Mutual Funds

Real Estate Series

Investment Objective

To provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in securities of companies that are principally engaged in the real estate industry, including industries directly involved with, serving, and/or related to the real estate industry.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in the real estate industry
  • Seeking to add diversification by investing in real estate securities

Daily Price

$13.53

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 02/27/2024

Ticker

MNRZX

CUSIP

56382R258

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 01/31/2024

YTD

-4.58%

1 Year

-5.16%

3 Year

3.92%

5 Year

4.08%

10 Year

6.84%

Inception
(03/01/2019)

9.14%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Inception performance is based on the Real Estate Series Class S inception of 11/10/2009. For periods through 03/01/2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class S shares. Because the Class Z shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

Expense Ratio

Gross 0.72%
Net 0.70%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.

Top Ten Investments

As of 01/31/2024

EQUINIX INC 14.06%
PROLOGIS 12.74%
SBA COMMUNICATIONS CORP 4.73%
SUN COMMUNITIES 4.60%
PUBLIC STORAGE INC 4.49%
REXFORD INDUSTRIAL REALITY IN 4.07%
INVITATION HOMES INC 4.06%
CELLNEX TELECOM SA 3.52%
AMERICAN TOWER REIT INC 3.45%
AGREE REALTY CORP 3.40%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 01/31/2024

Specialized REITs
30.67%
Industrial REITs
24.95%
Residential REITs
22.70%
Retail REITs
5.80%
Health Care REITs
5.15%
Diversified Telecommunication Services
4.35%
Hotels, Restaurants & Leisure
2.75%
Cash
1.84%
Office REITs
1.79%
Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 140,997 $8,404,831.17
AMERICAN HOMES 4 RENT- A US AMH 139,131 $4,876,541.55
AMERICAN TOWER REIT INC US AMT 43,507 $8,512,144.55
AMERICOLD REALTY TRUST US COLD 235,380 $6,472,950.00
APARTMENT INCOME REIT CO US AIRC 131,130 $4,286,639.70
AVALONBAY COMMUNITIES INC US AVB 45,746 $8,188,991.46
CELLNEX TELECOM SA ES CLNX SM 225,925 $8,693,000.38
CROWN CASTLE INTL CORP US CCI 35,089 $3,798,384.25
DREYFUS GVT CSH MANAGEMENT US 4,636,529.48 $4,636,529.48
EQUINIX INC US EQIX 41,828 $34,707,619.56
EQUITY COMMONWEALTH US EQC 235,265 $4,495,914.15
EQUITY LIFESTYLE PROPERTIES US ELS 123,554 $8,363,370.26
EXTRA SPACE STORAGE INC US EXR 50,888 $7,350,262.72
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 241,812 $3,910,100.04
GOODMAN GROUP AU GMG AU 166,812 $2,768,941.70
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $2,259,319.51
INVITATION HOMES INC US INVH 304,145 $10,015,494.85
LEXINGTON REALTY TRUST US LXP 695,862 $6,325,385.58
MARRIOTT VACATIONS WORLD US VAC 35,735 $2,997,809.15
MID-AMERICA APARTMENT COMM US MAA 27,458 $3,470,142.04
MONARCH CASINO & RESORT INC US MCRI 56,835 $3,917,636.55
PROLOGIS US PLD 248,220 $31,446,991.80
PUBLIC STORAGE INC US PSA 39,107 $11,074,711.33
REALTY INCOME CORP US O 113,566 $6,176,854.74
REXFORD INDUSTRIAL REALITY IN US REXR 191,221 $10,056,312.39
SBA COMMUNICATIONS CORP US SBAC 52,110 $11,665,344.60
SUN COMMUNITIES US SUI 90,667 $11,365,108.45
TERRENO REALTY CORP US TRNO 95,167 $5,684,324.91
UDR INC US UDR 72,355 $2,606,227.10
VENTAS INC US VTR 116,419 $5,400,677.41
WELLTOWER INC. US WELL 87,423 $7,562,963.73

Investments will change over time.

Distributions

  • Real Estate Series Class Z Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter
  • Real Estate Series Stock Split

A Word About Risk

All investments involve risks, including potential loss of principal. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of market risk than funds whose investments are diversified among a variety of sectors. The Real Estate Series is subject to risks associated with the direct ownership of real estate, including the potential for falling real estate prices and the possibility of being highly leveraged; an investment in the Series will be closely aligned with the performance of the real estate markets. Additionally, like all derivatives, investments in options can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk.

