Designed to Evolve with the Changing Real Estate Market

We believe most investors would benefit from an allocation to the real estate asset class, which can typically provide a level of diversification, inflation protection, and income generation benefits.

 

See below for most recent performance.

Download the product spotlight to learn more about our truly active and diversified solution

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

$7.02

Daily $ Change

-$0.09

Daily % Change

-1.28%

as of 12/11/2019

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

Performance

As of 11/30/2019

YTD

30.73%

1 Year

20.03%

3 Year

11.55%

5 Year

8.89%

10 Year

12.93%

Inception
(11/10/2009)

12.88%

Market Cycle

---

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 0.83%

Top Ten Investments

As of 11/30/2019

EQUINIX INC 7.11%
PROLOGIS 5.42%
INVITATION HOMES INC 3.66%
SIMON PROPERTY GROUP INC 3.52%
AVALONBAY COMMUNITIES INC 3.40%
COUSINS PROPERTIES INC 3.40%
INTERXION HOLDING NV 3.13%
HEALTHPEAK PROPERTIES INC 2.53%
APARTMENT INVT & MGMT CO -A 2.43%
SUN COMMUNITIES 2.31%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 11/30/2019

Equity Real Estate Investment Trusts (REITs) 94.67%
IT Services 3.12%
Hotels, Restaurants & Leisure 2.06%
Cash 0.15%

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 52,405 $1,408,646.40
008492100 AGREE REALTY CORP US ADC 32,365 $2,420,254.70
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,945,364.40
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 85,320 $4,098,772.80
02665T306 AMERICAN HOMES 4 RENT- A US AMH 262,365 $7,007,769.15
03064D108 AMERICOLD REALTY TRUST US COLD 158,620 $5,967,284.40
03748R754 APARTMENT INVT & MGMT CO -A US AIV 139,966 $7,525,971.82
053484101 AVALONBAY COMMUNITIES INC US AVB 49,195 $10,547,899.95
101121101 BOSTON PROPERTIES INC US BXP 43,664 $6,049,210.56
105368203 BRANDYWINE REALTY TRUST US BDN 415,105 $6,405,070.15
133131102 CAMDEN PROPERTY TRUST US CPT 50,005 $5,578,057.75
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 92,955 $4,424,658.00
222795502 COUSINS PROPERTIES INC US CUZ 260,412 $10,544,081.88
22822V101 CROWN CASTLE INTL CORP US CCI 35,615 $4,760,300.90
253868103 DIGITAL REALTY TRUST INC US DLR 41,430 $5,010,958.50
25960P109 DOUGLAS EMMETT INC US DEI 110,325 $4,862,022.75
262006208 DREYFUS GVT CSH MANAGEMENT US 454,600.08 $454,600.08
29444U700 EQUINIX INC US EQIX 38,900 $22,050,465.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 66,780 $4,947,062.40
29476L107 EQUITY RESIDENTIAL US EQR 78,855 $6,710,560.50
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 190,118 $4,960,178.62
297178105 ESSEX PROPERTY TRUST INC US ESS 16,572 $5,173,446.96
30225T102 EXTRA SPACE STORAGE INC US EXR 16,775 $1,778,988.75
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 11,840 $1,563,708.80
32054K103 FIRST INDUSTRIAL REALTY TR US FR 78,185 $3,329,117.30
374297109 GETTY REALTY CORP US GTY 89,995 $3,020,232.20
421946104 HEALTHCARE REALTY TRUST INC US HR 137,840 $4,574,909.60
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 84,660 $2,569,431.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 224,730 $7,838,582.40
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 30,225 $3,173,625.00
44107P104 HOST MARRIOTT CORP US HST 162,395 $2,840,288.55
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 223,675 $3,341,704.50
46187W107 INVITATION HOMES INC US INVH 371,640 $11,346,169.20
476405105 JERNIGAN CAPITAL INC US JCAP 258,160 $4,512,636.80
49427F108 KILROY REALTY CORP US KRC 20,074 $1,670,959.76
531172104 LIBERTY PROPERTY TRUST US LPT 65,350 $4,026,867.00
53223X107 LIFE STORAGE INC US LSI 21,930 $2,401,773.60
59522J103 MID-AMERICA APARTMENT COMM US MAA 24,060 $3,274,806.60
637417106 NATIONAL RETAIL PROPERTIES US NNN 68,295 $3,806,763.30
637870106 NATIONAL STORAGE AFFILIATES US NSA 56,970 $1,908,495.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 77,175 $3,243,665.25
71943U104 PHYSICIANS REALTY TRUST US DOC 281,645 $5,404,767.55
729640102 PLYMOUTH INDUSTRIAL REIT INC US 102,004 $1,891,154.16
74340W103 PROLOGIS US PLD 183,575 $16,806,291.25
74460D109 PUBLIC STORAGE INC US PSA 30,855 $6,500,531.40
756109104 REALTY INCOME CORP US O 24,880 $1,906,554.40
828806109 SIMON PROPERTY GROUP INC US SPG 72,265 $10,927,190.65
85254J102 STAG INDUSTRIAL INC US STAG 95,900 $2,971,941.00
862121100 STORE CAPITAL CORP US STOR 71,010 $2,890,817.10
866674104 SUN COMMUNITIES US SUI 43,495 $7,164,061.45
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 135,130 $1,891,820.00
902653104 UDR INC US UDR 118,456 $5,691,810.80
903002103 UMH PROPERTIES INC US UMH 110,600 $1,726,466.00
91704F104 URBAN EDGE PROPERTIES US UE 202,910 $4,206,324.30
92276F100 VENTAS INC US VTR 62,385 $3,637,669.35
92339V100 VEREIT INC US VER 545,110 $5,320,273.60
929042109 VORNADO REALTY TRUST US VNO 29,470 $1,902,877.90
948741103 WEINGARTEN REALTY INVESTORS US WRI 130,355 $4,150,503.20
95040Q104 WELLTOWER INC. US WELL 79,577 $6,729,826.89
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 55,485 $3,214,246.05
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 32,049 $407,692.12
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,581,094.21
N47279109 INTERXION HOLDING NV NL INXN 114,050 $9,698,812.00

