estate development, zoning and complex financing for over 30 years, managing his own law firm. Mr. Grossman also serves as the Chairman of the Boards’ Contract Review Committee, coordinating the information presented to the Boards in connection with the renewal of each Fund’s management contracts as well as interacting with the independent third-party service provider. |
• | Dean A. Junkans— In addition to his tenure as a Director of the Cohen & Steers funds, Mr. Junkans has served as the Chairman of the Boards’ Governance Committee since 2018, acting as liaison between the Boards and the Investment Company Institute. Currently, Mr. Junkans also serves as an Advisor to SigFig (a registered investment advisor) since July 2018. Prior to becoming a Director of the Cohen & Steers funds, Mr. Junkans was Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014 and Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo & Company from 2011 to 2014. He was a member and Chair of the Claritas Advisory Committee at the CFA Institute from 2013 to 2015, and is also a board member and Investment Committee member of Bethel University Foundation. He was a member of the Board of Governors of the University of Wisconsin Foundation, River Falls, from 1996 to 2004, and is a U.S. Army Veteran. |
• | Gerald J. Maginnis—Prior to becoming a Director of the Cohen & Steers funds, Mr. Maginnis was Partner in Charge of KPMG’s Audit Practice in Pennsylvania from 2002 to 2008, and served as KPMG’s Philadelphia Office Managing Partner from 2006 to 2015. He served as President of the Pennsylvania Institute of Certified Public Accountants (PICPA) from 2014 to 2015, and was a member of the Council of the American Institute of Certified Public Accounts (AICPA) from 2013 to 2017. He was a member of the Board of Directors of PICPA from 2012 to 2016 and has been a member of the Board of Trustees of the AICPA Foundation from 2015 to 2020. He has previously served on the boards of several non-profit organizations. Mr. Maginnis holds a BS from St. Joseph’s University, and is a Certified Public Accountant. |
• | Jane F. Magpiong—Prior to becoming a Director of the Cohen & Steers funds, Ms. Magpiong was President of Bank of America Private Bank from 2005 to 2008, National Head of Wealth |
Management at TIAA-CREF from 2008 to 2011, and Senior Managing Director of Leadership Development at TIAA-CREF from 2011 to 2013. Ms. Magpiong has over 26 years of investment management experience, and has previously served on the boards of several charitable foundations. Ms. Magpiong holds a BA from the University of California at Santa Barbara and a Masters in Management from the University of Redlands. | |
• | Daphne L. Richards—In addition to her tenure as a Director of the Cohen & Steers Funds, Ms. Richards serves as an Independent Director of Cartica Management, LLC since 2015. She is also a Member of the Investment Committee of the Berkshire Taconic Community Foundation since 2015, a Member of the Advisory Board of Northeast Dutchess Fund since 2016, a Member of the “100 Women in Finance” Global Association Board and Chair of its Advisory Council since 2012, and is the President and CIO of Ledge Harbor Management since 2016. Previously, Ms. Richards worked at Bessemer Trust Company from 1999 to 2014. Prior thereto, Ms. Richards held investment positions at Frank Russell Company from 1996 to1999, Union Bank of Switzerland from 1993 to 1996, Credit Suisse from 1990 to 1993, and Hambros International Venture Capital Fund from 1988 to 1989. |
• | C. Edward Ward Jr.—In addition to his tenure as a Director of the Cohen & Steers funds, Mr. Ward has over 32 years of industry experience with closed-end investment companies, previously serving as Director of Closed-End Fund Management at the New York Stock Exchange. He also earned a Master of Business Administration degree from Harvard University and served as a trustee of a private university. |
Name,
Address(1) and Year of Birth |
Position(s)
Held with the Funds(2) |
Principal Occupation During at Least the Past Five Years | Length
of Time Served(3) | |||
Adam M. Derechin
|
President and Chief Executive Officer | Chief Operating Officer of the Advisor since 2003. Prior to that, Senior Vice President of the Advisor. | 2005 | |||
1964 | ||||||
Dana A. DeVivo
|
Secretary and Chief Legal Officer | Senior Vice President of the Advisor since 2019. Prior to that, Vice President of the Advisor since 2013. | 2015 | |||
1981 | ||||||
James Giallanza
|
Chief Financial Officer | Executive Vice President of the Advisor since 2014. Prior to that, Senior Vice President of the Advisor since 2006. | 2006 | |||
1966 | ||||||
Stephen Murphy
|
Chief Compliance Officer and Vice President | Senior Vice President of the Advisor since 2019. Prior to that, Managing Director at Mirae Asset Securities (USA) Inc. since 2017. Prior to that, Vice President and Chief Compliance Officer of Weiss Multi-Strategy Advisers LLC since 2011. | 2019 | |||
1966 | ||||||
Albert Laskaj
|
Treasurer | Senior Vice President of the Advisor since 2019. Vice President of the Advisor since 2015. Prior to that, Director of Legg Mason & Co. since 2013. | 2015 | |||
1977 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with the Funds(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Jon Cheigh
|
Vice President | Chief Investment Officer of the Advisor since 2019, and Executive Vice President of the Advisor since 2012. Prior to that, Senior Vice President of the Advisor since 2007. | 2007 | |||
1972 | ||||||
Vincent L. Childers
|
Vice President | Senior Vice President of the Advisor since 2013. Prior to that, portfolio manager for real asset strategies at AllianceBernstein. | 2013 | |||
1976 | ||||||
Tyler Rosenlicht
|
Vice President | Senior Vice President of the Advisor since 2018. Prior to that, Vice President of the Advisor since 2015 and an Analyst of the Advisor since 2012. | 2015 | |||
1985 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with the Funds(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
William F. Scapell
|
Vice President | Executive Vice President of the Advisor since 2014 and prior to that, Senior Vice President of the Advisor since 2003. | 2003 | |||
1967 | ||||||
Elaine Zaharis-Nikas
|
Vice President | Senior Vice President of the Advisor since 2014. Prior to that, Vice President of the Advisor since 2005. | 2015 | |||
1973 | ||||||
Benjamin Morton
|
Vice President | Executive Vice President of the Advisor since 2019. Prior to that, Senior Vice President of the Advisor since 2010 and Vice President of the Advisor since 2005. | 2013 | |||
1974 | ||||||
Christopher Rhine
|
Vice President | Senior Vice President of the Advisor since 2016. Prior to that, Vice President of the Advisor since 2012. | 2017 | |||
1979 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Robert S. Becker
|
Vice President | Senior Vice President of the Advisor since 2003. | 2003 | |||
1969 | ||||||
Benjamin Morton
|
Vice President | Executive Vice President of the Advisor since 2019. Prior to that, Senior Vice President of the Advisor since 2010 and Vice President of the Advisor since 2005. | 2013 | |||
1974 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Jon Cheigh
|
Vice President | Chief Investment Officer of the Advisor since 2019, and Executive Vice President of the Advisor since 2012. Prior to that, Senior Vice President of the Advisor since 2007. | 2007 | |||
1972 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Benjamin Morton
|
Vice President | Executive Vice President of the Advisor since 2019. Prior to that, Senior Vice President of the Advisor since 2010 and Vice President of the Advisor since 2005. | 2013 | |||
1974 | ||||||
Tyler Rosenlicht
|
Vice President | Senior Vice President of the Advisor since 2018. Prior to that, Vice President of the Advisor since 2015 and an Analyst of the Advisor since 2012. | 2015 | |||
1985 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
William F. Scapell
|
Vice President | Executive Vice President of the Advisor since 2014 and prior to that Senior Vice President of the Advisor since 2003. | 2003 | |||
1967 | ||||||
Elaine Zaharis-Nikas
|
Vice President | Senior Vice President of the Advisor since 2014. Prior to that, Vice President of the Advisor since 2005. | 2015 | |||
1973 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Vincent L. Childers
|
Vice President | Senior Vice President of the Advisor since 2013. Prior to that, portfolio manager for real asset strategies at AllianceBernstein. | 2013 | |||
1976 | ||||||
Yigal D. Jhirad
|
Vice President | Senior Vice President of the Advisor since 2007. | 2007 | |||
1964 | ||||||
Jon Cheigh
|
