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

$15.08

Daily $ Change

$0.32

Daily % Change

2.12%

as of 02/02/2023

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
Fact Sheet ---
Applications & Forms
N-Port Part F Reports

Performance

As of 12/31/2022

YTD

---

1 Year

-26.67%

3 Year

-0.15%

5 Year

3.78%

10 Year

6.82%

Inception
(11/10/2009)

9.47%

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. 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.

Expense Ratio

Gross 0.71%
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 12/31/2022

PROLOGIS 12.41%
EQUINIX INC 11.09%
PUBLIC STORAGE INC 4.61%
RADIUS GLOBAL INFRASTRUCTURE 4.32%
SUN COMMUNITIES 4.09%
EQUITY LIFESTYLE PROPERTIES 3.31%
HEALTHCARE REALTY TRUST INC 3.26%
REXFORD INDUSTRIAL REALITY IN 3.24%
CELLNEX TELECOM SA 3.13%
MID-AMERICA APARTMENT COMM 3.03%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 12/31/2022

Equity Real Estate Investment Trusts (REITs) 89.18%
Diversified Telecommunication Services 8.48%
Hotels, Restaurants & Leisure 1.49%
Cash 0.85%

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 78,110 $5,540,342.30
AMERICAN HOMES 4 RENT- A US AMH 183,144 $5,519,960.16
AMERICAN TOWER REIT INC US AMT 24,935 $5,282,729.10
AMERICOLD REALTY TRUST US COLD 93,584 $2,649,363.04
AVALONBAY COMMUNITIES INC US AVB 23,000 $3,714,960.00
BRANDYWINE REALTY TRUST US BDN 283,017 $1,740,554.55
CAMDEN PROPERTY TRUST US CPT 31,952 $3,574,789.76
CARETRUST REIT INC US CTRE 197,970 $3,678,282.60
COMMUNITY HEALTHCARE TRUST I US CHCT 172,966 $6,192,182.80
COUSINS PROPERTIES INC US CUZ 217,175 $5,492,355.75
DIGITAL REALTY TRUST INC US DLR 63,791 $6,396,323.57
DREYFUS GVT CSH MANAGEMENT US 2,225,694.01 $2,225,694.01
EQUINIX INC US EQIX 44,148 $28,918,264.44
EQUITY LIFESTYLE PROPERTIES US ELS 133,737 $8,639,410.20
ESSEX PROPERTY TRUST INC US ESS 15,129 $3,206,137.68
GETTY REALTY CORP US GTY 205,921 $6,970,425.85
HEALTHCARE REALTY TRUST INC US HR 441,575 $8,509,150.25
INDEPENDENCE REALTY TRUST IN US IRT 214,975 $3,624,478.50
INVITATION HOMES INC US INVH 251,965 $7,468,242.60
LEXINGTON REALTY TRUST US LXP 329,486 $3,301,449.72
LIFE STORAGE INC US LSI 58,361 $5,748,558.50
MARRIOTT VACATIONS WORLD US VAC 16,046 $2,159,631.14
MID-AMERICA APARTMENT COMM US MAA 50,347 $7,903,975.53
PROLOGIS US PLD 286,951 $32,347,986.23
PUBLIC STORAGE INC US PSA 42,845 $12,004,740.55
RADIUS GLOBAL INFRASTRUCTURE US RADI 952,213 $11,255,157.66
REALTY INCOME CORP US O 31,444 $1,994,492.92
REXFORD INDUSTRIAL REALITY IN US REXR 154,459 $8,439,639.76
SBA COMMUNICATIONS CORP US SBAC 27,399 $7,680,213.69
STAG INDUSTRIAL INC US STAG 62,513 $2,019,795.03
SUN COMMUNITIES US SUI 74,642 $10,673,806.00
TERRENO REALTY CORP US TRNO 97,959 $5,570,928.33
UDR INC US UDR 146,321 $5,667,012.33
VENTAS INC US VTR 89,571 $4,035,173.55
WELLTOWER INC. US WELL 87,423 $5,730,577.65
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $2,890,982.46
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 260,343 $4,227,970.32
CELLNEX TELECOM SA ES CLNX SM 245,690 $8,149,844.98
PLAYA HOTELS AND RESORTS US PLYA 269,230 $1,758,071.90

Investments will change over time.

