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

$15.34

Daily $ Change

$0.13

Daily % Change

0.85%

as of 02/23/2021

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

Performance

As of 01/31/2021

YTD

-0.47%

1 Year

-8.67%

3 Year

5.20%

5 Year

6.37%

10 Year

8.50%

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 01/31/2021

EQUINIX INC 10.08%
PROLOGIS 9.15%
INVITATION HOMES INC 4.23%
DIGITAL REALTY TRUST INC 4.19%
PUBLIC STORAGE INC 3.86%
SUN COMMUNITIES 3.73%
MID-AMERICA APARTMENT COMM 3.43%
CROWN CASTLE INTL CORP 2.90%
AMERICAN HOMES 4 RENT- A 2.78%
AMERICOLD REALTY TRUST 2.78%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 01/31/2021

Equity Real Estate Investment Trusts (REITs) 94.75%
Hotels, Restaurants & Leisure 2.54%
IT Services 2.45%
Cash 0.26%

January Fund Holdings

As of 01/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
008492100 AGREE REALTY CORP US ADC 81,738 $5,165,841.60
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 81,528 $3,355,692.48
02665T306 AMERICAN HOMES 4 RENT- A US AMH 256,695 $7,759,889.85
03027X100 AMERICAN TOWER REIT INC US AMT 21,025 $4,780,244.00
03064D108 AMERICOLD REALTY TRUST US COLD 222,245 $7,758,572.95
03750L109 APARTMENT INCOME REIT CO US AIRC 88,560 $3,433,471.20
03784Y200 APPLE HOSPITALITY REIT INC US APLE 337,300 $4,209,504.00
053484101 AVALONBAY COMMUNITIES INC US AVB 26,115 $4,274,242.05
105368203 BRANDYWINE REALTY TRUST US BDN 220,135 $2,421,485.00
133131102 CAMDEN PROPERTY TRUST US CPT 53,565 $5,471,664.75
14174T107 CARETRUST REIT INC US CTRE 106,045 $2,381,770.70
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 104,141 $4,657,185.52
222795502 COUSINS PROPERTIES INC US CUZ 215,945 $6,810,905.30
22822V101 CROWN CASTLE INTL CORP US CCI 50,925 $8,110,315.50
229663109 CUBESMART US CUBE 5,860 $204,162.40
253868103 DIGITAL REALTY TRUST INC US DLR 81,394 $11,716,666.30
25960P109 DOUGLAS EMMETT INC US DEI 128,675 $3,565,584.25
262006208 DREYFUS GVT CSH MANAGEMENT US 720,051.95 $720,051.95
264411505 DUKE RLTY INVTS INC US DRE 172,381 $6,819,392.36
29444U700 EQUINIX INC US EQIX 38,046 $28,152,518.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 121,860 $7,413,962.40
297178105 ESSEX PROPERTY TRUST INC US ESS 12,997 $3,114,211.17
30225T102 EXTRA SPACE STORAGE INC US EXR 26,761 $3,045,134.19
32054K103 FIRST INDUSTRIAL REALTY TR US FR 122,990 $4,998,313.60
374297109 GETTY REALTY CORP US GTY 124,960 $3,320,187.20
421946104 HEALTHCARE REALTY TRUST INC US HR 136,270 $4,089,462.70
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 173,525 $4,902,081.25
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 228,030 $6,761,089.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 42,100 $4,268,519.00
46187W107 INVITATION HOMES INC US INVH 401,170 $11,826,491.60
49427F108 KILROY REALTY CORP US KRC 91,832 $5,200,446.16
512816109 LAMAR ADVERTISING CO-A US LAMR 40,375 $3,261,492.50
53223X107 LIFE STORAGE INC US LSI 59,512.5 $4,855,029.75
59522J103 MID-AMERICA APARTMENT COMM US MAA 72,105 $9,571,938.75
74340W103 PROLOGIS US PLD 247,684 $25,560,988.80
74460D109 PUBLIC STORAGE INC US PSA 47,324 $10,771,888.88
756109104 REALTY INCOME CORP US O 43,225 $2,552,868.50
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 86,715 $4,243,832.10
85254J102 STAG INDUSTRIAL INC US STAG 88,975 $2,651,455.00
866674104 SUN COMMUNITIES US SUI 72,800 $10,419,864.00
87105L104 SWITCH INC - A US SWCH 397,883 $6,851,545.26
88146M101 TERRENO REALTY CORP US TRNO 63,315 $3,582,362.70
902653104 UDR INC US UDR 136,751 $5,258,075.95
95040Q104 WELLTOWER INC. US WELL 47,841 $2,899,164.60
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 49,083 $2,855,158.11
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,137,045.82
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 126,285 $1,961,206.05

Investments will change over time.