Vice President | Chief Investment Officer of the Advisor since 2019, and Executive Vice President of the Advisor since 2012. Prior to that, Senior Vice President of the Advisor since 2007. | 2007 | |||
1972 | ||||||
Nicholas Koutsoftas
|
Vice President | Senior Vice President of the Advisor since 2013. Prior to that, Senior Vice President, co-portfolio manager, and head of the Active Commodities strategy at GE Asset Management. | 2013 | |||
1973 | ||||||
Benjamin Ross
|
Vice President | Senior Vice President of the Advisor since 2013. Prior to that, co-portfolio manager of the Active Commodities strategy at GE Asset Management since its 2006 inception. | 2013 | |||
1971 | ||||||
William F. Scapell
|
Vice President | Executive Vice President of the Advisor since 2014 and prior to that Senior Vice President of the Advisor since 2003. | 2003 | |||
1967 | ||||||
Jason Yablon
|
Vice President | Senior Vice President of the Advisor since 2014. Prior to that, Vice President of the Advisor since 2008. | 2012 | |||
1979 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Thomas N. Bohjalian
|
Vice President | Executive Vice President of the Advisor since 2012. Prior to that, Senior Vice President of the Advisor since 2006. | 2006 | |||
1965 | ||||||
Jon Cheigh
|
Vice President | Chief Investment Officer of the Advisor since 2019, and Executive Vice President of the Advisor since 2012. Prior to that, Senior Vice President of the Advisor since 2007. | 2007 | |||
1972 | ||||||
Jason Yablon
|
Vice President | Senior Vice President of the Advisor since 2014. Prior to that, Vice President of the Advisor since 2008. | 2012 | |||
1979 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Thomas N. Bohjalian
|
Vice President | Executive Vice President of the Advisor since 2012. Prior to that, Senior Vice President of the Advisor since 2006. | 2006 | |||
1965 | ||||||
Yigal D. Jhirad
|
Vice President | Senior Vice President of the Advisor since 2007. | 2007 | |||
1964 | ||||||
Jason Yablon
|
Vice President | Senior Vice President of the Advisor since 2014. Prior to that, Vice President of the Advisor since 2008. | 2012 | |||
1979 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
William F. Scapell
|
Vice President | Executive Vice President of the Advisor since 2014 and prior to that Senior Vice President of the Advisor since 2003. | 2003 | |||
1967 |
Name,
Address(1) and Year of Birth |
Position(s)
Held with Fund(2) |
Principal Occupation During Past Five Years | Length
of Time Served(3) | |||
Elaine Zaharis-Nikas
|
Vice President | Senior Vice President of the Advisor since 2014. Prior to that, Vice President of the Advisor since 2005. | 2015 | |||
1973 |
(1) | The address for all officers is 280 Park Avenue, New York, NY 10017. |
(2) | Each appointed by the Board of Directors and serves at the pleasure of the Board of Directors. |
(3) | The length of time served represents the year in which the officer was first appointed to any Fund in the Cohen & Steers Fund Complex. |
Low
Duration Preferred and Income Fund |
Preferred
Securities and Income SMA Shares |
Alternative
Income Fund |
Global
Infrastructure Fund |
Global
Realty Shares |
Institutional
Realty Shares |
International
Realty Fund |
MLP
& Energy Opportunity Fund |
Preferred
Securities and Income Fund |
Real
Assets Fund |
Real
Estate Securities Fund |
Realty
Shares |
Aggregate
Dollar Range of Equity Securities in the Cohen & Steers Fund Complex(1) | |||||||||||||
Robert H. Steers
|
A | A | E | A | A | C | A | E | A | E | A | A | E | ||||||||||||
Joseph M. Harvey
|
A | A | C | A | A | E | A | A | A | E | A | A | E | ||||||||||||
Michael G. Clark
|
C | A | C | C | C | A | C | C | C | C | C | A | E | ||||||||||||
George Grossman
|
A | A | A | A | C | A | A | A | A | A | D | D | E | ||||||||||||
Dean A. Junkans
|
E | A | A | A | A | A | A | D | E | A | A | D | E | ||||||||||||
Gerald J. Maginnis
|
C | A | C | C | C | C | C | C | C | C | C | C | E | ||||||||||||
Jane F. Magpiong
|
C | A | B | C | C | A | A | C | E | B | A | E | E | ||||||||||||
Daphne L. Richards
|
A | A | A | A | A | A | A | A | E | A | A | E | E | ||||||||||||
C. Edward Ward, Jr.
|
B | A | C | B | B | A | C | B | B | B | C | B | E | ||||||||||||
Contract
Review Committee |
Governance
Committee |
Nominating
Committee |
Audit
Committee |
Dividend
Committee | |||||
Low Duration Preferred and Income Fund
|
2 | 5 | 0 | 3 | 2 | ||||
Alternative Income Fund(1)
|
4 | 8 | 0 | 7 | 3 | ||||
Global Infrastructure Fund
|
2 | 5 | 0 | 5 | 0 | ||||
Global Realty Shares
|
2 | 5 | 0 | 5 | 0 | ||||
Institutional Realty Shares
|
2 | 5 | 0 | 5 | 0 | ||||
International Realty Fund
|
2 | 5 | 0 | 5 | 0 | ||||
MLP & Energy Opportunity Fund
|
2 | 5 | 0 | 5 | 0 | ||||
Preferred Securities and Income Fund
|
2 | 5 | 0 | 5 | 1 | ||||
Real Assets Fund
|
2 | 5 | 0 | 5 | 0 | ||||
Real Estate Securities Fund
|
2 | 5 | 0 | 5 | 0 | ||||
Realty Shares
|
2 | 5 | 0 | 5 | 0 | ||||
Preferred Securities and Income SMA Shares(2)
|
0 | 3 | 0 | 2 | 0 |
Name
of Person, Position |
Low
Duration Preferred and Income Fund |
Preferred
Securities and Income SMA Shares(2) |
Alternative
Income Fund |
Global
Infrastructure Fund |
Global
Realty Shares |
Institutional
Realty Shares |
International
Realty Fund |
MLP
& Energy Opportunity Fund |
Preferred
Securities and Income Fund |
Real
Assets Fund |
Real
Estate Securities Fund |
Realty
Shares |
Total
Compensation Paid to Director or Officer by Fund Complex(1) | |||||||||||||
Michael G. Clark, Director, Lead Independent Director, Dividend Committee Chairman and Nominating Committee Chairman
|
$10,994 | $153 | $502 | $2,354 | $10,758 | $24,745 | $4,742 | $1,658 | $55,313 | $345 | $43,023 | $31,652 | $239,500 | |||||||||||||
George Grossman, Director and Contract Review Committee Chairman
|
$9,617 | $134 | $439 | $2,059 | $9,411 | $21,645 | $4,148 | $1,451 | $48,384 | $827 | $37,634 | $27,687 | $209,500 | |||||||||||||
Joseph M. Harvey,(3) Director and President
|
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||||||||||
Dean A. Junkans, Director and Governance Committee Chairman
|
$9,617 | $134 | $439 | $2,059 | $9,411 | $21,645 | $4,148 | $1,451 | $48,384 | $827 | $37,634 | $27,687 | $209,500 | |||||||||||||
Gerald J. Maginnis, Director and Audit Committee Chairman
|
$9,846 | $137 | $604 | $2,108 | $9,635 | $22,162 | $4,247 | $1,485 | $49,539 | $846 | $38,532 | $28,348 | $214,500 | |||||||||||||
Jane F. Magpiong, Director
|
$8,699 | $121 | $450 | $1,862 | $8,512 | $19,579 | $3,752 | $1,312 | $43,765 | $748 | $34,041 | $25,044 | $189,500 | |||||||||||||
Daphne L. Richards, Director
|
$8,699 | $121 | $397 | $1,862 | $8,512 | $19,579 | $3,752 | $1,312 | $43,765 | $748 | $34,041 | $25,044 | $189,500 | |||||||||||||
Robert H. Steers,(3) Director and Chairman
|
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||||||||||
C. Edward Ward Jr., Director
|
$8699 | $121 | $397 | $1,862 | $8,512 | $19,579 | $3,752 | $1,312 | $43,765 | $748 | $34,041 | $25,044 | $189,500 | |||||||||||||
Lisa Phelan,
(4) Chief Compliance Officer
|
$14,453 | $274 | $609 | $3,093 | $13,901 | $32,145 | $6,052 | $2,092 | $72,682 | $1,198 | $55,980 | $40,507 | $332,500 |
(1) | Total Compensation includes compensation paid by 9 other Cohen & Steers closed-end funds. |
(2) | The Fund is newly organized and commenced operations on March 1, 2019. |
(3) | Interested Director. |
(4) | Effective March 17, 2020, Stephen Murphy serves as Chief Compliance Officer of the Funds. Mr. Murphy received no compensation from the Funds during the calendar year ended December 31, 2019. |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Wells Fargo Clearing Services Special Custody Account For Exclusive Benefit of Our Customer 2801 Market Street St. Louis, MO 63103-2523
|
A
C I |
10.46%
28.11% 12.30% | ||
Charles Schwab & Co., Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
A
C |
13.66%
20.09% | ||
UBS WM USA Omni Account M/F SPEC CDY A/C EBOC UBSFSI 1000 Harbor Blvd. Fl 5 Weehawken, NJ 07086-6761
|
A
C I R |
5.62%
19.02% 21.24% 92.44% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C |
22.38%
19.56% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
I | 6.70% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
I | 41.74% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Cohen & Steers Capital Management
Inc. Attn: Jim McAdams 280 Park Avenue, Fl 10 New York, NY 10017-1216
|
R
Z |
7.56%
54.18% | ||
TD Ameritrade Clearing, Inc. For the Exclusive Benefit of Our
Customers P.O. Box 2226 Omaha, NE 68103-2226
|
Z | 45.82% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney LLC For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1901
|
N/A | 37.93% | ||
Wells Fargo Clearing Services LLC Special Custody Account For the Exclusive Benefit of the
Customer 2801 Market Street Saint Louis, MO 63103-2523
|
N/A | 47.96% | ||
Merrill Lynch For the Exclusive Benefit of Our
Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
N/A | 13.59% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C I |
36.18%
36.00% 19.78% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
A
C |
6.21%
31.78% | ||
UBS WM USA OMNI ACCOUNT M/F 1000 Harbor BLVD Fl 5 Wehawken, NJ 07086-6761
|
A
C I R |
12.47%
14.48% 9.59% 16.90% | ||
Merrill Lynch For the Sole Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I |
9.91%
12.84% 16.41% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
A
I |
12.83%
16.61% | ||
Raymond James Omnibus for Mutual Funds House Account 880 Carillon Parkway St. Petersburg, FL 33716-1100
|
I | 10.86% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310-1995
|
R
Z |
36.72%
86.08% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney LLC For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1901
|
A
C L |
16.26%
30.88% 6.67% | ||
Wells Fargo Clearing Services For Exclusive Benefit of Our Customers 2801 Market Street St. Louis, MO 63103
|
A
C L |
8.24%
21.35% 5.83% | ||
Charles Schwab & Co Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
A
Z |
6.89%
15.81% | ||
HNB National Bank / FCI FBO HNB National Bank 2903 Palmyra Road Hanibal, MO 63401-2250
|
A | 7.61% | ||
Marquette Bank / FCI FBO JMARCO C/O Marquette Bank Orland Park, IL 60642
|
A | 6.23% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
A
I L |
13.92%
8.20% 31.30% | ||
Merrill Lynch For the Exclusive Benefit of Our
Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I |
8.21%
23.44% 19.13% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
I | 17.17% | ||
UBS WM USA Omni Account M/F 1000 Harbor Blvd. Weehawken, NJ 07086-6761
|
I | 22.73% | ||
Raymond James Omnibus for Mutual Funds House Account 880 Carillon Parkway St. Petersburg, FL 33716-1100
|
I | 16.52% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310-1995
|
L
Z |
9.22%
9.88% | ||
TD Ameritrade Clearing Inc. For the Exclusive Benefit of its
Customers P.O. Box 2226 Omaha, NE 68103-2226
|
Z | 5.32% | ||
Great-West Trust Company LLC FBO First Hawaiian Bank Retirement Plan 8515 E. Orchard Road 2T2 Greenwood Village, CO 80111-5002
|
Z | 55.74% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
National Financial Services LLC 499 Washington Blvd. Jersey City, NJ 07310-1995
|
N/A | 10.83% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
N/A | 39.04% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C I |
6.32%
9.14% 7.63% | ||
Wells Fargo Clearing Services For Exclusive Benefit of Our Customers 2801 Market Street St. Louis, MO 63103
|
A
C I |
5.23%
27.20% 5.19% | ||
Nationwide Life Insurance Company DCVA C/O IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218-2029
|
A | 9.31% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
A
I |
9.57%
18.30% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Nationwide Life Insurance Company NACO C/O IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218-2029
|
A | 6.35% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C Z |
8.87%
19.51% 7.37% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
C
I |
6.68%
20.00% | ||
Charles Schwab & Co., Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
C | 5.28% | ||
UBS WM USA Omni Account M/F 1000 Harbor Blvd., Fl. 5 Weehawken, NJ 07086-6761
|
C
I |
7.26%
5.11% | ||
JP Morgan Securities LLC Omnibus for the Exclusives Benefits of Customers
Mutual Fund Department 4 Chase Metrotech Center, Floor 3 Brooklyn, NY 11245-0003
|
F | 82.30% | ||
SEI Private Trust Company C/O TIAA SWP 1 Freedom Valley Drive Oaks, PA 19456-9989
|
F | 8.80% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Voya Retirement Insurance and Annuity
Company 1 Orange Way Windsor, CT 06095-4773
|
R | 7.06% | ||
State Street Bank & Trust As Trustee and/or Custodian FBO ADP Access Product 1 Lincoln Street Boston, MA 02111-2900
|
R | 6.34% | ||
Great-West Trust Company LLC FBO Employee Benefits Clients 401K 8515 East Orchard Road 2T2 Greenwood Village, CO 80111-5002
|
R
Z |
10.63%
7.04% | ||
DCGT as TTEE and/or Custodian FBO PLIC Various Retirement Plans
Omnibus Attn: NPIO Trade Desk 711 High Street Des Moines, IA 50392-0001
|
R | 15.08% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310-1995
|
Z | 18.08% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C I |
15.45%
11.41% 9.52% | ||
Wells Fargo Clearing Services For Exclusive Benefit of Our Customers 2801 Market Street St. Louis, MO 63103
|
A
C |
5.24%
16.28% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Great-West Trust Company LLC Recordkeeping for Large Benefit Plan 8525 E. Orchard Road Greenwood Village, CO 80111-5002
|
A | 6.72% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
A
I |
33.83%
17.09% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I Z |
8.58%
28.08% 6.64% 20.60% | ||
UBS WM USA Omni Account M/F Attn: Department Manager 1000 Harbor Blvd., Fl. 5 Weehawken, NJ 07086-6761
|
C
R |
9.37%
10.97% | ||
Raymond James Omnibus for Mutual Funds 880 Carillon Pkwy St. Petersburg, FL 33716-1100
|
C | 8.36% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
I | 9.93% | ||
FIIOC FBO E-VOLVE Technology Systems Inc. 401(K) Profit Sharing Plan and Trust 100 Magellan Way #KW1C Covington, KY 41015-1987
|
R | 6.00% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
FIIOC FBO Into North America Inc. 401k Plan 100 Magellan Way #KW1C Covington, KY 41015-1987
|
R | 20.53% | ||
Ascensus Trust Company Inglewood Physical Therapy, P.S 401 P.O. Box 10758 Fargo, ND 58106-0758
|
R | 11.96% | ||
Ascensus Trust Company Tejas Research & Engineering 401(K) P.O. Box 10758 Fargo, ND 58106-0758
|
R | 8.01% | ||
Ascensus Trust Company Medical Pharmacy 401(K) Profit Share
212127 P.O. Box 10758 Fargo, ND 58106-0758
|
Z | 5.28% | ||
Matrix Trust Company Custodian FBO Kuerth’s Disposal, Inc. 401(k) Plan 717 17th
Street, Suite 1300 Denver, CO 80202-3304
|
R | 15.09% | ||
Ascensus Trust Company Advanced Women’s Healthcare, P.A.4 P.O. Box 10758 Fargo, ND 58106-0758
|
R | 5.22% | ||
Keybank NA TCGE Defined Benefit Plan PRI USD P.O. Box 94871 Cleveland, OH 44101-4871
|
Z | 6.70% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Keybank NA EBCI Governmental Retirement Plan PRI
USD P.O. Box 94871 Cleveland, OH 44101-4871
|
Z | 9.98% | ||
T. Rowe Price Retirement Plan Services FBO RetPlan Clients 4515 Painters Mill Road Owings Mills, MD 2117-4903
|
Z | 6.52% | ||
National Financial Services LLC 499 Washington Blvd. Jersey City, NJ 07310-1995
|
Z | 22.34% | ||
Comerica Bank FBO LIVONIACOHENMF P.O. Box 75000 Mail Code 3446 Detroit, MI 48275-0001
|
Z | 17.56% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C |
21.69%
9.52% | ||
Wells Fargo Clearing Services For Exclusive Benefit of our Customers 2801 Market Street St. Louis, MO 63103
|
A
C |
9.74%
12.37% | ||
UBS WM USA Omni Account M/F 1000 Harbor Blvd., Fl. 5 Weehawken, NJ 07086-6761
|
A
C R |
7.42%
6.86% 81.57% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C |
14.38%
32.64% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
A
I |
8.38%
74.00% | ||
Raymond James Omnibus for Mutual Funds House Account 880 Carillon Parkway St. Petersburg, FL 33716-1100
|
C | 11.03% | ||
Cohen & Steers Capital Management
Inc. Attn: Jim McAdams 280 Park Avenue, Fl 10 New York, NY 10017-1216
|
R
Z |
18.19%
21.89% | ||
The Trust Co of Knoxville, Trustee Webnet Memphis, Inc. 401(K) PSP 4823 Old Kingston Pike Suite 100 Knoxville, TN 37919-6499
|
Z | 74.83% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C |
12.05%
22.51% | ||
Wells Fargo Clearing Services For Exclusive Benefit of Our Customers 2801 Market Street St. Louis, MO 63103-2523
|
A
C |
5.05%
7.67% | ||
UBS WM USA Omni Account M/F 100 Harbor Blvd., Fl 5 Weehawken, NJ 07086-6761
|
A
C |
9.36%
25.73% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
A
I |
12.66%
32.38% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I |
24.53%
17.54% 8.10% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
C | 5.85% | ||
Cohen & Steers Capital Management
Inc. Attn: Jim McAdams 280 Park Avenue, Fl 10 New York, NY 10017-1216
|
R | 83.45% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
PAI Trust Company, Inc. Natalie Warnert LLC 401(K) P/S Plan 1300 Enterprise Drive De Pere, WI 54115-4934
|
R | 16.55% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C I R |
12.36%
13.19% 12.66% 12.83% | ||
Wells Fargo Clearing Services For Exclusive Benefit of Our Customers 2801 Market Street St. Louis, MO 63103
|
A
C I |
9.41%
18.13% 8.94% | ||
Charles Schwab & Co., Inc. Special Custody A/C FBO Customers Attn: Mutual Fund 211 Main Street San Francisco, CA 94105-1905
|
A
C |
5.34%
5.44% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I |
12.09%
30.72% 21.68% | ||
Charles Schwab & Co., Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94101-4151
|
A
I |
28.83%
14.47% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
