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

$5.85

Daily $ Change

$0.12

Daily % Change

2.05%

as of 06/23/2022

Ticker

MNRIX

CUSIP

56382P187

Inception Date

08/01/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts 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 05/31/2022

YTD

-14.86%

1 Year

6.14%

3 Year

8.09%

5 Year

8.13%

10 Year

9.68%

Inception
(11/10/2009)

11.36%

Inception performance is based on the Real Estate Series Class S inception of 11/10/2009. For periods through 08/01/2012 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I 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 0.84%

Top Ten Investments

As of 05/31/2022

PROLOGIS 10.10%
EQUINIX INC 9.81%
PUBLIC STORAGE INC 4.72%
RADIUS GLOBAL INFRASTRUCTURE 3.91%
SUN COMMUNITIES 3.87%
SBA COMMUNICATIONS CORP 3.64%
EQUITY LIFESTYLE PROPERTIES 3.44%
INVITATION HOMES INC 3.21%
DIGITAL REALTY TRUST INC 3.18%
REXFORD INDUSTRIAL REALITY IN 3.12%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 05/31/2022

Equity Real Estate Investment Trusts (REITs) 90.79%
Diversified Telecommunication Services 5.87%
Hotels, Restaurants & Leisure 2.24%
Cash 1.10%

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 46,949 $3,266,241.93
AMERICAN HOMES 4 RENT- A US AMH 165,450 $6,115,032.00
AMERICAN TOWER REIT INC US AMT 24,935 $6,386,601.55
APPLE HOSPITALITY REIT INC US APLE 567,841 $9,488,623.11
AVALONBAY COMMUNITIES INC US AVB 39,494 $8,213,172.24
BRANDYWINE REALTY TRUST US BDN 283,017 $3,155,639.55
CAMDEN PROPERTY TRUST US CPT 38,046 $5,459,220.54
CARETRUST REIT INC US CTRE 187,531 $3,474,949.43
COMMUNITY HEALTHCARE TRUST I US CHCT 97,307 $3,666,527.76
COUSINS PROPERTIES INC US CUZ 232,801 $8,043,274.55
DIGITAL REALTY TRUST INC US DLR 71,932 $10,040,987.88
DREYFUS GVT CSH MANAGEMENT US 3,504,596.04 $3,504,596.04
DUKE RLTY INVTS INC US DRE 162,361 $8,577,531.63
EQUINIX INC US EQIX 45,150 $31,022,113.50
EQUITY LIFESTYLE PROPERTIES US ELS 143,661 $10,875,137.70
ESSEX PROPERTY TRUST INC US ESS 24,241 $6,880,807.85
EXTRA SPACE STORAGE INC US EXR 35,876 $6,393,103.20
GETTY REALTY CORP US GTY 124,960 $3,491,382.40
HEALTHCARE REALTY TRUST INC US HR 162,702 $4,729,747.14
HEALTHCARE TRUST OF AMERICA US HTA 111,514 $3,350,995.70
INDEPENDENCE REALTY TRUST IN US IRT 169,626 $3,987,907.26
INVITATION HOMES INC US INVH 269,211 $10,154,638.92
LIFE STORAGE INC US LSI 62,721 $7,323,303.96
MARRIOTT VACATIONS WORLD US VAC 26,565 $3,924,181.80
MID-AMERICA APARTMENT COMM US MAA 50,511 $9,142,491.00
NEXPOINT RESIDENTIAL US NXRT 48,254.75 $3,545,758.88
PROLOGIS US PLD 250,505 $31,934,377.40
PUBLIC STORAGE INC US PSA 45,158 $14,931,041.12
RADIUS GLOBAL INFRASTRUCTURE US RADI 828,843 $12,349,760.70
REXFORD INDUSTRIAL REALITY IN US REXR 154,459 $9,865,296.33
SBA COMMUNICATIONS CORP US SBAC 34,213 $11,516,437.93
SUN COMMUNITIES US SUI 74,642 $12,250,991.46
TERRENO REALTY CORP US TRNO 86,010 $5,221,667.10
UDR INC US UDR 185,408 $8,862,502.40
VENTAS INC US VTR 89,571 $5,082,258.54
WELLTOWER INC. US WELL 103,849 $9,251,907.41
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $3,229,159.53
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 260,343 $4,602,864.24
CELLNEX TELECOM SA ES CLNX SM 70,742 $3,192,528.14
PLAYA HOTELS AND RESORTS US PLYA 374,714 $3,237,528.96

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter
  • Real Estate Series Return of Capital 2020

