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

$14.23

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 07/19/2024

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 06/30/2024

YTD

-4.88%

1 Year

-1.99%

3 Year

-2.29%

5 Year

2.55%

10 Year

5.50%

Inception
(11/10/2009)

8.85%

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 0.74%
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 06/30/2024

EQUINIX INC 12.53%
PROLOGIS INC 10.33%
WELLTOWER INC 5.04%
PUBLIC STORAGE INC 4.80%
INVITATION HOMES INC 4.44%
SUN COMMUNITIES INC 4.42%
SBA COMMUNICATIONS CORP NEW 4.36%
AVALONBAY CMNTYS INC 4.04%
EXTRA SPACE STORAGE INC 3.37%
AMERICAN TOWER REIT COM 3.34%

Top Ten Investments list is unaudited and excludes cash

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US 74,519 $4,615,706.86
AMERICAN HEALTHCARE REIT INC US 181,820 $2,656,390.20
AMERICAN HOMES 4 RENT US 174,084 $6,468,961.44
AMERICAN TOWER REIT COM US 40,263 $7,826,321.94
AMERICOLD RLTY TR US 140,140 $3,579,175.60
AVALONBAY CMNTYS INC US 45,746 $9,464,389.94
CARETRUST REIT INC US 151,887 $3,812,363.70
CELLNEX TELECOM SA EUR0.25 ES 191,441 $6,231,222.20
CROWN CASTLE INTL CORP NEW US 35,089 $3,428,195.30
DIGITAL RLTY TR INC US 47,738 $7,258,562.90
DIGITALBRIDGE GROUP INC CL A NEW US 186,193 $2,550,844.10
EQUINIX INC US 38,846 $29,390,883.60
EQUITY COMWLTH US 141,650 $2,748,010.00
EQUITY LIFESTYLE PPTYS INC US 114,486 $7,456,473.18
EQUITY RESIDENTIAL US 98,481 $6,828,672.54
EXTRA SPACE STORAGE INC US 50,888 $7,908,504.08
FIRST INDUSTRIAL REALTY TRUS US 47,170 $2,241,046.70
FLAGSHIP CMNTYS RE TR UNIT (USD) CA 207,170 $2,887,949.80
GOODMAN GROUP NPV (STAPLED UNITS) AU 104,023 $2,414,143.68
HELIOS TOWERS PLC ORD GBP0.01 GB 1,746,349 $2,569,599.58
INVITATION HOMES INC US 290,215 $10,415,816.35
LEXINGTON CORP PPTYS TR US 575,877 $5,251,998.24
MID-AMER APT CMNTYS INC US 24,092 $3,435,760.12
MONARCH CASINO AND RESORT INC US 38,741 $2,639,424.33
PROLOGIS INC US 215,651 $24,219,763.81
PUBLIC STORAGE INC US 39,107 $11,249,128.55
REALTY INCOME CORP US 69,560 $3,674,159.20
REXFORD INDL RLTY INC US 118,404 $5,279,634.36
SBA COMMUNICATIONS CORP NEW US 52,110 $10,229,193.00
SUN COMMUNITIES INC US 86,140 $10,366,087.60
TERRENO RLTY CORP US 104,713 $6,196,915.34
UDR INC US 72,355 $2,977,408.25
US DOLLARS US 5,122,797.54 $5,122,797.54
VENTAS INC US 85,919 $4,404,207.94
WELLTOWER INC US 113,375 $11,819,343.75

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter
  • Real Estate Series - 2023 - 8937 Form

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

$14.23

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 07/19/2024

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 06/30/2024

YTD

-4.88%

1 Year

-1.99%

3 Year

-2.29%

5 Year

2.55%

10 Year

5.50%

Inception
(11/10/2009)

8.85%

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 0.74%
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 06/30/2024

EQUINIX INC 12.53%
PROLOGIS INC 10.33%
WELLTOWER INC 5.04%
PUBLIC STORAGE INC 4.80%
INVITATION HOMES INC 4.44%
SUN COMMUNITIES INC 4.42%
SBA COMMUNICATIONS CORP NEW 4.36%
AVALONBAY CMNTYS INC 4.04%
EXTRA SPACE STORAGE INC 3.37%
AMERICAN TOWER REIT COM 3.34%

Top Ten Investments list is unaudited and excludes cash

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US 74,519 $4,615,706.86
AMERICAN HEALTHCARE REIT INC US 181,820 $2,656,390.20
AMERICAN HOMES 4 RENT US 174,084 $6,468,961.44
AMERICAN TOWER REIT COM US 40,263 $7,826,321.94
AMERICOLD RLTY TR US 140,140 $3,579,175.60
AVALONBAY CMNTYS INC US 45,746 $9,464,389.94
CARETRUST REIT INC US 151,887 $3,812,363.70
CELLNEX TELECOM SA EUR0.25 ES 191,441 $6,231,222.20
CROWN CASTLE INTL CORP NEW US 35,089 $3,428,195.30
DIGITAL RLTY TR INC US 47,738 $7,258,562.90
DIGITALBRIDGE GROUP INC CL A NEW US 186,193 $2,550,844.10
EQUINIX INC US 38,846 $29,390,883.60
EQUITY COMWLTH US 141,650 $2,748,010.00
EQUITY LIFESTYLE PPTYS INC US 114,486 $7,456,473.18
EQUITY RESIDENTIAL US 98,481 $6,828,672.54
EXTRA SPACE STORAGE INC US 50,888 $7,908,504.08
FIRST INDUSTRIAL REALTY TRUS US 47,170 $2,241,046.70
FLAGSHIP CMNTYS RE TR UNIT (USD) CA 207,170 $2,887,949.80
GOODMAN GROUP NPV (STAPLED UNITS) AU 104,023 $2,414,143.68
HELIOS TOWERS PLC ORD GBP0.01 GB 1,746,349 $2,569,599.58
INVITATION HOMES INC US 290,215 $10,415,816.35
LEXINGTON CORP PPTYS TR US 575,877 $5,251,998.24
MID-AMER APT CMNTYS INC US 24,092 $3,435,760.12
MONARCH CASINO AND RESORT INC US 38,741 $2,639,424.33
PROLOGIS INC US 215,651 $24,219,763.81
PUBLIC STORAGE INC US 39,107 $11,249,128.55
REALTY INCOME CORP US 69,560 $3,674,159.20
REXFORD INDL RLTY INC US 118,404 $5,279,634.36
SBA COMMUNICATIONS CORP NEW US 52,110 $10,229,193.00
SUN COMMUNITIES INC US 86,140 $10,366,087.60
TERRENO RLTY CORP US 104,713 $6,196,915.34
UDR INC US 72,355 $2,977,408.25
US DOLLARS US 5,122,797.54 $5,122,797.54
VENTAS INC US 85,919 $4,404,207.94
WELLTOWER INC US 113,375 $11,819,343.75

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter
  • Real Estate Series - 2023 - 8937 Form

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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