UBS WM USA Omni Account M/F 1000 Harbor Blvd., Fl. 5 Weehawken, NJ 07086-6761
|
C
I R |
9.52%
6.76% 81.03% | ||
JP Morgan Securities LLC Omnibus for the Exclusives Benefits of Customers
Mutual Fund Department 4 Chase Metrotech Center, Floor 3 Brooklyn, NY 11245-0003
|
F | 73.23% | ||
Wells Fargo Bank NA FBO OMNIBUS CASH P.O. Box Minneapolis, MN 55480-1533
|
F | 23.38% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
I
Z |
6.37%
9.21% | ||
Band & Co C/O US Bank NA 1555 N. Rivercenter Drive Suite 302 Milwaukee, WI 53212-3958
|
Z | 9.92% | ||
TD Ameritrade Clearing, Inc. For the Exclusive Benefit of Our
Customers P.O. Box 2226 Omaha, NE 68103-2226
|
Z | 32.02% | ||
SEI Private Trust Company C/O Washington Trust Bank 1 Freedom Valley Drive Oaks, PA 19456-9989
|
Z | 8.72% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Capinco - C/O US Bank NA Sole and Separate Property 1555 N. Rivercenter Drive Suite 302 Milwaukee, WI 53212-3958
|
Z | 5.82% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit of its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1901
|
A
C I R |
27.36%
7.00% 5.05% 23.48% | ||
Charles Schwab & Co Inc Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
A | 14.56% | ||
UBS WM USA SPEC CDY A/C EBOC UBSFSI OMNI ACCOUNT M/F 1000 Harbor BLVD Fl 5 Weehawken, NJ 07086-6761
|
A
C I R |
21.66%
42.02% 11.51% 76.51% | ||
Charles Schwab & Co Inc. Reinvest Account Attn Mutual Funds 101 Montgomery St San Francisco, CA 94104-4151
|
A
I |
16.25%
26.57% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Dr. East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I |
7.53%
35.20% 12.29% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
C | 6.53% | ||
PIMS/Prudential Retirement As Nominee For The TTEE/CUST PL 763 Archer & Greiner One Centennial Sq Haddonfield, NJ 08033-2454
|
Z | 45.11% | ||
Reliance Trust Company FBO Prime Buch P.O. Box 48529 Atlanta, GA 30362-1529
|
Z | 51.64% | ||
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
Morgan Stanley Smith Barney For the Exclusive Benefit to its
Customers 1 New York Plaza Floor 12 New York, NY 10004-1965
|
A
C I R |
19.90%
15.64% 16.13% 96.96% | ||
Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399-0002
|
A | 5.80% | ||
Wells Fargo Clearing Services For Exclusive Benefit of Our Customers 2801 Market Street St. Louis, MO 63103
|
A
C I |
6.20%
13.81% 9.99% | ||
Charles Schwab & Co Inc. Special Custody A/C FBO Customers Attn Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
A
I |
12.28%
7.88% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
UBS WM USA OMNI ACCOUNT M/F 1000 Harbor Blvd., Fl 5 Wehawken, NJ 07086-6761
|
A
C I |
8.94%
12.41% 10.11% | ||
Charles Schwab & Co., Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94104-4151
|
A | 8.07% | ||
Merrill Lynch For Exclusive Benefit of Our Customers 4800 Deer Lake Drive East 2nd
Floor Jacksonville, FL 32246-6484
|
A
C I |
27.95%
36.19% 22.09% | ||
Raymond James Omnibus for Mutual Funds 880 Carillon Pkwy St. Petersburg, FL 33716-1100
|
C | 7.77% | ||
TD Ameritrade Clearing Inc. FBO Neil B. Wade & Cheryl Terrance
JT TEN 503 Hamline Street Grand Forks, ND 58203-2811
|
Z | 6.75% | ||
TD Ameritrade Clearing Inc. Prospect Capital Services 401K FBO Mark Swingle 233 Linden Avenue Westfield, NJ 07090-1921
|
Z | 6.94% | ||
TD Ameritrade Clearing Inc. FBO Craig Miller IRA TD Ameritrade Clearing Custodian P.O. Box 223638 Princeville, HI 96722-3638
|
Z | 47.39% |
Name and Address | Fund Classes | Percentage
of Total Shares Held | ||
TD Ameritrade Clearing Inc. FBO Daniel S. Oliver & Annette Oliver JT
TEN 19806 Wittenburg San Antonio, TX 78256-2102
|
Z | 8.32% | ||
TD Ameritrade Clearing Inc. FBO Anto Christy Magesh 355 Regent Circle San Antonio, TX 78231-1404
|
Z | 5.99% | ||
Name and Address | Percentage
of Total Shares Held | |
Charles Schwab & Co., Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
34.74% | |
Name and Address | Percentage
of Total Shares Held | |
Charles Schwab & Co Inc. Reinvest Account Attn: Mutual Funds 101 Montgomery Street San Francisco, CA 94104-4151
|
30.26% | |
Name and Address | Percentage
of Total Shares Held | |
Charles Schwab & Co Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
39.09% | |
Name and Address | Percentage
of Total Shares Held | |
Charles Schwab & Co., Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
67.79% | |
Name and Address | Percentage
of Total Shares Held | |
Charles Schwab & Co Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
28.48% | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310-1995
|
25.90% | |
Name and Address | Percentage
of Total Shares Held | |
Charles Schwab & Co Inc. Special Custody A/C FBO Customers Attn: Mutual Funds 211 Main Street San Francisco, CA 94105-1905
|
25.23% | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310-1995
|
25.17% | |
Fund Name | Fund Classes | Percentage
Owned by Directors and Officers | ||
Alternative Income Fund
|
I | 16.73% |
Fund | Advisory/Management Fee | Waiver/ Reimbursement Arrangement | ||
Low Duration Preferred and Income Fund*
|
0.65% | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating expenses do not exceed 0.95% for Class A shares, 1.60% for Class C shares, 0.60% for Class F shares, 0.60% for Class I shares, 1.10% for Class R shares and 0.60% for Class Z shares. Class F shares are not currently available for purchase. | ||
Alternative Income Fund*
|
0.70% | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating expenses do not exceed 1.00% for Class A shares, 1.65% for Class C shares, 0.65% for Class F shares, 0.65% for Class I shares, 1.15% for Class R shares and 0.65% for Class Z shares, subject to the exclusions described in the Fund Prospectus. Class F shares are not currently available for purchase. | ||
Global Infrastructure Fund*
|
0.75% for assets up to and including $1.5 billion; 0.65% for assets above $1.5 billion | Through June 30, 2021, the Advisor has contractually agreed to waive and/or reimburse the Fund’s Class I shareholder service fee up to the maximum shareholder service fee of 0.10%. | ||
Global Realty Shares*
|
0.75% | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that |
Fund | Advisory/Management Fee | Waiver/ Reimbursement Arrangement | ||
the Fund’s total annual operating expenses do not exceed 1.25% for Class A shares, 1.90% for Class C shares, 0.90% for Class F shares, 0.90% for Class I shares, 1.40% for Class R shares and 0.90% for Class Z shares, subject to the exclusions described in the Fund Prospectus. Class F shares are not currently available for purchase. | ||||
Institutional Realty Shares
|
0.75% | The Advisor contractually agreed to waive its fee and/or reimburse the Fund so that its total annual operating expenses never exceed 0.75% of average daily net assets, subject to the exclusions described in the Fund Prospectus. This commitment will remain in place for the life of the Fund. | ||
International Realty Fund*
|
0.95% for assets up to and including $1.5 billion; 0.85% for assets above $1.5 billion | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating expenses do not exceed 1.35% for Class A shares, 2.00% for Class C shares, 1.00% for Class F shares, 1.00% for Class I shares, 1.50% for Class R shares and 1.00% for Class Z shares, subject to exclusions described in the Fund Prospectus. Class F shares are not currently available for purchase. | ||
MLP and Energy Opportunity Fund*
|
0.80% | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating expenses do not exceed 1.25% for Class A shares, 1.90% for Class C shares, 0.90% for Class F shares, 0.90% for Class I shares, 1.40% for Class R shares and 0.90% for Class Z, subject to exclusions described in the Fund Prospectus. Class F shares are not currently available for purchase. | ||
Preferred Securities and Income Fund*
|
0.70% for assets up to and including $8.5 billion; 0.65% for assets above $8.5 billion | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating |
Fund | Advisory/Management Fee | Waiver/ Reimbursement Arrangement | ||
expenses do not exceed 1.20% for Class A shares, 1.85% for Class C shares, 0.85% for Class F shares, 0.85% for Class I shares, 1.35% for Class R shares and 0.85% for Class Z shares, subject to exclusions described in the Fund Prospectus. | ||||
Real Assets Fund*
|
0.75% | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating expenses, which include the expenses of the subsidiary, do not exceed 1.15% for Class A shares, 1.80% for Class C shares, 0.80% for Class F shares, 0.80% for Class I shares, 1.30% for Class R shares and 0.80% for Class Z shares, subject to exclusions described in the Fund Prospectus. Class F shares are not currently available for purchase. | ||
Real Estate Securities Fund*
|