Distributions

  • Real Estate Series Class S Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 Distributions
  • Tax Letter
  • Real Estate Series Return of Capital 2018

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

$15.34

Daily $ Change

$0.13

Daily % Change

0.85%

as of 02/23/2021

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

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 01/31/2021

YTD

-0.47%

1 Year

-8.67%

3 Year

5.20%

5 Year

6.37%

10 Year

8.50%

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 01/31/2021

EQUINIX INC 10.08%
PROLOGIS 9.15%
INVITATION HOMES INC 4.23%
DIGITAL REALTY TRUST INC 4.19%
PUBLIC STORAGE INC 3.86%
SUN COMMUNITIES 3.73%
MID-AMERICA APARTMENT COMM 3.43%
CROWN CASTLE INTL CORP 2.90%
AMERICAN HOMES 4 RENT- A 2.78%
AMERICOLD REALTY TRUST 2.78%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 01/31/2021

Equity Real Estate Investment Trusts (REITs)
94.75%
Hotels, Restaurants & Leisure
2.54%
IT Services
2.45%
Cash
0.26%

January Fund Holdings

As of 01/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
008492100 AGREE REALTY CORP US ADC 81,738 $5,165,841.60
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 81,528 $3,355,692.48
02665T306 AMERICAN HOMES 4 RENT- A US AMH 256,695 $7,759,889.85
03027X100 AMERICAN TOWER REIT INC US AMT 21,025 $4,780,244.00
03064D108 AMERICOLD REALTY TRUST US COLD 222,245 $7,758,572.95
03750L109 APARTMENT INCOME REIT CO US AIRC 88,560 $3,433,471.20
03784Y200 APPLE HOSPITALITY REIT INC US APLE 337,300 $4,209,504.00
053484101 AVALONBAY COMMUNITIES INC US AVB 26,115 $4,274,242.05
105368203 BRANDYWINE REALTY TRUST US BDN 220,135 $2,421,485.00
133131102 CAMDEN PROPERTY TRUST US CPT 53,565 $5,471,664.75
14174T107 CARETRUST REIT INC US CTRE 106,045 $2,381,770.70
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 104,141 $4,657,185.52
222795502 COUSINS PROPERTIES INC US CUZ 215,945 $6,810,905.30
22822V101 CROWN CASTLE INTL CORP US CCI 50,925 $8,110,315.50
229663109 CUBESMART US CUBE 5,860 $204,162.40
253868103 DIGITAL REALTY TRUST INC US DLR 81,394 $11,716,666.30
25960P109 DOUGLAS EMMETT INC US DEI 128,675 $3,565,584.25
262006208 DREYFUS GVT CSH MANAGEMENT US 720,051.95 $720,051.95
264411505 DUKE RLTY INVTS INC US DRE 172,381 $6,819,392.36
29444U700 EQUINIX INC US EQIX 38,046 $28,152,518.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 121,860 $7,413,962.40
297178105 ESSEX PROPERTY TRUST INC US ESS 12,997 $3,114,211.17
30225T102 EXTRA SPACE STORAGE INC US EXR 26,761 $3,045,134.19
32054K103 FIRST INDUSTRIAL REALTY TR US FR 122,990 $4,998,313.60
374297109 GETTY REALTY CORP US GTY 124,960 $3,320,187.20
421946104 HEALTHCARE REALTY TRUST INC US HR 136,270 $4,089,462.70
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 173,525 $4,902,081.25
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 228,030 $6,761,089.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 42,100 $4,268,519.00
46187W107 INVITATION HOMES INC US INVH 401,170 $11,826,491.60
49427F108 KILROY REALTY CORP US KRC 91,832 $5,200,446.16
512816109 LAMAR ADVERTISING CO-A US LAMR 40,375 $3,261,492.50
53223X107 LIFE STORAGE INC US LSI 59,512.5 $4,855,029.75
59522J103 MID-AMERICA APARTMENT COMM US MAA 72,105 $9,571,938.75
74340W103 PROLOGIS US PLD 247,684 $25,560,988.80
74460D109 PUBLIC STORAGE INC US PSA 47,324 $10,771,888.88
756109104 REALTY INCOME CORP US O 43,225 $2,552,868.50
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 86,715 $4,243,832.10
85254J102 STAG INDUSTRIAL INC US STAG 88,975 $2,651,455.00
866674104 SUN COMMUNITIES US SUI 72,800 $10,419,864.00
87105L104 SWITCH INC - A US SWCH 397,883 $6,851,545.26
88146M101 TERRENO REALTY CORP US TRNO 63,315 $3,582,362.70
902653104 UDR INC US UDR 136,751 $5,258,075.95
95040Q104 WELLTOWER INC. US WELL 47,841 $2,899,164.60
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 49,083 $2,855,158.11
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,137,045.82
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 126,285 $1,961,206.05

Investments will change over time.

Distributions

  • Real Estate Series Class S Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 Distributions
  • Tax Letter
  • Real Estate Series Return of Capital 2018

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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