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

$6.46

Daily $ Change

-$0.07

Daily % Change

-1.08%

as of 01/18/2018

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 that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

8.85%

3 Year

7.13%

5 Year

10.21%

10 Year

---

Inception
(11/10/2009)

13.30%

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. 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 0.85%

Top Ten Investments

As of 12/31/2017

EQUINIX INC 5.00%
SIMON PROPERTY GROUP INC 4.55%
PROLOGIS 3.28%
AVALONBAY COMMUNITIES INC 2.53%
ALEXANDRIA REAL EST EQUITIES 2.47%
BOSTON PROPERTIES INC 2.43%
COMMUNITY HEALTHCARE TRUST I 2.29%
CUBESMART 2.25%
DIGITAL REALTY TRUST INC 2.25%
APARTMENT INVT & MGMT CO -A 2.04%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 12/31/2017

Equity Real Estate Investment Trusts (REITs) 97.94%
IT Services 1.82%
Cash 0.24%

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 71,230 $1,948,852.80
008492100 AGREE REALTY CORP US ADC 32,365 $1,664,855.60
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 59,775 $7,806,017.25
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 71,665 $2,940,414.95
02665T306 AMERICAN HOMES 4 RENT- A US AMH 265,995 $5,809,330.80
03748R101 APARTMENT INVT & MGMT CO -A US AIV 147,790 $6,459,900.90
053484101 AVALONBAY COMMUNITIES INC US AVB 44,835 $7,999,012.35
09627J102 BLUEROCK RESIDENTIAL GROWTH US 140,490 $1,420,353.90
101121101 BOSTON PROPERTIES INC US BXP 59,035 $7,676,321.05
105368203 BRANDYWINE REALTY TRUST US BDN 179,290 $3,261,285.10
11120U105 BRIXMOR PROPERTY GROUP INC US BRX 69,885 $1,304,054.10
133131102 CAMDEN PROPERTY TRUST US CPT 37,200 $3,424,632.00
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 347,780 $4,566,351.40
165240102 CHESAPEAKE LODGING TRUST US CHSP 125,800 $3,407,922.00
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 422,656 $4,822,504.96
198287203 COLUMBIA PROPERTY TRUST INC US CXP 88,835 $2,038,763.25
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 257,440 $7,234,064.00
21871N101 CORECIVIC INC US CXW 251,485 $5,658,412.50
222795106 COUSINS PROPERTIES INC US CUZ 539,900 $4,994,075.00
22822V101 CROWN CASTLE INTL CORP US CCI 50,005 $5,551,055.05
229663109 CUBESMART US CUBE 246,450 $7,127,334.00
253868103 DIGITAL REALTY TRUST INC US DLR 62,330 $7,099,387.00
262006208 DREYFUS GVT CSH MANAGEMENT US 760,433.39 $760,433.39
26884U109 ENTERTAINMENT PROPERTIES TR US EPR 23,110 $1,512,780.60
28140H203 EDUCATION REALTY TRUST INC US EDR 43,645 $1,524,083.40
29444U700 EQUINIX INC US EQIX 34,890 $15,812,845.80
294628102 EQUITY COMMONWEALTH US EQC 104,145 $3,177,463.95
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 30,515 $2,716,445.30