0.75% for assets up to and including $1.5 billion; 0.65% for assets above $1.5 billion | N/A | ||
Realty Shares
|
0.75% for assets up to $8.5 billion and 0.70% of such assets in excess of $8.5 billion | Through June 30, 2021, the Advisor has contractually agreed to waive its fee and/or reimburse the Fund so that the Fund’s total annual operating expenses, do not exceed 1.15% for Class A shares, 1.80% for Class C shares, 0.80% for Class F shares, 0.88% for Class I shares, 0.88% for Class L shares, 1.30% for Class R shares and 0.80% for Class Z shares, subject to exclusions described in the Fund Prospectus. Class F shares are not currently available for purchase. | ||
Preferred Securities and Income SMA Shares
|
0.00% | The Advisor has contractually agreed to reimburse the Fund so that the total annual Fund operating expenses (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses, and other expenses approved by the Board of Directors) do not exceed 0.00%, subject to exclusions described in the Fund’s Prospectus. |
* | The fee for this Fund is allocated among the separate classes based on the classes’ proportionate shares of such average daily net assets. |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 894,258 | $ 1,281,412 | $ 1,462,945 | ||
Preferred Securities and Income SMA Shares(2)
|
N/A | N/A | N/A | ||
MLP & Energy Opportunity Fund
|
$ 1,748,075 | $ 1,252,615 | $ 1,057,699 | ||
Realty Shares
|
$32,733,850 | $32,605,055 | $37,320,408 | ||
Institutional Realty Shares
|
$25,241,568 | $20,746,972 | $20,648,109 | ||
Real Estate Securities Fund
|
$39,624,965 | $30,004,796 | $26,061,956 | ||
Global Realty Shares
|
$10,913,227 | $ 8,228,242 | $ 3,982,892 | ||
International Realty Fund
|
$ 6,015,979 | $ 6,201,294 | $ 5,912,602 | ||
Global Infrastructure Fund
|
$ 2,420,424 | $ 2,130,256 | $ 1,766,127 | ||
Preferred Securities and Income Fund
|
$53,071,287 | $50,015,156 | $50,888,348 | ||
Real Assets Fund
|
$ 950,698 | $ 1,158,298 | $ 1,315,037 | ||
Low Duration Preferred and Income Fund
|
$ 8,872,767 | $ 4,590,163 | $ 774,019 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019 and the fiscal period from March 1, 2019 to October 31, 2019, the Advisor received advisory or management fees in the amounts of $620,559 and $273,699, respectively. |
(2) | The Advisor does not receive an investment advisory fee from the Preferred Securities and Income SMA Shares. |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 761,642 | $ 538,856 | $ 694,501 | ||
Preferred Securities and Income SMA Shares(2)
|
$ 167,797 | N/A | N/A | ||
MLP & Energy Opportunity Fund
|
$ 501,300 | $ 418,093 | $ 416,516 | ||
Realty Shares(3)
|
$ 1,345,734 | N/A | N/A | ||
Institutional Realty Shares
|
$ 329,199 | $ 334,655 | $ 432,037 | ||
Global Realty Shares
|
$ 332,924 | $ 374,506 | $ 251,769 | ||
International Realty Fund
|
$ 956,824 | $ 957,240 | $1,045,608 | ||
Global Infrastructure Fund
|
$ 189,359 | $ 156,416 | $ 121,949 | ||
Preferred Securities and Income Fund
|
$ 224,928 | $ 528,754 | $ 929,723 | ||
Real Assets Fund
|
$ 674,468 | $ 683,875 | $ 782,322 | ||
Low Duration Preferred and Income Fund
|
$3,717,885 | $2,107,623 | $ 566,799 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019 and the fiscal period from March 1, 2019 to October 31, 2019, the Advisor waived and/or reimbursed fees in the amounts of $376,916 and $384,726, respectively. |
(2) | Preferred Securities and Income SMA Shares commenced operations on March 1, 2019. |
(3) | Effective July 1, 2019, the Advisor contractually agreed to waive its fee and/or reimburse expenses through June 30, 2021. |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 132,616 | $ 742,556 | $ 768,444 | ||
Preferred Securities and Income SMA Shares(2)
|
($ 167,797) | N/A | N/A | ||
MLP & Energy Opportunity Fund
|
$ 1,246,775 | $ 834,522 | $ 641,183 | ||
Realty Shares
|
$31,388,116 | $32,605,055 | $37,320,408 | ||
Institutional Realty Shares
|
$24,912,369 | $20,412,317 | $20,216,072 | ||
Real Estate Securities Fund
|
$39,624,965 | $30,004,796 | $26,061,956 | ||
Global Realty Shares
|
$10,580,303 | $ 7,853,736 | $ 3,731,123 | ||
International Realty Fund
|
$ 5,059,155 | $ 5,244,054 | $ 4,866,994 | ||
Global Infrastructure Fund
|
$ 2,231,065 | $ 1,973,840 | $ 1,644,178 | ||
Preferred Securities and Income Fund
|
$52,846,359 | $49,486,402 | $49,958,625 | ||
Real Assets Fund
|
$ 276,230 | $ 474,423 | $ 532,715 | ||
Low Duration Preferred and Income Fund
|
$ 5,154,882 | $ 2,482,540 | $ 207,220 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019, the net management fee or advisory fee paid by Alternative Income Fund was $243,643. For the fiscal period from March 1, 2019 to October 31, 2019, the Fund was reimbursed $111,027. |
(2) | The Advisor does not receive an investment advisory fee from the Preferred Securities and Income SMA Shares. |
Fiscal Year Ended | Global
Infrastructure Fund |
Global
Realty Shares |
International
Realty Fund |
Real
Assets Fund |
Alternative Income Fund(1) | MLP
& Energy Opportunity Fund(2) | ||||||
2019 | $224,993 | $1,414,650 | $1,695,958 | $57,748 | $2,331 | $0 | ||||||
2018 | $189,022 | $1,119,939 | $1,709,627 | $64,840 | N/A | $0 | ||||||
2017 | $152,700 | $ 491,865 | $1,606,243 | $69,126 | N/A | $0 |
Fiscal Year Ended | Global
Infrastructure Fund |
Global
Realty Shares |
International
Realty Fund |
Real
Assets Fund |
Alternative Income Fund(1) | MLP
& Energy Opportunity Fund(2) | ||||||
2019 | $117,641 | $908,986 | $1,078,666 | $ 89,669 | $3,819 | $657 | ||||||
2018 | $122,898 | $753,445 | $1,139,903 | $157,711 | N/A | $ 0 | ||||||
2017 | $137,547 | $376,399 | $1,194,726 | $189,053 | N/A | $ 0 |
Number of Other Accounts Managed and Assets ($mm) by Account Type | |||||||||||
Registered Investment Companies |
Other Pooled Vehicles |
Other Accounts | |||||||||
Number
of Accounts |
Total
Assets |
Number
of Accounts |
Total
Assets |
Number
of Accounts |
Total
Assets | ||||||
Alternative Income Fund(1) | |||||||||||
Jon Cheigh
|
9 | $11,689 | 36 | $ 4,624 | 21 | $5,566 (2) | |||||
Vincent L. Childers
|
1 | $ 123 | 1 | $ 26 | 2 | $1,202 | |||||
Tyler Rosenlicht
|
2 | $ 538 | 1 | $ 7 | 1 | $ 23 | |||||
William F. Scapell
|
10 | $19,228 | 14 | $ 2,512 | 22 | $3,506 | |||||
Elaine Zaharis-Nikas
|
7 | $15,190 | 13 | $ 2,242 | 19 | $2,870 | |||||
Benjamin Morton
|
6 | $ 4,473 | 14 | $ 1,137 | 17 | $3,509 (3) | |||||
Christopher Rhine
|
2 | $ 413 | 2 | $ 49 | 4 | $1,293 | |||||
Preferred Securities and Income SMA Shares | |||||||||||
William F. Scapell
|
10 | $19,229 | 14 | $ 2,512 | 22 | $3,506 | |||||
Elaine Zaharis-Nikas
|
7 | $15,191 | 13 | $ 2,242 | 19 | $2,870 | |||||
MLP & Energy Opportunity Fund | |||||||||||
Benjamin Morton
|
6 | $ 4,242 | 14 | $ 1,298 | 17 | $3,388 (4) | |||||
Tyler Rosenlicht
|
2 | $ 365 | 1 | $ 7 | 1 | $ 23 | |||||
Realty Shares | |||||||||||
Thomas Bohjalian
|
7 | $14,851 | 16 | $10,517 | 20 | $3,323 (5) | |||||
Jon Cheigh
|
8 | $ 7,119 | 36 | $ 4,547 | 21 | $5,596 (5) | |||||
Jason Yablon
|
6 | $14,235 | 9 | $ 638 | 8 | $3,975 | |||||
Institutional Realty Shares | |||||||||||
Thomas Bohjalian
|
7 | $15,480 | 16 | $10,517 | 20 | $3,323 (5) | |||||
Jon Cheigh
|
8 | $ 7,749 | 36 | $ 4,547 | 21 | $5,596 (6) | |||||
Jason Yablon
|
6 | $14,864 | 9 | $ 638 | 8 | $3,975 | |||||
Real Estate Securities Fund | |||||||||||
Thomas Bohjalian
|
7 | $12,656 | 16 | $10,517 | 20 | $3,323 (5) | |||||
Jason Yablon
|
6 | $12,040 | 9 | $ 638 | 8 | $3,975 | |||||
Global Realty Shares | |||||||||||
Jon Cheigh
|
8 | $ 9,888 | 36 | $ 4,547 | 21 | $5,596 (6) | |||||
William Leung
|
1 | $ 646 | 27 | $ 5,411 | 11 | $3,462 | |||||
Rogier Quirijns
|
1 | $ 646 | 27 | $$5,411 | 11 | $3,306 (7) | |||||
Laurel Durkay
|
2 | $ 1,003 | 29 | $ 4,090 | 19 | $4,409 (7) | |||||
International Realty Fund | |||||||||||
Jon Cheigh
|
8 | $10,815 | 36 | $ 4,547 | 21 | $5,596 (6) | |||||
William Leung
|
1 | $ 1,572 | 27 | $ 5,411 | 11 | $3,462 | |||||
Rogier Quirijns
|
1 | $ 1,572 | 27 | $ 5,411 | 11 | $3,306 (7) | |||||
Laurel Durkay
|
2 | $ 1,930 | 29 | $ 4,090 | 19 | $4,409 (7) | |||||
Global Infrastructure Fund | |||||||||||
Robert Becker
|
1 | $ 3,444 | 13 | $ 1,326 | 16 | $3,486 (8) | |||||
Benjamin Morton
|
5 | $ 4,166 | 14 | $ 1,356 | 18 | $2,907 (8) | |||||
Preferred Securities and Income Fund | |||||||||||
William F. Scapell
|
9 | $10,867 | 14 | $ 2,575 | 21 | $3,550 | |||||
Elaine Zaharis-Nikas
|
6 | $ 6,889 | 13 | $ 2,343 | 18 | $2,907 | |||||
Real Assets Fund | |||||||||||
Jon Cheigh
|
8 | $11,338 | 36 | $ 4,547 | 21 | $5,596 (6) |
Number of Other Accounts Managed and Assets ($mm) by Account Type | |||||||||||
Registered Investment Companies |
Other Pooled Vehicles |
Other Accounts | |||||||||
Number
of Accounts |
Total
Assets |
Number
of Accounts |
Total
Assets |
Number
of Accounts |
Total
Assets | ||||||
Nicholas Koutsoftas
|
