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To provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.
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.
$18.85
-$0.12
-0.64%
as of 08/04/2021
MNRWX
56382R423
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms | |
| N-Port Part F Reports |
As of 06/30/2021
19.81%
32.67%
11.20%
7.68%
10.15%
12.05%
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 W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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.
| Gross | 0.74% |
| Net | 0.10%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
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
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% |
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.
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.
$18.85
-$0.12
-0.64%
as of 08/04/2021
MNRWX
56382R423
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms | |
| N-Port Part F Reports |
To provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.
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.
As of 06/30/2021
19.81%
32.67%
11.20%
7.68%
10.15%
12.05%
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 W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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.
| Gross | 0.74% |
| Net | 0.10%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
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
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% |
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.
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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