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

$5.85

Daily $ Change

$0.12

Daily % Change

2.05%

as of 06/23/2022

Ticker

MNRIX

CUSIP

56382P187

Inception Date

08/01/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts 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 05/31/2022

YTD

-14.86%

1 Year

6.14%

3 Year

8.09%

5 Year

8.13%

10 Year

9.68%

Inception
(11/10/2009)

11.36%

Inception performance is based on the Real Estate Series Class S inception of 11/10/2009. For periods through 08/01/2012 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I 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 0.84%

Top Ten Investments

As of 05/31/2022

PROLOGIS 10.10%
EQUINIX INC 9.81%
PUBLIC STORAGE INC 4.72%
RADIUS GLOBAL INFRASTRUCTURE 3.91%
SUN COMMUNITIES 3.87%
SBA COMMUNICATIONS CORP 3.64%
EQUITY LIFESTYLE PROPERTIES 3.44%
INVITATION HOMES INC 3.21%
DIGITAL REALTY TRUST INC 3.18%
REXFORD INDUSTRIAL REALITY IN 3.12%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 05/31/2022

Equity Real Estate Investment Trusts (REITs)
90.79%
Diversified Telecommunication Services
5.87%
Hotels, Restaurants & Leisure
2.24%
Cash
1.10%

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 46,949 $3,266,241.93
AMERICAN HOMES 4 RENT- A US AMH 165,450 $6,115,032.00
AMERICAN TOWER REIT INC US AMT 24,935 $6,386,601.55
APPLE HOSPITALITY REIT INC US APLE 567,841 $9,488,623.11
AVALONBAY COMMUNITIES INC US AVB 39,494 $8,213,172.24
BRANDYWINE REALTY TRUST US BDN 283,017 $3,155,639.55
CAMDEN PROPERTY TRUST US CPT 38,046 $5,459,220.54
CARETRUST REIT INC US CTRE 187,531 $3,474,949.43
COMMUNITY HEALTHCARE TRUST I US CHCT 97,307 $3,666,527.76
COUSINS PROPERTIES INC US CUZ 232,801 $8,043,274.55
DIGITAL REALTY TRUST INC US DLR 71,932 $10,040,987.88
DREYFUS GVT CSH MANAGEMENT US 3,504,596.04 $3,504,596.04
DUKE RLTY INVTS INC US DRE 162,361 $8,577,531.63
EQUINIX INC US EQIX 45,150 $31,022,113.50
EQUITY LIFESTYLE PROPERTIES US ELS 143,661 $10,875,137.70
ESSEX PROPERTY TRUST INC US ESS 24,241 $6,880,807.85
EXTRA SPACE STORAGE INC US EXR 35,876 $6,393,103.20
GETTY REALTY CORP US GTY 124,960 $3,491,382.40
HEALTHCARE REALTY TRUST INC US HR 162,702 $4,729,747.14
HEALTHCARE TRUST OF AMERICA US HTA 111,514 $3,350,995.70
INDEPENDENCE REALTY TRUST IN US IRT 169,626 $3,987,907.26
INVITATION HOMES INC US INVH 269,211 $10,154,638.92
LIFE STORAGE INC US LSI 62,721 $7,323,303.96
MARRIOTT VACATIONS WORLD US VAC 26,565 $3,924,181.80
MID-AMERICA APARTMENT COMM US MAA 50,511 $9,142,491.00
NEXPOINT RESIDENTIAL US NXRT 48,254.75 $3,545,758.88
PROLOGIS US PLD 250,505 $31,934,377.40
PUBLIC STORAGE INC US PSA 45,158 $14,931,041.12
RADIUS GLOBAL INFRASTRUCTURE US RADI 828,843 $12,349,760.70
REXFORD INDUSTRIAL REALITY IN US REXR 154,459 $9,865,296.33
SBA COMMUNICATIONS CORP US SBAC 34,213 $11,516,437.93
SUN COMMUNITIES US SUI 74,642 $12,250,991.46
TERRENO REALTY CORP US TRNO 86,010 $5,221,667.10
UDR INC US UDR 185,408 $8,862,502.40
VENTAS INC US VTR 89,571 $5,082,258.54
WELLTOWER INC. US WELL 103,849 $9,251,907.41
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $3,229,159.53
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 260,343 $4,602,864.24
CELLNEX TELECOM SA ES CLNX SM 70,742 $3,192,528.14
PLAYA HOTELS AND RESORTS US PLYA 374,714 $3,237,528.96

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter
  • Real Estate Series Return of Capital 2020

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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