Mutual Fund

Real Estate Series

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

$14.12

Daily $ Change

$0.19

Daily % Change

1.35%

as of 06/07/2023

Ticker

MNRWX

CUSIP

56382R423

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
N-Port Part F Reports

Performance

As of 05/31/2023

YTD

4.26%

1 Year

-9.99%

3 Year

8.13%

5 Year

5.94%

10 Year

6.84%

Inception
(03/01/2019)

9.69%

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.

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.

Expense Ratio

Gross 0.72%
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.

Top Ten Investments

As of 05/31/2023

PROLOGIS 13.15%
EQUINIX INC 11.55%
PUBLIC STORAGE INC 4.47%
SUN COMMUNITIES 4.10%
SBA COMMUNICATIONS CORP 3.55%
CELLNEX TELECOM SA 3.53%
EQUITY LIFESTYLE PROPERTIES 3.26%
REXFORD INDUSTRIAL REALITY IN 3.00%
UDR INC 2.99%
INVITATION HOMES INC 2.99%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 05/31/2023

Specialized REITs
25.23%
Industrial REITs
24.54%
Residential REITs
21.82%
Health Care REITs
9.71%
Retail REITs
7.38%
Diversified Telecommunication Services
4.41%
Office REITs
3.65%
Cash
2.35%
Hotels, Restaurants & Leisure
0.91%
Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 118,821 $7,662,766.29
AMERICAN HOMES 4 RENT- A US AMH 87,865 $3,012,012.20
AMERICAN TOWER REIT INC US AMT 31,464 $5,803,220.16
AMERICOLD REALTY TRUST US COLD 256,061 $7,502,587.30
APARTMENT INCOME REIT CO US AIRC 93,165 $3,231,893.85
AVALONBAY COMMUNITIES INC US AVB 27,432 $4,772,619.36
BRANDYWINE REALTY TRUST US BDN 283,017 $1,103,766.30
CARETRUST REIT INC US CTRE 232,025 $4,501,285.00
CELLNEX TELECOM SA ES CLNX SM 225,925 $9,155,718.20
COMMUNITY HEALTHCARE TRUST I US CHCT 119,856 $3,931,276.80
COUSINS PROPERTIES INC US CUZ 217,175 $4,326,126.00
DIGITAL REALTY TRUST INC US DLR 23,616 $2,419,695.36
DREYFUS GVT CSH MANAGEMENT US 6,238,846.47 $6,238,846.47
EQUINIX INC US EQIX 40,149 $29,933,086.95
EQUITY COMMONWEALTH US EQC 207,656 $4,246,565.20
EQUITY LIFESTYLE PROPERTIES US ELS 133,737 $8,448,166.29
ESSEX PROPERTY TRUST INC US ESS 12,071 $2,608,060.26
EXTRA SPACE STORAGE INC US EXR 11,755 $1,695,893.85
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 241,812 $3,641,688.72
GETTY REALTY CORP US GTY 164,800 $5,647,696.00
HEALTHCARE REALTY TRUST INC US HR 372,524 $6,932,671.64
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $2,538,704.50
INVITATION HOMES INC US INVH 228,387 $7,737,751.56
LEXINGTON REALTY TRUST US LXP 482,649 $4,990,590.66
LIFE STORAGE INC US LSI 49,514 $6,307,588.46
MID-AMERICA APARTMENT COMM US MAA 41,203 $6,059,313.18
MONARCH CASINO & RESORT INC US MCRI 37,380 $2,425,588.20
PROLOGIS US PLD 273,466 $34,060,190.30
PUBLIC STORAGE INC US PSA 40,874 $11,579,604.20
REALTY INCOME CORP US O 105,572 $6,275,199.68
REXFORD INDUSTRIAL REALITY IN US REXR 142,842 $7,776,318.48
SBA COMMUNICATIONS CORP US SBAC 41,445 $9,191,672.10
STAG INDUSTRIAL INC US STAG 97,129 $3,380,089.20
SUN COMMUNITIES US SUI 83,929 $10,627,929.27
TERRENO REALTY CORP US TRNO 120,830 $7,410,503.90
UDR INC US UDR 195,513 $7,756,000.71
VENTAS INC US VTR 89,571 $3,864,092.94
WELLTOWER INC. US WELL 87,423 $6,522,630.03

Investments will change over time.