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2019 Distribution Estimates
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 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.

Designed to Evolve with the Changing Real Estate Market

We believe most investors would benefit from an allocation to the real estate asset class, which can typically provide a level of diversification, inflation protection, and income generation benefits.

 

See below for most recent performance.

Download the product spotlight to learn more about our truly active and diversified solution

Daily Price

$7.02

Daily $ Change

-$0.09

Daily % Change

-1.28%

as of 12/11/2019

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

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 11/30/2019

YTD

30.73%

1 Year

20.03%

3 Year

11.55%

5 Year

8.89%

10 Year

12.93%

Inception
(11/10/2009)

12.88%

Market Cycle

---

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 0.83%

Top Ten Investments

As of 11/30/2019

EQUINIX INC 7.11%
PROLOGIS 5.42%
INVITATION HOMES INC 3.66%
SIMON PROPERTY GROUP INC 3.52%
AVALONBAY COMMUNITIES INC 3.40%
COUSINS PROPERTIES INC 3.40%
INTERXION HOLDING NV 3.13%
HEALTHPEAK PROPERTIES INC 2.53%
APARTMENT INVT & MGMT CO -A 2.43%
SUN COMMUNITIES 2.31%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 11/30/2019

Equity Real Estate Investment Trusts (REITs)
94.67%
IT Services
3.12%
Hotels, Restaurants & Leisure
2.06%
Cash
0.15%

