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1. The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper. The Real Estate Equity category contains 13 funds. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. Lipper Fund Awards, ©2022 Refinitiv. All rights reserved. Used under license.
Middlefield Real Estate Dividend Class Series F was awarded the 2022 Refinitiv Lipper Fund Award for Best Fund over 5 Years in the Real Estate Equity category out of a classification total of 13 funds for the period ending July 31, 2022. The corresponding Lipper Leader for Consistent Return ratings of the fund for the same period are as follows: N/A (one year),  (three years) [13 funds],  (five years) [13 funds], and  (10 years) [11 funds].
The fund’s performance for the period ending October 31, 2022, is -22.1% (one year), -1.0% (three years), 4.8% (five years), 7.1% (10 years) and 8.6% (performance start date as of September 30, 2011)
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit/share value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.