Distributions

  • Real Estate Series Class W Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter
  • Real Estate Series Stock Split

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

$14.12

Daily $ Change

$0.19

Daily % Change

$1.35

as of 06/07/2023

Ticker

MNRWX

CUSIP

56382R423

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
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 05/31/2023

YTD

4.26%

1 Year

-9.99%

3 Year

8.13%

5 Year

5.94%

10 Year

6.84%

Inception
(03/01/2019)

9.69%

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.

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.

Expense Ratio

Gross 0.72%
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.

Top Ten Investments

As of 05/31/2023

PROLOGIS 13.15%
EQUINIX INC 11.55%
PUBLIC STORAGE INC 4.47%
SUN COMMUNITIES 4.10%
SBA COMMUNICATIONS CORP 3.55%
CELLNEX TELECOM SA 3.53%
EQUITY LIFESTYLE PROPERTIES 3.26%
REXFORD INDUSTRIAL REALITY IN 3.00%
UDR INC 2.99%
INVITATION HOMES INC 2.99%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 05/31/2023

Specialized REITs
25.23%
Industrial REITs
24.54%
Residential REITs
21.82%
Health Care REITs
9.71%
Retail REITs
7.38%
Diversified Telecommunication Services
4.41%
Office REITs
3.65%
Cash
2.35%
Hotels, Restaurants & Leisure
0.91%
Security Description Country Ticker Shares/Par Market Value (USD)
AGREE REALTY CORP US ADC 118,821 $7,662,766.29
AMERICAN HOMES 4 RENT- A US AMH 87,865 $3,012,012.20
AMERICAN TOWER REIT INC US AMT 31,464 $5,803,220.16
AMERICOLD REALTY TRUST US COLD 256,061 $7,502,587.30
APARTMENT INCOME REIT CO US AIRC 93,165 $3,231,893.85
AVALONBAY COMMUNITIES INC US AVB 27,432 $4,772,619.36
BRANDYWINE REALTY TRUST US BDN 283,017 $1,103,766.30
CARETRUST REIT INC US CTRE 232,025 $4,501,285.00
CELLNEX TELECOM SA ES CLNX SM 225,925 $9,155,718.20
COMMUNITY HEALTHCARE TRUST I US CHCT 119,856 $3,931,276.80
COUSINS PROPERTIES INC US CUZ 217,175 $4,326,126.00
DIGITAL REALTY TRUST INC US DLR 23,616 $2,419,695.36
DREYFUS GVT CSH MANAGEMENT US 6,238,846.47 $6,238,846.47
EQUINIX INC US EQIX 40,149 $29,933,086.95
EQUITY COMMONWEALTH US EQC 207,656 $4,246,565.20
EQUITY LIFESTYLE PROPERTIES US ELS 133,737 $8,448,166.29
ESSEX PROPERTY TRUST INC US ESS 12,071 $2,608,060.26
EXTRA SPACE STORAGE INC US EXR 11,755 $1,695,893.85
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 241,812 $3,641,688.72
GETTY REALTY CORP US GTY 164,800 $5,647,696.00
HEALTHCARE REALTY TRUST INC US HR 372,524 $6,932,671.64
HELIOS TOWERS PLC GB HTWS LN 2,253,833 $2,538,704.50
INVITATION HOMES INC US INVH 228,387 $7,737,751.56
LEXINGTON REALTY TRUST US LXP 482,649 $4,990,590.66
LIFE STORAGE INC US LSI 49,514 $6,307,588.46
MID-AMERICA APARTMENT COMM US MAA 41,203 $6,059,313.18
MONARCH CASINO & RESORT INC US MCRI 37,380 $2,425,588.20
PROLOGIS US PLD 273,466 $34,060,190.30
PUBLIC STORAGE INC US PSA 40,874 $11,579,604.20
REALTY INCOME CORP US O 105,572 $6,275,199.68
REXFORD INDUSTRIAL REALITY IN US REXR 142,842 $7,776,318.48
SBA COMMUNICATIONS CORP US SBAC 41,445 $9,191,672.10
STAG INDUSTRIAL INC US STAG 97,129 $3,380,089.20
SUN COMMUNITIES US SUI 83,929 $10,627,929.27
TERRENO REALTY CORP US TRNO 120,830 $7,410,503.90
UDR INC US UDR 195,513 $7,756,000.71
VENTAS INC US VTR 89,571 $3,864,092.94
WELLTOWER INC. US WELL 87,423 $6,522,630.03

Investments will change over time.

Distributions

  • Real Estate Series Class W Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter
  • Real Estate Series Stock Split

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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