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

$14.37

Daily $ Change

-$0.40

Daily % Change

-2.78%

as of 09/29/2022

Ticker

MNREX

CUSIP

56382P641

Inception Date

11/10/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 08/31/2022

YTD

-18.83%

1 Year

-10.36%

3 Year

3.95%

5 Year

6.11%

10 Year

8.01%

Inception
(11/10/2009)

10.50%

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 1.11%
Net 1.10%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2022

PROLOGIS 10.44%
EQUINIX INC 9.93%
PUBLIC STORAGE INC 4.74%
SUN COMMUNITIES 3.84%
RADIUS GLOBAL INFRASTRUCTURE 3.82%
EQUITY LIFESTYLE PROPERTIES 3.61%
UDR INC 3.53%
INVITATION HOMES INC 3.52%
SBA COMMUNICATIONS CORP 3.23%
REXFORD INDUSTRIAL REALITY IN 3.22%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 08/31/2022

Equity Real Estate Investment Trusts (REITs) 90.48%
Diversified Telecommunication Services 6.99%
Hotels, Restaurants & Leisure 1.84%
Cash 0.69%

August Fund Holdings

As of 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 46,949 $3,536,198.68
AMERICAN HOMES 4 RENT- A US AMH 229,151 $8,148,609.56
AMERICAN TOWER REIT INC US AMT 24,935 $6,334,736.75
APPLE HOSPITALITY REIT INC US APLE 519,309 $8,262,206.19
AVALONBAY COMMUNITIES INC US AVB 39,494 $7,934,739.54
BRANDYWINE REALTY TRUST US BDN 283,017 $2,272,626.51
CAMDEN PROPERTY TRUST US CPT 43,796 $5,628,223.96
CARETRUST REIT INC US CTRE 308,046 $6,635,310.84
COMMUNITY HEALTHCARE TRUST I US CHCT 97,307 $3,589,655.23
COUSINS PROPERTIES INC US CUZ 217,175 $5,831,148.75
DIGITAL REALTY TRUST INC US DLR 77,719 $9,608,399.97
DREYFUS GVT CSH MANAGEMENT US 2,076,133 $2,076,133.00
DUKE RLTY INVTS INC US DRE 91,889 $5,407,667.65
EQUINIX INC US EQIX 45,150 $29,680,255.50
EQUITY LIFESTYLE PROPERTIES US ELS 154,027 $10,797,292.70
ESSEX PROPERTY TRUST INC US ESS 24,050 $6,374,693.00
EXTRA SPACE STORAGE INC US EXR 19,558 $3,886,761.34
GETTY REALTY CORP US GTY 124,960 $3,758,796.80
HEALTHCARE REALTY TRUST INC US HR 309,469 $7,526,286.08
INDEPENDENCE REALTY TRUST IN US IRT 137,247 $2,669,454.15
INVITATION HOMES INC US INVH 290,181 $10,527,766.68
LIFE STORAGE INC US LSI 55,758 $7,095,205.50
MARRIOTT VACATIONS WORLD US VAC 26,565 $3,783,387.30
MID-AMERICA APARTMENT COMM US MAA 46,261 $7,664,059.87
PROLOGIS US PLD 250,505 $31,190,377.55
PUBLIC STORAGE INC US PSA 42,764 $14,147,614.12
RADIUS GLOBAL INFRASTRUCTURE US RADI 828,843 $11,413,168.11
REXFORD INDUSTRIAL REALITY IN US REXR 154,459 $9,608,894.39
SBA COMMUNICATIONS CORP US SBAC 29,630 $9,637,157.50
SUN COMMUNITIES US SUI 74,642 $11,473,221.82
TERRENO REALTY CORP US TRNO 98,986 $6,037,156.14
UDR INC US UDR 235,131 $10,550,327.97
VENTAS INC US VTR 89,571 $4,286,868.06
WELLTOWER INC. US WELL 103,849 $7,960,025.85
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $3,229,899.63
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 260,343 $4,126,436.55
CELLNEX TELECOM SA ES CLNX SM 163,595 $6,370,836.08
PLAYA HOTELS AND RESORTS US PLYA 269,230 $1,766,148.80

Investments will change over time.