Distributions

  • Real Estate Series Class Z Distribution History
  • 2023 Distribution Calendar
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2023 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

$15.08

Daily $ Change

$0.32

Daily % Change

2.12%

as of 02/02/2023

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
Fact Sheet ---
Applications & Forms
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 12/31/2022

YTD

---

1 Year

-26.67%

3 Year

-0.15%

5 Year

3.78%

10 Year

6.82%

Inception
(11/10/2009)

9.47%

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. 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.

Expense Ratio

Gross 0.71%
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 12/31/2022

PROLOGIS 12.41%
EQUINIX INC 11.09%
PUBLIC STORAGE INC 4.61%
RADIUS GLOBAL INFRASTRUCTURE 4.32%
SUN COMMUNITIES 4.09%
EQUITY LIFESTYLE PROPERTIES 3.31%
HEALTHCARE REALTY TRUST INC 3.26%
REXFORD INDUSTRIAL REALITY IN 3.24%
CELLNEX TELECOM SA 3.13%
MID-AMERICA APARTMENT COMM 3.03%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 12/31/2022

Equity Real Estate Investment Trusts (REITs)
89.18%
Diversified Telecommunication Services
8.48%
Hotels, Restaurants & Leisure
1.49%
Cash
0.85%

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 78,110 $5,540,342.30
AMERICAN HOMES 4 RENT- A US AMH 183,144 $5,519,960.16
AMERICAN TOWER REIT INC US AMT 24,935 $5,282,729.10
AMERICOLD REALTY TRUST US COLD 93,584 $2,649,363.04
AVALONBAY COMMUNITIES INC US AVB 23,000 $3,714,960.00
BRANDYWINE REALTY TRUST US BDN 283,017 $1,740,554.55
CAMDEN PROPERTY TRUST US CPT 31,952 $3,574,789.76
CARETRUST REIT INC US CTRE 197,970 $3,678,282.60
COMMUNITY HEALTHCARE TRUST I US CHCT 172,966 $6,192,182.80
COUSINS PROPERTIES INC US CUZ 217,175 $5,492,355.75
DIGITAL REALTY TRUST INC US DLR 63,791 $6,396,323.57
DREYFUS GVT CSH MANAGEMENT US 2,225,694.01 $2,225,694.01
EQUINIX INC US EQIX 44,148 $28,918,264.44
EQUITY LIFESTYLE PROPERTIES US ELS 133,737 $8,639,410.20
ESSEX PROPERTY TRUST INC US ESS 15,129 $3,206,137.68
GETTY REALTY CORP US GTY 205,921 $6,970,425.85
HEALTHCARE REALTY TRUST INC US HR 441,575 $8,509,150.25
INDEPENDENCE REALTY TRUST IN US IRT 214,975 $3,624,478.50
INVITATION HOMES INC US INVH 251,965 $7,468,242.60
LEXINGTON REALTY TRUST US LXP 329,486 $3,301,449.72
LIFE STORAGE INC US LSI 58,361 $5,748,558.50
MARRIOTT VACATIONS WORLD US VAC 16,046 $2,159,631.14
MID-AMERICA APARTMENT COMM US MAA 50,347 $7,903,975.53
PROLOGIS US PLD 286,951 $32,347,986.23
PUBLIC STORAGE INC US PSA 42,845 $12,004,740.55
RADIUS GLOBAL INFRASTRUCTURE US RADI 952,213 $11,255,157.66
REALTY INCOME CORP US O 31,444 $1,994,492.92
REXFORD INDUSTRIAL REALITY IN US REXR 154,459 $8,439,639.76
SBA COMMUNICATIONS CORP US SBAC 27,399 $7,680,213.69
STAG INDUSTRIAL INC US STAG 62,513 $2,019,795.03
SUN COMMUNITIES US SUI 74,642 $10,673,806.00
TERRENO REALTY CORP US TRNO 97,959 $5,570,928.33
UDR INC US UDR 146,321 $5,667,012.33
VENTAS INC US VTR 89,571 $4,035,173.55
WELLTOWER INC. US WELL 87,423 $5,730,577.65
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $2,890,982.46
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 260,343 $4,227,970.32
CELLNEX TELECOM SA ES CLNX SM 245,690 $8,149,844.98
PLAYA HOTELS AND RESORTS US PLYA 269,230 $1,758,071.90

Investments will change over time.

Distributions

  • Real Estate Series Class Z Distribution History
  • 2023 Distribution Calendar
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2023 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.


Loading...