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

$7.11

Daily $ Change

-$0.05

Daily % Change

-0.70%

as of 08/04/2021

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 06/30/2021

YTD

19.50%

1 Year

31.99%

3 Year

10.71%

5 Year

7.39%

10 Year

10.01%

Inception
(11/10/2009)

11.92%

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 0.74%
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 06/30/2021

EQUINIX INC 10.00%
PROLOGIS 9.71%
PUBLIC STORAGE INC 4.39%
INVITATION HOMES INC 4.36%
SUN COMMUNITIES 3.83%
MID-AMERICA APARTMENT COMM 3.72%
SWITCH INC - A 3.19%
SBA COMMUNICATIONS CORP 3.12%
AMERICAN HOMES 4 RENT- A 3.08%
DIGITAL REALTY TRUST INC 3.05%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 06/30/2021

Equity Real Estate Investment Trusts (REITs) 94.27%
IT Services 3.18%
Hotels, Restaurants & Leisure 1.08%
Diversified Telecommunication Services 0.91%
Cash 0.56%

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
008492100 AGREE REALTY CORP US ADC 59,525 $4,195,917.25
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 81,528 $3,808,988.16
02665T306 AMERICAN HOMES 4 RENT- A US AMH 256,695 $9,972,600.75
03027X100 AMERICAN TOWER REIT INC US AMT 24,171 $6,529,553.94
03064D108 AMERICOLD REALTY TRUST US COLD 124,569 $4,714,936.65
03784Y200 APPLE HOSPITALITY REIT INC US APLE 242,019 $3,693,209.94
053484101 AVALONBAY COMMUNITIES INC US AVB 34,619 $7,224,639.11
105368203 BRANDYWINE REALTY TRUST US BDN 283,017 $3,880,163.07
133131102 CAMDEN PROPERTY TRUST US CPT 40,710 $5,400,995.70
14174T107 CARETRUST REIT INC US CTRE 106,045 $2,463,425.35
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 102,696 $4,873,952.16
222795502 COUSINS PROPERTIES INC US CUZ 238,215 $8,761,547.70
22822V101 CROWN CASTLE INTL CORP US CCI 13,092 $2,554,249.20
253868103 DIGITAL REALTY TRUST INC US DLR 65,768 $9,895,453.28
25960P109 DOUGLAS EMMETT INC US DEI 103,351 $3,474,660.62
262006208 DREYFUS GVT CSH MANAGEMENT US 1,829,160.16 $1,829,160.16
264411505 DUKE RLTY INVTS INC US DRE 172,381 $8,162,240.35
29444U700 EQUINIX INC US EQIX 40,375 $32,404,975.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 109,992 $8,173,505.52
297178105 ESSEX PROPERTY TRUST INC US ESS 24,306 $7,292,043.06
30225T102 EXTRA SPACE STORAGE INC US EXR 42,090 $6,895,183.80
32054K103 FIRST INDUSTRIAL REALTY TR US FR 60,853 $3,178,352.19
374297109 GETTY REALTY CORP US GTY 124,960 $3,892,504.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 142,528 $3,805,497.60
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 153,085 $5,096,199.65
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 29,167 $3,518,123.54
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 7,550 $1,442,201.00
46187W107 INVITATION HOMES INC US INVH 378,618 $14,118,665.22
49427F108 KILROY REALTY CORP US KRC 80,507 $5,606,507.48
512816109 LAMAR ADVERTISING CO-A US LAMR 24,550 $2,563,511.00
53223X107 LIFE STORAGE INC US LSI 51,146 $5,490,523.10
59522J103 MID-AMERICA APARTMENT COMM US MAA 71,632 $12,064,261.44
65341D102 NEXPOINT RESIDENTIAL US NXRT 45,070 $2,477,948.60
74340W103 PROLOGIS US PLD 263,344 $31,477,508.32
74460D109 PUBLIC STORAGE INC US PSA 47,324 $14,229,853.56
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 204,443 $2,964,423.50
756109104 REALTY INCOME CORP US O 31,669 $2,113,589.06
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 126,957 $7,230,201.15
78410G104 SBA COMMUNICATIONS CORP US SBAC 31,772 $10,125,736.40
866674104 SUN COMMUNITIES US SUI 72,496 $12,425,814.40
87105L104 SWITCH INC - A US SWCH 490,244 $10,349,050.84
88146M101 TERRENO REALTY CORP US TRNO 74,167 $4,785,254.84
902653104 UDR INC US UDR 136,751 $6,698,063.98
92276F100 VENTAS INC US VTR 56,277 $3,213,416.70
95040Q104 WELLTOWER INC. US WELL 57,042 $4,740,190.20
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,362,438.02
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 212,424 $3,759,904.80

Investments will change over time.