Distributions

  • Real Estate Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 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

$14.37

Daily $ Change

-$0.40

Daily % Change

-2.78%

as of 09/29/2022

Ticker

MNREX

CUSIP

56382P641

Inception Date

11/10/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 08/31/2022

YTD

-18.83%

1 Year

-10.36%

3 Year

3.95%

5 Year

6.11%

10 Year

8.01%

Inception
(11/10/2009)

10.50%

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 1.11%
Net 1.10%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2022

PROLOGIS 10.44%
EQUINIX INC 9.93%
PUBLIC STORAGE INC 4.74%
SUN COMMUNITIES 3.84%
RADIUS GLOBAL INFRASTRUCTURE 3.82%
EQUITY LIFESTYLE PROPERTIES 3.61%
UDR INC 3.53%
INVITATION HOMES INC 3.52%
SBA COMMUNICATIONS CORP 3.23%
REXFORD INDUSTRIAL REALITY IN 3.22%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 08/31/2022

Equity Real Estate Investment Trusts (REITs)
90.48%
Diversified Telecommunication Services
6.99%
Hotels, Restaurants & Leisure
1.84%
Cash
0.69%

August Fund Holdings

As of 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 46,949 $3,536,198.68
AMERICAN HOMES 4 RENT- A US AMH 229,151 $8,148,609.56
AMERICAN TOWER REIT INC US AMT 24,935 $6,334,736.75
APPLE HOSPITALITY REIT INC US APLE 519,309 $8,262,206.19
AVALONBAY COMMUNITIES INC US AVB 39,494 $7,934,739.54
BRANDYWINE REALTY TRUST US BDN 283,017 $2,272,626.51
CAMDEN PROPERTY TRUST US CPT 43,796 $5,628,223.96
CARETRUST REIT INC US CTRE 308,046 $6,635,310.84
COMMUNITY HEALTHCARE TRUST I US CHCT 97,307 $3,589,655.23
COUSINS PROPERTIES INC US CUZ 217,175 $5,831,148.75
DIGITAL REALTY TRUST INC US DLR 77,719 $9,608,399.97
DREYFUS GVT CSH MANAGEMENT US 2,076,133 $2,076,133.00
DUKE RLTY INVTS INC US DRE 91,889 $5,407,667.65
EQUINIX INC US EQIX 45,150 $29,680,255.50
EQUITY LIFESTYLE PROPERTIES US ELS 154,027 $10,797,292.70
ESSEX PROPERTY TRUST INC US ESS 24,050 $6,374,693.00
EXTRA SPACE STORAGE INC US EXR 19,558 $3,886,761.34
GETTY REALTY CORP US GTY 124,960 $3,758,796.80
HEALTHCARE REALTY TRUST INC US HR 309,469 $7,526,286.08
INDEPENDENCE REALTY TRUST IN US IRT 137,247 $2,669,454.15
INVITATION HOMES INC US INVH 290,181 $10,527,766.68
LIFE STORAGE INC US LSI 55,758 $7,095,205.50
MARRIOTT VACATIONS WORLD US VAC 26,565 $3,783,387.30
MID-AMERICA APARTMENT COMM US MAA 46,261 $7,664,059.87
PROLOGIS US PLD 250,505 $31,190,377.55
PUBLIC STORAGE INC US PSA 42,764 $14,147,614.12
RADIUS GLOBAL INFRASTRUCTURE US RADI 828,843 $11,413,168.11
REXFORD INDUSTRIAL REALITY IN US REXR 154,459 $9,608,894.39
SBA COMMUNICATIONS CORP US SBAC 29,630 $9,637,157.50
SUN COMMUNITIES US SUI 74,642 $11,473,221.82
TERRENO REALTY CORP US TRNO 98,986 $6,037,156.14
UDR INC US UDR 235,131 $10,550,327.97
VENTAS INC US VTR 89,571 $4,286,868.06
WELLTOWER INC. US WELL 103,849 $7,960,025.85
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $3,229,899.63
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 260,343 $4,126,436.55
CELLNEX TELECOM SA ES CLNX SM 163,595 $6,370,836.08
PLAYA HOTELS AND RESORTS US PLYA 269,230 $1,766,148.80

Investments will change over time.

Distributions

  • Real Estate Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 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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