–0– | $ –0– | 1 | $ 30 | 1 | $1,123 | |||||
Vincent L. Childers
|
1 | $ 84 | 1 | $ 30 | 2 | $1,235 | |||||
Benjamin Morton
|
5 | $ 4,421 | 14 | $1,356 | 16 | $2,907 (8) | |||||
Benjamin Ross
|
–0– | $ –0– | 1 | $ 30 | 2 | $1,123 | |||||
Christopher Rhine
|
1 | $ 84 | 2 | $ 56 | 4 | $1,334 | |||||
Low Duration Preferred and Income Fund | |||||||||||
William F. Scapell
|
8 | $17,272 | 11 | $1,083 | 20 | $3,350 | |||||
Elaine Zaharis-Nikas
|
5 | $13,524 | 10 | $ 756 | 17 | $2,688 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. |
(2) | One “Other Account”, with total assets of $293.1 million as of October 31, 2019, is subject to performance based fees. |
(3) | One “Other Account”, with total assets of $173.7 million as of October 31, 2019, is subject to performance based fees. |
(4) | One “Other Account”, with total assets of $172.6 million, as of November 30, 2019, is subject to performance based fees. |
(5) | Two “Other Accounts”, with total assets of $76.8 million as of December 31, 2019, is subject to performance based fees. |
(6) | One “Other Account”, with total assets of $284.3 million as of December 31, 2019, is subject to performance based fees. |
(7) | One “Other Account”, with total assets of $302.2 million as of December 31, 2019, is subject to performance based fees. |
(8) | One “Other Account”, with total assets of $179.5 million as of December 31, 2019, is subject to performance based fees. |
Portfolio Manager | Preferred
Securities and Income SMA Shares |
Alternative
Income Fund(1) |
MLP
& Energy Opportunity Fund |
Realty
Shares |
Institutional
Realty Shares |
Real
Estate Securities Fund |
Global
Realty Shares |
International
Realty Fund |
Global
Infrastructure Fund |
Preferred
Securities and Income Fund |
Real
Assets Fund |
Low
Duration Preferred and Income Fund | ||||||||||||
William F. Scapell
|
A | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | F | N/A | F | ||||||||||||
Robert Becker
|
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | C | N/A | N/A | N/A | ||||||||||||
Benjamin Morton
|
N/A | A | A | N/A | N/A | N/A | N/A | N/A | F | N/A | A | N/A | ||||||||||||
Tyler Rosenlicht
|
N/A | A | D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||
Roger Quirijns
|
N/A | N/A | N/A | N/A | N/A | N/A | A | A | N/A | N/A | N/A | N/A | ||||||||||||
Thomas Bohjalian
|
N/A | N/A | N/A | E | D | E | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||
Jon Cheigh
|
N/A | A | N/A | F | A | N/A | F | A | N/A | N/A | F | N/A | ||||||||||||
Jason Yablon
|
N/A | N/A | N/A | A | E | A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||
William Leung
|
N/A | N/A | N/A | N/A | N/A | N/A | A | A | N/A | N/A | N/A | N/A | ||||||||||||
Elaine Zaharis-Nikas
|
A | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | E | N/A | A |
Portfolio Manager | Preferred
Securities and Income SMA Shares |
Alternative
Income Fund(1) |
MLP
& Energy Opportunity Fund |
Realty
Shares |
Institutional
Realty Shares |
Real
Estate Securities Fund |
Global
Realty Shares |
International
Realty Fund |
Global
Infrastructure Fund |
Preferred
Securities and Income Fund |
Real
Assets Fund |
Low
Duration Preferred and Income Fund | ||||||||||||
Vincent Childers
|
N/A | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | E | N/A | ||||||||||||
Nicholas Koutsoftas
|
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | A | N/A | ||||||||||||
Benjamin Ross
|
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | D | N/A | ||||||||||||
Christopher Rhine
|
N/A | E | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | A | N/A | ||||||||||||
Laurel Durkay
|
N/A | N/A | N/A | N/A | N/A | N/A | A | A | N/A | N/A | N/A | N/A |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 25,550 | $ 48,975 | $ 79,539 | ||
Preferred Securities and Income SMA Shares(2)
|
N/A | N/A | N/A | ||
MLP & Energy Opportunity Fund
|
$ 173,514 | $ 68,196 | $ 52,885 | ||
Realty Shares
|
$1,494,935 | $1,244,202 | $1,071,923 | ||
Institutional Realty Shares
|
N/A | N/A | N/A | ||
Real Estate Securities Fund
|
$2,346,152 | $1,754,141 | $ 971,020 | ||
Global Realty Shares
|
$ 582,039 | $ 435,019 | $ 127,976 | ||
International Realty Fund
|
$ 253,304 | $ 261,107 | $ 309,673 | ||
Global Infrastructure Fund
|
$ 129,089 | $ 113,614 | $ 59,652 | ||
Preferred Securities and Income Fund
|
$3,791,932 | $3,572,511 | $3,634,882 | ||
Real Assets Fund
|
$ 101,408 | $ 123,552 | $ 140,271 | ||
Low Duration Preferred and Income Fund
|
$ 682,521 | $ 353,089 | $ 59,540 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019 and the fiscal period from March 1, 2019 to October 31, 2019, the Advisor received administration fees from Alternative Income Fund in the amounts of $17,730 and $7,820, respectively. |
(2) | Preferred Securities and Income SMA Shares commenced operations on March 1, 2019. |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 56,024 | $ 5,049 | $ 5,322 | ||
MLP & Energy Opportunity Fund
|
$ 11,145 | $ 15,571 | $ 7,313 | ||
Realty Shares(2)
|
$ 8,398 | N/A | N/A | ||
Real Estate Securities Fund
|
$126,690 | $ 64,481 | $177,542 | ||
Global Realty Shares
|
$ 8,389 | $ 5,296 | $ 15,466 | ||
International Realty Fund
|
$ 1,013 | $ 32,758 | $ 3,124 | ||
Global Infrastructure Fund
|
$ 19,741 | $ 12,613 | $ 15,678 | ||
Preferred Securities and Income Fund
|
$234,728 | $194,485 | $452,114 | ||
Real Assets Fund
|
$ 598 | $ 4,354 | $ 30,721 | ||
Low Duration Preferred and Income Fund
|
$ 39,317 | $122,138 | $ 18,714 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019 and the fiscal period from March 1, 2019 to October 31, 2019, the Distributor received combined commissions on sales of Class A, Class C and Class R shares of Alternative Income Fund in the amounts of $28,385 and $27,639, respectively. |
(2) | The inception date of Class A, Class C and Class R shares is July 1, 2019. Prior to this, Realty Shares offered only one class of shares and did not have a Distribution Plan, the Distributor served without compensation. |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 211,362 | $ 197,905 | $ 215,902 | ||
Preferred Securities and Income SMA Shares(2)
|
$ 5,850 | N/A | N/A | ||
MLP & Energy Opportunity Fund(3)
|
$ 507,184 | $ 252,348 | $ 92,694 | ||
Realty Shares
|
$2,718,308 | $3,041,839 | $3,913,372 | ||
Real Estate Securities Fund(3)
|
$4,055,782 | $4,051,324 | $3,501,836 | ||
Institutional Realty Shares
|
$1,912,254 | $2,046,863 | $2,145,140 | ||
Global Realty Shares(3)
|
$1,669,816 | $1,377,749 | $ 614,871 | ||
International Realty Fund
|
$ 951,984 | $ 978,174 | $ 840,439 | ||
Global Infrastructure Fund
|
$ 310,893 | $ 242,283 | $ 300,960 | ||
Preferred Securities and Income Fund(3)
|
$ 572,269 | $ 737,537 | $ 324,274 | ||
Real Assets Fund
|
$ 156,650 | $ 154,707 | $ 244,764 | ||
Low Duration Preferred and Income Fund(3)
|
$ 47,062 | $ 21,627 | $ 14,353 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019 and the fiscal period from March 1, 2019 to October 31, 2019, Alternative Income Fund paid total brokerage commissions in the amounts of $115,780 and $95,582, respectively. |
(2) | Preferred Securities and Income SMA Shares commenced operations on March 1, 2019. |
(3) | The increase in brokerage commission levels was due to increased portfolio turnover and changes in fund assets. |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
$ 100,105 | $ 92,211 | $ 92,636 | ||
Preferred Securities and Income SMA Shares(2)
|
$ 3,818 | N/A | N/A | ||
MLP & Energy Opportunity Fund(3)
|
$ 170,402 | $ 100,329 | $ 36,318 | ||
Realty Shares
|
$ 980,451 | $1,276,016 | $1,745,120 | ||
Institutional Realty Shares
|
$ 715,902 | $ 851,190 | $ 946,105 | ||
Real Estate Securities Fund(3)
|
$1,505,904 | $1,709,470 | $1,553,066 | ||
Global Realty Shares(3)
|
$ 609,558 | $ 597,387 | $ 264,279 | ||
International Realty Fund
|
$ 358,145 | $ 418,487 | $ 353,218 | ||
Global Infrastructure Fund
|
$ 120,878 | $ 96,496 | $ 123,495 | ||
Preferred Securities and Income Fund(3)
|
$ 335,214 | $ 443,434 | $ 208,307 | ||
Real Assets Fund
|
$ 67,097 | $ 71,075 | $ 94,629 | ||
Low Duration Preferred and Income Fund(3)
|
$ 31,364 | $ 14,329 | $ 8,578 |
(1) | Effective July 1, 2019, the fiscal year end for Alternative Income Fund is October 31. For the fiscal year ended February 28, 2019 and the fiscal period from March 1, 2019 to October 31, 2019, Alternative Income Fund paid to brokers or dealers for providing third party and proprietary research and investment information in the amounts of $54,874 and $45,231, respectively. |
(2) | Preferred Securities and Income SMA Shares commenced operations on March 1, 2019. |
(3) | The increase in brokerage commission levels was due to increased portfolio turnover and changes in fund assets. |
Dollar
Value of Securities Owned | |
Preferred Securities and Income Fund | |
Bank of America Corp.