29476L107 EQUITY RESIDENTIAL US EQR 88,835 $5,665,007.95
297178105 ESSEX PROPERTY TRUST INC US ESS 6,190 $1,494,080.30
30225T102 EXTRA SPACE STORAGE INC US EXR 61,230 $5,354,563.50
32054K103 FIRST INDUSTRIAL REALTY TR US FR 149,060 $4,690,918.20
345605109 FOREST CITY REALTY TRUST - A US FCE/A 133,125 $3,208,312.50
36174X101 GGP INC US GGP 232,145 $5,429,871.55
374297109 GETTY REALTY CORP US GTY 88,125 $2,393,475.00
37954A204 GLOBAL MEDICAL REIT INC US GMRE 400,935 $3,287,667.00
40414L109 HCP INC US HCP 241,590 $6,300,667.20
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 123,150 $3,699,426.00
44107P104 HOST MARRIOTT CORP US HST 155,790 $3,092,431.50
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 227,745 $2,297,947.05
46187W107 INVITATION HOMES INC US INVH 229,515 $5,409,668.55
512816109 LAMAR ADVERTISING CO US LAMR 40,430 $3,001,523.20
517942108 LASALLE HOTEL PROPERTIES US LHO 73,940 $2,075,495.80
53223X107 LIFE STORAGE INC US LSI 35,901 $3,197,702.07
554382101 THE MACERICH CO US MAC 45,230 $2,970,706.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 52,905 $5,320,126.80
637417106 NATIONAL RETAIL PROPERTIES US NNN 81,020 $3,494,392.60
69007J106 OUTFRONT MEDIA INC US OUT 114,870 $2,664,984.00
71943U104 PHYSICIANS REALTY TRUST US DOC 328,345 $5,906,926.55
729640102 PLYMOUTH INDUSTRIAL REIT INC US 44,320 $819,033.60
74340W103 PROLOGIS US PLD 160,690 $10,366,111.90
74460D109 PUBLIC STORAGE INC US PSA 22,575 $4,718,175.00
758849103 REGENCY CENTERS CORP US REG 54,682 $3,782,900.76
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 106,560 $3,107,289.60
828806109 SIMON PROPERTY GROUP INC US SPG 83,790 $14,390,094.60
85254J102 STAG INDUSTRIAL INC US STAG 174,915 $4,780,426.95
862121100 STORE CAPITAL CORP US STOR 128,055 $3,334,552.20
866674104 SUN COMMUNITIES US SUI 34,465 $3,197,662.70
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 193,935 $3,205,745.55
876664103 TAUBMAN CTRS INC US TCO 23,335 $1,526,809.05
88146M101 TERRENO REALTY CORP US TRNO 87,640 $3,072,658.40
902653104 UDR INC US UDR 112,825 $4,346,019.00
903002103 UMH PROPERTIES INC US UMH 156,190 $2,327,231.00
91704F104 URBAN EDGE PROPERTIES US UE 252,260 $6,430,107.40
92276F100 VENTAS INC US VTR 51,400 $3,084,514.00
92339V100 VEREIT INC US VER 482,505 $3,758,713.95
929042109 VORNADO REALTY TRUST US VNO 81,695 $6,386,915.10
95040Q104 WELLTOWER INC. US HCN 86,600 $5,522,482.00
962166104 WEYERHAEUSER CO US WY 134,895 $4,756,397.70
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 12,495 $3,144,382.39
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,938,030.04
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 68,385 $1,511,388.58
N47279109 INTERXION HOLDING NX NL INXN 97,675 $5,755,987.75