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 52,405 $1,408,646.40
008492100 AGREE REALTY CORP US ADC 32,365 $2,420,254.70
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,945,364.40
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 85,320 $4,098,772.80
02665T306 AMERICAN HOMES 4 RENT- A US AMH 262,365 $7,007,769.15
03064D108 AMERICOLD REALTY TRUST US COLD 158,620 $5,967,284.40
03748R754 APARTMENT INVT & MGMT CO -A US AIV 139,966 $7,525,971.82
053484101 AVALONBAY COMMUNITIES INC US AVB 49,195 $10,547,899.95
101121101 BOSTON PROPERTIES INC US BXP 43,664 $6,049,210.56
105368203 BRANDYWINE REALTY TRUST US BDN 415,105 $6,405,070.15
133131102 CAMDEN PROPERTY TRUST US CPT 50,005 $5,578,057.75
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 92,955 $4,424,658.00
222795502 COUSINS PROPERTIES INC US CUZ 260,412 $10,544,081.88
22822V101 CROWN CASTLE INTL CORP US CCI 35,615 $4,760,300.90
253868103 DIGITAL REALTY TRUST INC US DLR 41,430 $5,010,958.50
25960P109 DOUGLAS EMMETT INC US DEI 110,325 $4,862,022.75
262006208 DREYFUS GVT CSH MANAGEMENT US 454,600.08 $454,600.08
29444U700 EQUINIX INC US EQIX 38,900 $22,050,465.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 66,780 $4,947,062.40
29476L107 EQUITY RESIDENTIAL US EQR 78,855 $6,710,560.50
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 190,118 $4,960,178.62
297178105 ESSEX PROPERTY TRUST INC US ESS 16,572 $5,173,446.96
30225T102 EXTRA SPACE STORAGE INC US EXR 16,775 $1,778,988.75
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 11,840 $1,563,708.80
32054K103 FIRST INDUSTRIAL REALTY TR US FR 78,185 $3,329,117.30
374297109 GETTY REALTY CORP US GTY 89,995 $3,020,232.20
421946104 HEALTHCARE REALTY TRUST INC US HR 137,840 $4,574,909.60
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 84,660 $2,569,431.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 224,730 $7,838,582.40
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 30,225 $3,173,625.00
44107P104 HOST MARRIOTT CORP US HST 162,395 $2,840,288.55
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 223,675 $3,341,704.50
46187W107 INVITATION HOMES INC US INVH 371,640 $11,346,169.20
476405105 JERNIGAN CAPITAL INC US JCAP 258,160 $4,512,636.80
49427F108 KILROY REALTY CORP US KRC 20,074 $1,670,959.76
531172104 LIBERTY PROPERTY TRUST US LPT 65,350 $4,026,867.00
53223X107 LIFE STORAGE INC US LSI 21,930 $2,401,773.60
59522J103 MID-AMERICA APARTMENT COMM US MAA 24,060 $3,274,806.60
637417106 NATIONAL RETAIL PROPERTIES US NNN 68,295 $3,806,763.30
637870106 NATIONAL STORAGE AFFILIATES US NSA 56,970 $1,908,495.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 77,175 $3,243,665.25
71943U104 PHYSICIANS REALTY TRUST US DOC 281,645 $5,404,767.55
729640102 PLYMOUTH INDUSTRIAL REIT INC US 102,004 $1,891,154.16
74340W103 PROLOGIS US PLD 183,575 $16,806,291.25
74460D109 PUBLIC STORAGE INC US PSA 30,855 $6,500,531.40
756109104 REALTY INCOME CORP US O 24,880 $1,906,554.40
828806109 SIMON PROPERTY GROUP INC US SPG 72,265 $10,927,190.65
85254J102 STAG INDUSTRIAL INC US STAG 95,900 $2,971,941.00
862121100 STORE CAPITAL CORP US STOR 71,010 $2,890,817.10
866674104 SUN COMMUNITIES US SUI 43,495 $7,164,061.45
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 135,130 $1,891,820.00
902653104 UDR INC US UDR 118,456 $5,691,810.80
903002103 UMH PROPERTIES INC US UMH 110,600 $1,726,466.00
91704F104 URBAN EDGE PROPERTIES US UE 202,910 $4,206,324.30
92276F100 VENTAS INC US VTR 62,385 $3,637,669.35
92339V100 VEREIT INC US VER 545,110 $5,320,273.60
929042109 VORNADO REALTY TRUST US VNO 29,470 $1,902,877.90
948741103 WEINGARTEN REALTY INVESTORS US WRI 130,355 $4,150,503.20
95040Q104 WELLTOWER INC. US WELL 79,577 $6,729,826.89
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 55,485 $3,214,246.05
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 32,049 $407,692.12
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,581,094.21
N47279109 INTERXION HOLDING NV NL INXN 114,050 $9,698,812.00

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2019 Distribution Estimates
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 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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