|
$407,822,122 |
Credit Suisse
|
$322,917,226 |
State Street Bank
|
$291,420,032 |
UBS
|
$269,659,336 |
Citigroup
|
$263,726,880 |
Wells Fargo Securities LLC
|
$253,957,733 |
BNP Paribas
|
$244,994,822 |
HSBC
|
$231,104,007 |
J.P. Morgan Chase & Co.
|
$203,230,310 |
Barclays PLC
|
$142,651,550 |
Real Assets Fund | |
State Street Bank
|
$2,050,257 |
Citigroup
|
$475,111 |
Wells Fargo Securities LLC
|
$430,844 |
UBS
|
$265,469 |
Morgan Stanley
|
$209,115 |
J.P. Morgan Chase & Co.
|
$201,563 |
Dollar Value of Securities Owned | ||
Alternative Income Fund | ||
Citigroup Global Markets, Inc.
|
$1,351,482 | |
Credit Suisse Securities (Europe) LTD.
|
$1,292,067 | |
BNP Paribas
|
$1,127,882 | |
BOFA Securities, Inc.
|
$1,046,055 | |
Societe Generale London Branch
|
$641,753 | |
UBS Securities LLC
|
$640,256 | |
J.P. Morgan Securities, Inc.
|
$458,508 | |
Banco Itau SA
|
$413,513 | |
Goldman Sachs & Co. LLC
|
$321,285 | |
Morgan Stanley
|
$276,600 | |
Preferred Securities and Income SMA Shares | ||
Wells Fargo Securities LLC
|
$396,980 | |
J.P. Morgan Securities, Inc.
|
$346,971 | |
RBC Capital Markets, LLC
|
$279,043 |
Dollar
Value of Securities Owned | |
Citigroup
|
$69,340,774 |
Wells Fargo & Co.
|
$49,572,903 |
J.P. Morgan Chase & Co.
|
$66,430,468 |
Morgan Stanley
|
$32,084,788 |
Goldman, Sachs & Co.
|
$27,886,685 |
Barclays Capital Inc.
|
$21,385,303 |
Bank of America
|
$17,796,857 |
2019 | 2018 | 2017 | |||
Alternative Income Fund(1)
|
178% | 102% (3) | 70% | ||
Preferred Securities and Income SMA Shares(2)
|
25% | N/A | N/A | ||
MLP & Energy Opportunity Fund
|
90% | 75% | 45% | ||
Realty Shares
|
91% | 63% | 75% | ||
Institutional Realty Shares
|
82% | 68% | 76% | ||
Real Estate Securities Fund
|
90% | 75% | 77% | ||
Global Realty Shares
|
78% | 76% | 75% | ||
International Realty Fund
|
75% | 76% | 67% | ||
Global Infrastructure Fund
|
65% | 56% | 79% | ||
Preferred Securities and Income Fund
|
47% | 51% | 36% | ||
Real Assets Fund
|
115% | 99% | 124% | ||
Low Duration Preferred and Income Fund
|
52% | 34% | 52% |
(1) | The portfolio turnover shown above is for fiscal period from March 1, 2019 to October 31, 2019. Alternative Income Fund's portfolio turnover for the fiscal year ended February 28, 2019 was 158%. |
(2) | Preferred Securities and Income SMA Shares commenced operations on March 1, 2019. |
(3) | The increase in turnover over the past fiscal year is attributable to increasing portfolio concentration and portfolio shifts in response to new fiscal and monetary policies. |
Fund | Authorized Shares | |
Low Duration Preferred and Income Fund
|
1,400,000,000 shares | |
Class A Shares
|
200,000,000 | |
Class C Shares
|
200,000,000 | |
Class F Shares
|
200,000,000 | |
Class I Shares
|
400,000,000 |
Fund | Authorized Shares | |
Class R Shares
|
200,000,000 | |
Class Z Shares
|
200,000,000 | |
Alternative Income Fund
|
400,000,000 shares | |
Class A Shares
|
50,000,000 | |
Class C Shares
|
50,000,000 | |
Class F Shares
|
50,000,000 | |
Class I Shares
|
150,000,000 | |
Class R Shares
|
50,000,000 | |
Class Z Shares
|
50,000,000 | |
Global Infrastructure Fund
|
400,000,000 shares | |
Class A Shares
|
50,000,000 | |
Class C Shares
|
50,000,000 | |
Class F Shares
|
50,000,000 | |
Class I Shares
|
150,000,000 | |
Class R Shares
|
50,000,000 | |
Class Z Shares
|
50,000,000 | |
Global Realty Shares
|
400,000,000 shares | |
Class A Shares
|
50,000,000 | |
Class C Shares
|
50,000,000 | |
Class F Shares
|
50,000,000 | |
Class I Shares
|
150,000,000 | |
Class R Shares
|
50,000,000 | |
Class Z Shares
|
50,000,000 | |
Institutional Realty Shares
|
150,000,000 shares | |
International Realty Fund
|
1,800,000,000 shares | |
Class A Shares
|
250,000,000 | |
Class C Shares
|
250,000,000 | |
Class F Shares
|
250,000,000 | |
Class I Shares
|
550,000,000 | |
Class R Shares
|
250,000,000 | |
Class Z Shares
|
250,000,000 | |
MLP & Energy Opportunity Fund
|
1,400,000,000 shares | |
Class A Shares
|
200,000,000 | |
Class C Shares
|
200,000,000 | |
Class F Shares
|
200,000,000 | |
Class I Shares
|
400,000,000 | |
Class R Shares
|
200,000,000 | |
Class Z Shares
|
200,000,000 | |
Preferred Securities and Income Fund
|
2,200,000,000 shares | |
Class A Shares
|
200,000,000 | |
Class C Shares
|
200,000,000 | |
Class F Shares
|
200,000,000 | |
Class I Shares
|
1,200,000,000 | |
Class R Shares
|
200,000,000 | |
Class Z Shares
|
200,000,000 | |
Real Assets Fund
|
1,400,000,000 shares | |
Class A Shares
|
200,000,000 | |
Class C Shares
|
200,000,000 | |
Class F Shares
|
200,000,000 | |
Class I Shares
|
400,000,000 |
Fund | Authorized Shares | |
Class R Shares
|
200,000,000 | |
Class Z Shares
|
200,000,000 | |
Real Estate Securities Fund
|
900,000,000 shares | |
Class A Shares
|
100,000,000 | |
Class C Shares
|
50,000,000 | |
Class F Shares
|
50,000,000 | |
Class I Shares
|
550,000,000 | |
Class R Shares
|
50,000,000 | |
Class Z Shares
|
100,000,000 | |
Realty Shares
|
700,000,000 shares | |
Class A Shares
|
100,000,000 | |
Class C Shares
|
50,000,000 | |
Class F Shares
|
50,000,000 | |
Class I Shares
|
200,000,000 | |
Class L Shares
|
200,000,000 | |
Class R Shares
|
50,000,000 | |
Class Z Shares
|
50,000,000 | |
Preferred Securities and Income SMA Shares
|
100,000,000 shares |
Investment Amount | Sales
Charge as a % of Offering Price(1) |
Sales
Charge as a % of Net Amount Invested |
Regular
Dealer Reallowance as a % of Offering Price | |||
Less than $100,000
|
4.50% | 4.71% | 4.00% | |||
$100,000 but less than $250,000
|
3.75% | 3.90% | 3.25% | |||
$250,000 but less than $500,000
|
2.75% | 2.83% | 2.25% | |||
$500,000 but less than $1 million
|
2.00% | 2.04% | 1.75% | |||
$1 million or more
|
None | None | 1.00† |
Investment Amount | Sales
Charge as a % of Offering Price(1) |
Sales
Charge as a % of Net Amount Invested |
Regular
Dealer Reallowance as a % of Offering Price | |||
Less than $100,000
|
3.75% | 3.90% | 3.25% | |||
$100,000 but less than $250,000
|
2.75% | 2.83% | 2.25% | |||
$250,000 but less than $500,000
|
2.00% | 2.04% | 1.50% | |||
$500,000 but less than $1 million
|
1.00% | 1.01% | 1.00% | |||
$1 million or more
|
None | None | 1.00† |
Investment Amount | Sales
Charge as a % of Offering Price(1) |
Sales
Charge as a % of Net Amount Invested |
Regular
Dealer Reallowance as a % of Offering Price | |||
Less than $100,000
|
2.00% | 2.04% | 1.75% | |||
$100,000 but less than $250,000
|
1.75% | 1.78% | 1.50% | |||
$250,000 but less than $500,000
|
1.25% | 1.27% | 1.00% | |||
$500,000 or more
|
None | None | 1.00† |
(1) | “Offering Price” is the amount that you actually pay for Fund shares; it includes the initial sales charge. |
† | See “Other Information.” |
Class A Shares | Class C Shares | Class R Shares | |||
Alternative Income Fund(1)
|
$ 36,246 | $ 37,419 | $ 340 | ||
MLP & Energy Opportunity Fund
|
$ 48,619 | $ 74,480 | $ 6,754 | ||
Realty Shares(2)
|
$ 1,542 | $ 1,280 | $ 1,079 | ||
Real Estate Securities Fund
|
$1,808,476 | $1,537,534 | $84,101 | ||
Global Realty Shares
|
$ 216,961 | $ 242,127 | $ 2,623 | ||
International Realty Fund
|
$ 150,112 | $ 79,891 | $ 360 | ||
Global Infrastructure Fund
|
$ 90,553 | $ 110,740 | $ 109 | ||
Preferred Securities and Income Fund
|
$1,929,377 | $5,116,543 | $13,058 |
Class A Shares | Class C Shares | Class R Shares | |||
Real Assets Fund
|
$ 25,672 | $ 34,597 | $ 295 | ||
Low Duration Preferred and Income Fund
|
$345,415 | $465,969 | $2,509 |
(1) | The amounts shown are for the fiscal period from March 1, 2019 to October 31, 2019. For the fiscal year ended February 28, 2019, Alternative Income Fund paid for the sale and distribution of its Class A, Class C and Class R shares in the amounts of $47,851, $113,333 and $427, respectively. |
(2) | Realty Shares adopted a Distribution Plan effective July 1, 2019. |
Class A Shares | Class C Shares | Class I Shares | |||
Alternative Income Fund(1)
|
$ 14,499 | $ 12,473 | $ 13,119 | ||
MLP & Energy Opportunity Fund
|
$ 19,447 | $ 24,827 | $ 86,846 | ||
Realty Shares(2)
|
$ 617 | $ 427 | $ 67,472 | ||
Real Estate Securities Fund
|
$723,390 | $ 512,511 | $3,494,330 | ||
Global Realty Shares
|
$ 86,784 | $ 80,709 | $ 877,459 | ||
International Realty Fund
|
$ 60,045 | $ 26,630 | $ 396,676 | ||
Global Infrastructure Fund
|
$ 36,221 | $ 36,913 | $ 189,359 | ||
Preferred Securities and Income Fund
|
$771,751 | $1,705,514 | $3,195,064 | ||
Real Assets Fund
|
$ 10,269 | $ 11,532 | $ 73,350 | ||
Low Duration Preferred and Income Fund
|
$ 0 | $ 0 | $ 711,056 |