Daily Price

$13.53

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 02/27/2024

Ticker

MNRZX

CUSIP

56382R258

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
Fact Sheet
N-Port Part F Reports

Investment Objective

To provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in securities of companies that are principally engaged in the real estate industry, including industries directly involved with, serving, and/or related to the real estate industry.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in the real estate industry
  • Seeking to add diversification by investing in real estate securities

Performance

As of 01/31/2024

YTD

-4.58%

1 Year

-5.16%

3 Year

3.92%

5 Year

4.08%

10 Year

6.84%

Inception
(03/01/2019)

9.14%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Inception performance is based on the Real Estate Series Class S inception of 11/10/2009. For periods through 03/01/2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class S shares. Because the Class Z shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

Expense Ratio

Gross 0.72%
Net 0.70%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.

Top Ten Investments

As of 01/31/2024

EQUINIX INC 14.06%
PROLOGIS 12.74%
SBA COMMUNICATIONS CORP 4.73%
SUN COMMUNITIES 4.60%
PUBLIC STORAGE INC 4.49%
REXFORD INDUSTRIAL REALITY IN 4.07%
INVITATION HOMES INC 4.06%
CELLNEX TELECOM SA 3.52%
AMERICAN TOWER REIT INC 3.45%
AGREE REALTY CORP 3.40%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 01/31/2024

Specialized REITs
30.67%
Industrial REITs
24.95%
Residential REITs
22.70%
Retail REITs
5.80%
Health Care REITs
5.15%
Diversified Telecommunication Services
4.35%
Hotels, Restaurants & Leisure
2.75%
Cash
1.84%
Office REITs
1.79%
Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 140,997 $8,404,831.17
AMERICAN HOMES 4 RENT- A US AMH 139,131 $4,876,541.55
AMERICAN TOWER REIT INC US AMT 43,507 $8,512,144.55
AMERICOLD REALTY TRUST US COLD 235,380 $6,472,950.00
APARTMENT INCOME REIT CO US AIRC 131,130 $4,286,639.70
AVALONBAY COMMUNITIES INC US AVB 45,746 $8,188,991.46
CELLNEX TELECOM SA ES CLNX SM 225,925 $8,693,000.38
CROWN CASTLE INTL CORP US CCI 35,089 $3,798,384.25
DREYFUS GVT CSH MANAGEMENT US 4,636,529.48 $4,636,529.48
EQUINIX INC US EQIX 41,828 $34,707,619.56
EQUITY COMMONWEALTH US EQC 235,265 $4,495,914.15
EQUITY LIFESTYLE PROPERTIES US ELS 123,554 $8,363,370.26
EXTRA SPACE STORAGE INC US EXR 50,888 $7,350,262.72
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 241,812 $3,910,100.04
GOODMAN GROUP AU GMG AU 166,812 $2,768,941.70
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $2,259,319.51
INVITATION HOMES INC US INVH 304,145 $10,015,494.85
LEXINGTON REALTY TRUST US LXP 695,862 $6,325,385.58
MARRIOTT VACATIONS WORLD US VAC 35,735 $2,997,809.15
MID-AMERICA APARTMENT COMM US MAA 27,458 $3,470,142.04
MONARCH CASINO & RESORT INC US MCRI 56,835 $3,917,636.55
PROLOGIS US PLD 248,220 $31,446,991.80
PUBLIC STORAGE INC US PSA 39,107 $11,074,711.33
REALTY INCOME CORP US O 113,566 $6,176,854.74
REXFORD INDUSTRIAL REALITY IN US REXR 191,221 $10,056,312.39
SBA COMMUNICATIONS CORP US SBAC 52,110 $11,665,344.60
SUN COMMUNITIES US SUI 90,667 $11,365,108.45
TERRENO REALTY CORP US TRNO 95,167 $5,684,324.91
UDR INC US UDR 72,355 $2,606,227.10
VENTAS INC US VTR 116,419 $5,400,677.41
WELLTOWER INC. US WELL 87,423 $7,562,963.73

Investments will change over time.

Distributions

  • Real Estate Series Class Z Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter
  • Real Estate Series Stock Split

A Word About Risk

All investments involve risks, including potential loss of principal. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of market risk than funds whose investments are diversified among a variety of sectors. The Real Estate Series is subject to risks associated with the direct ownership of real estate, including the potential for falling real estate prices and the possibility of being highly leveraged; an investment in the Series will be closely aligned with the performance of the real estate markets. Additionally, like all derivatives, investments in options can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk.

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