Distributions

  • Real Estate Series Class Z Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 Distributions
  • Tax Letter

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

$7.11

Daily $ Change

-$0.05

Daily % Change

-0.70%

as of 08/04/2021

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 06/30/2021

YTD

19.50%

1 Year

31.99%

3 Year

10.71%

5 Year

7.39%

10 Year

10.01%

Inception
(11/10/2009)

11.92%

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 0.74%
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 06/30/2021

EQUINIX INC 10.00%
PROLOGIS 9.71%
PUBLIC STORAGE INC 4.39%
INVITATION HOMES INC 4.36%
SUN COMMUNITIES 3.83%
MID-AMERICA APARTMENT COMM 3.72%
SWITCH INC - A 3.19%
SBA COMMUNICATIONS CORP 3.12%
AMERICAN HOMES 4 RENT- A 3.08%
DIGITAL REALTY TRUST INC 3.05%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 06/30/2021

Equity Real Estate Investment Trusts (REITs)
94.27%
IT Services
3.18%
Hotels, Restaurants & Leisure
1.08%
Diversified Telecommunication Services
0.91%
Cash
0.56%

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
008492100 AGREE REALTY CORP US ADC 59,525 $4,195,917.25
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 81,528 $3,808,988.16
02665T306 AMERICAN HOMES 4 RENT- A US AMH 256,695 $9,972,600.75
03027X100 AMERICAN TOWER REIT INC US AMT 24,171 $6,529,553.94
03064D108 AMERICOLD REALTY TRUST US COLD 124,569 $4,714,936.65
03784Y200 APPLE HOSPITALITY REIT INC US APLE 242,019 $3,693,209.94
053484101 AVALONBAY COMMUNITIES INC US AVB 34,619 $7,224,639.11
105368203 BRANDYWINE REALTY TRUST US BDN 283,017 $3,880,163.07
133131102 CAMDEN PROPERTY TRUST US CPT 40,710 $5,400,995.70
14174T107 CARETRUST REIT INC US CTRE 106,045 $2,463,425.35
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 102,696 $4,873,952.16
222795502 COUSINS PROPERTIES INC US CUZ 238,215 $8,761,547.70
22822V101 CROWN CASTLE INTL CORP US CCI 13,092 $2,554,249.20
253868103 DIGITAL REALTY TRUST INC US DLR 65,768 $9,895,453.28
25960P109 DOUGLAS EMMETT INC US DEI 103,351 $3,474,660.62
262006208 DREYFUS GVT CSH MANAGEMENT US 1,829,160.16 $1,829,160.16
264411505 DUKE RLTY INVTS INC US DRE 172,381 $8,162,240.35
29444U700 EQUINIX INC US EQIX 40,375 $32,404,975.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 109,992 $8,173,505.52
297178105 ESSEX PROPERTY TRUST INC US ESS 24,306 $7,292,043.06
30225T102 EXTRA SPACE STORAGE INC US EXR 42,090 $6,895,183.80
32054K103 FIRST INDUSTRIAL REALTY TR US FR 60,853 $3,178,352.19
374297109 GETTY REALTY CORP US GTY 124,960 $3,892,504.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 142,528 $3,805,497.60
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 153,085 $5,096,199.65
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 29,167 $3,518,123.54
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 7,550 $1,442,201.00
46187W107 INVITATION HOMES INC US INVH 378,618 $14,118,665.22
49427F108 KILROY REALTY CORP US KRC 80,507 $5,606,507.48
512816109 LAMAR ADVERTISING CO-A US LAMR 24,550 $2,563,511.00
53223X107 LIFE STORAGE INC US LSI 51,146 $5,490,523.10
59522J103 MID-AMERICA APARTMENT COMM US MAA 71,632 $12,064,261.44
65341D102 NEXPOINT RESIDENTIAL US NXRT 45,070 $2,477,948.60
74340W103 PROLOGIS US PLD 263,344 $31,477,508.32
74460D109 PUBLIC STORAGE INC US PSA 47,324 $14,229,853.56
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 204,443 $2,964,423.50
756109104 REALTY INCOME CORP US O 31,669 $2,113,589.06
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 126,957 $7,230,201.15
78410G104 SBA COMMUNICATIONS CORP US SBAC 31,772 $10,125,736.40
866674104 SUN COMMUNITIES US SUI 72,496 $12,425,814.40
87105L104 SWITCH INC - A US SWCH 490,244 $10,349,050.84
88146M101 TERRENO REALTY CORP US TRNO 74,167 $4,785,254.84
902653104 UDR INC US UDR 136,751 $6,698,063.98
92276F100 VENTAS INC US VTR 56,277 $3,213,416.70
95040Q104 WELLTOWER INC. US WELL 57,042 $4,740,190.20
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,362,438.02
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 212,424 $3,759,904.80

Investments will change over time.

Distributions

  • Real Estate Series Class Z Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 Distributions
  • Tax Letter

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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