(1) | The amounts shown are for the fiscal period from March 1, 2019 to October 31, 2019. For the fiscal year ended February 28, 2019, Alternative Income Fund paid fees for expenditures under the shareholder services plan of its Class A, Class C and Class I shares in the amounts of $19,140, $37,778 and $21,577, respectively. |
(2) | For the fiscal year ended December 31, 2019, Realty Shares paid fees for expenditures under the shareholder services plan of its Class L shares in the amount of $4,036,521. |
* | For items 3 and 5, a Signature Validation Program stamp (“SVP”) will be accepted from any member of the Securities Transfer Agent Medallion Signature Program (“STAMP”) in lieu of a medallion signature guarantee. When using SVP to change banking instructions, a shareholder must wait 30 days from the date of the change before redeeming shares to the newly updated bank file; however, using a STAMP 2000 Medallion signature guarantee will not cause such a delay. |
• | The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself. |
• | In exercising voting rights, the Advisor and the Subadvisors shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security. |
• | Consistent with general fiduciary principles, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence. |
• | In exercising voting rights on behalf of clients, the Advisor and the Subadvisors shall conduct itself in the same manner as if the Advisor and the Subadvisors were the beneficial owners of the securities. |
• | To the extent reasonably possible, the Advisor and the Subadvisors shall participate in each shareholder voting opportunity. |
• | Voting rights shall not automatically be exercised in favor of management-supported proposals. |
• | The Advisor and the Subadvisors, and their respective officers and employees, shall never accept any item of value in consideration of a favorable proxy vote. |
• | Whether the nominee attended less than 75 percent of the board and committee meetings without a valid excuse for the absences; |
• | Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees and/or the full board serves as the audit, compensation, or nominating committees or the company does not have one of these committees; |
• | Whether the board ignored a significant shareholder proposal that was approved by a majority of the votes cast in the previous year; |
• | Whether the board, without shareholder approval, to our knowledge instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year; |
• | Whether the nominee is the chairman or CEO of a publicly-traded company who serves on more than two (2) public company boards; |
• | In the case of nominees other than the chairman or CEO, whether the nominee serves on more than four (4) public company boards; |
• | If the nominee is an incumbent director, the length of tenure taking into account tenure limits recommended by local corporate governance codes;(1) |
• | Whether the nominee has a material related party transaction or a material conflict of interest with the company; |
• | Whether the nominee (or the entire board) in our view has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment; |
• | Material failures of governance, stewardship, risk oversight(2), or fiduciary responsibilities at the company; and |
• | Actions related to a nominee’s service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company. |
• | Poor linkage between the executives’ pay and the company’s performance and profitability; |
• | The presence of objectionable structural features in the compensation plan, such as excessive perquisites, golden parachutes, tax-gross up provisions, and automatic benchmarking of pay in the top half of the peer group; |
• | A lack of proportionality in the plan relative to the company’s size and peer group. |
• | Potentially excessive severance payments; |
• | Agreements that include excessive excise tax gross-up provisions; |
• | Single-trigger payments upon a Change in Control (“CIC”), including cash payments and the acceleration of performance-based equity despite the failure to achieve performance measures; |
• | Single-trigger vesting of equity based on a definition of change in control that requires only shareholder approval of the transaction (rather than consummation); |
• | Recent amendments or other changes that may make packages so attractive as to encourage transactions that may not be in the best interests of shareholders; or |
• | The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote. |
• | Plan Cost: the total estimated cost of the company’s equity plans relative to industry/market cap peers measured by the company's estimated shareholder value transfer (SVT) in relation to peers, considering: |
SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and | |
SVT based only on new shares requested plus shares remaining for future grants. | |
• | Plan Features: |
Automatic single-triggered award vesting upon CIC; |
Discretionary vesting authority; | |
Liberal share recycling on various award types; and | |
Minimum vesting period for grants made under the plan. | |
• | Grant Practices: |
The company’s three year burn rate relative to its industry/market cap peers; | |
Vesting requirements for most recent CEO equity grants (3-year look-back); | |
The estimated duration of the plan based on the sum of shares remaining available and the new shares requested divided by the average annual shares granted in the prior three years; | |
The proportion of the CEO's most recent equity grants/awards subject to performance conditions; | |
Whether the company maintains a claw-back policy; and | |
Whether the company has established post exercise/vesting share-holding requirements. |
• | Awards may vest in connection with a liberal CIC; |
• | The plan would permit re-pricing or cash buyout of underwater options without shareholder approval; |
• | The plan is a vehicle for problematic pay practices or a pay-for-performance disconnect; or |
• | Any other plan features that are determined to have a significant negative impact on shareholder interests. |
• | Dilution: how much will the ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be? |
• | Change in control: will the transaction result in a change in control of the company? |
• | Bankruptcy: generally, approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses. |
• | an auditor has a financial interest in or association with the company, and is therefore not independent; |
• | there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company’s financial position; |
• | the name of the proposed auditor and/or fees paid to the audit firm are not disclosed by the company prior to the meeting; |
• | the auditors are being changed without explanation; or |
• | fees paid for non-audit related services are excessive and/or exceed fees paid for audit services or limits set in local best practice recommendations or law. |
• | Whether the issues presented have already been effectively dealt with through governmental regulation or legislation; |
• | Whether the disclosure is available to shareholders from the company or from a publicly available source; and |
• | Whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage. |
• | likelihood of payment; |
• | capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation; |
• | nature of and provisions of the obligation, and the promise we impute; |
• | protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. |
• | amortization schedule – the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and |
• | source of payment – the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
• | the issuer has entered into a grace or cure period following non-payment of a material financial obligation; |
• | the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or |
• | Fitch otherwise believes a condition of “RD” or “D” to be imminent or inevitable, including through the formal announcement of a distressed debt exchange. |
• | the selective payment default on a specific class or currency of debt; |
• | the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; |
• | the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or |
• | execution of a distressed debt exchange on one or more material financial obligations. |
• | failure to make payment of principal and/or interest under the contractual terms of the rated obligation; |
• | the bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of the business of an issuer/obligor; or |
• | the distressed exchange of an obligation, where creditors were offered securities with diminished structural or economic terms compared with the existing obligation to avoid a probable payment default. |