Investments will change over time.

Investments will change over time.

Daily Price

$6.46

Daily $ Change

-$0.07

Daily % Change

-1.08%

as of 01/18/2018

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 that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

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

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

8.85%

3 Year

7.13%

5 Year

10.21%

10 Year

---

Inception
(11/10/2009)

13.30%

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. 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 0.85%

Top Ten Investments

As of 12/31/2017

EQUINIX INC 5.00%
SIMON PROPERTY GROUP INC 4.55%
PROLOGIS 3.28%
AVALONBAY COMMUNITIES INC 2.53%
ALEXANDRIA REAL EST EQUITIES 2.47%
BOSTON PROPERTIES INC 2.43%
COMMUNITY HEALTHCARE TRUST I 2.29%
CUBESMART 2.25%
DIGITAL REALTY TRUST INC 2.25%
APARTMENT INVT & MGMT CO -A 2.04%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 12/31/2017

Equity Real Estate Investment Trusts (REITs)
97.94%
IT Services
1.82%
Cash
0.24%

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 71,230 $1,948,852.80
008492100 AGREE REALTY CORP US ADC 32,365 $1,664,855.60
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 59,775 $7,806,017.25
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 71,665 $2,940,414.95
02665T306 AMERICAN HOMES 4 RENT- A US AMH 265,995 $5,809,330.80
03748R101 APARTMENT INVT & MGMT CO -A US AIV 147,790 $6,459,900.90
053484101 AVALONBAY COMMUNITIES INC US AVB 44,835 $7,999,012.35
09627J102 BLUEROCK RESIDENTIAL GROWTH US 140,490 $1,420,353.90
101121101 BOSTON PROPERTIES INC US BXP 59,035 $7,676,321.05
105368203 BRANDYWINE REALTY TRUST US BDN 179,290 $3,261,285.10
11120U105 BRIXMOR PROPERTY GROUP INC US BRX 69,885 $1,304,054.10
133131102 CAMDEN PROPERTY TRUST US CPT 37,200 $3,424,632.00
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 347,780 $4,566,351.40
165240102 CHESAPEAKE LODGING TRUST US CHSP 125,800 $3,407,922.00
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 422,656 $4,822,504.96
198287203 COLUMBIA PROPERTY TRUST INC US CXP 88,835 $2,038,763.25
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 257,440 $7,234,064.00
21871N101 CORECIVIC INC US CXW 251,485 $5,658,412.50
222795106 COUSINS PROPERTIES INC US CUZ 539,900 $4,994,075.00
22822V101 CROWN CASTLE INTL CORP US CCI 50,005 $5,551,055.05
229663109 CUBESMART US CUBE 246,450 $7,127,334.00
253868103 DIGITAL REALTY TRUST INC US DLR 62,330 $7,099,387.00
262006208 DREYFUS GVT CSH MANAGEMENT US 760,433.39 $760,433.39
26884U109 ENTERTAINMENT PROPERTIES TR US EPR 23,110 $1,512,780.60
28140H203 EDUCATION REALTY TRUST INC US EDR 43,645 $1,524,083.40
29444U700 EQUINIX INC US EQIX 34,890 $15,812,845.80
294628102 EQUITY COMMONWEALTH US EQC 104,145 $3,177,463.95
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 30,515 $2,716,445.30
29476L107 EQUITY RESIDENTIAL US EQR 88,835 $5,665,007.95
297178105 ESSEX PROPERTY TRUST INC US ESS 6,190 $1,494,080.30
30225T102 EXTRA SPACE STORAGE INC US EXR 61,230 $5,354,563.50
32054K103 FIRST INDUSTRIAL REALTY TR US FR 149,060 $4,690,918.20
345605109 FOREST CITY REALTY TRUST - A US FCE/A 133,125 $3,208,312.50
36174X101 GGP INC US GGP 232,145 $5,429,871.55
374297109 GETTY REALTY CORP US GTY 88,125 $2,393,475.00
37954A204 GLOBAL MEDICAL REIT INC US GMRE 400,935 $3,287,667.00
40414L109 HCP INC US HCP 241,590 $6,300,667.20
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 123,150 $3,699,426.00
44107P104 HOST MARRIOTT CORP US HST 155,790 $3,092,431.50
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 227,745 $2,297,947.05
46187W107 INVITATION HOMES INC US INVH 229,515 $5,409,668.55
512816109 LAMAR ADVERTISING CO US LAMR 40,430 $3,001,523.20
517942108 LASALLE HOTEL PROPERTIES US LHO 73,940 $2,075,495.80
53223X107 LIFE STORAGE INC US LSI 35,901 $3,197,702.07
554382101 THE MACERICH CO US MAC 45,230 $2,970,706.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 52,905 $5,320,126.80
637417106 NATIONAL RETAIL PROPERTIES US NNN 81,020 $3,494,392.60
69007J106 OUTFRONT MEDIA INC US OUT 114,870 $2,664,984.00
71943U104 PHYSICIANS REALTY TRUST US DOC 328,345 $5,906,926.55
729640102 PLYMOUTH INDUSTRIAL REIT INC US 44,320 $819,033.60
74340W103 PROLOGIS US PLD 160,690 $10,366,111.90
74460D109 PUBLIC STORAGE INC US PSA 22,575 $4,718,175.00
758849103 REGENCY CENTERS CORP US REG 54,682 $3,782,900.76
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 106,560 $3,107,289.60
828806109 SIMON PROPERTY GROUP INC US SPG 83,790 $14,390,094.60
85254J102 STAG INDUSTRIAL INC US STAG 174,915 $4,780,426.95
862121100 STORE CAPITAL CORP US STOR 128,055 $3,334,552.20
866674104 SUN COMMUNITIES US SUI 34,465 $3,197,662.70
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 193,935 $3,205,745.55
876664103 TAUBMAN CTRS INC US TCO 23,335 $1,526,809.05
88146M101 TERRENO REALTY CORP US TRNO 87,640 $3,072,658.40
902653104 UDR INC US UDR 112,825 $4,346,019.00
903002103 UMH PROPERTIES INC US UMH 156,190 $2,327,231.00
91704F104 URBAN EDGE PROPERTIES US UE 252,260 $6,430,107.40
92276F100 VENTAS INC US VTR 51,400 $3,084,514.00
92339V100 VEREIT INC US VER 482,505 $3,758,713.95
929042109 VORNADO REALTY TRUST US VNO 81,695 $6,386,915.10
95040Q104 WELLTOWER INC. US HCN 86,600 $5,522,482.00
962166104 WEYERHAEUSER CO US WY 134,895 $4,756,397.70
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 12,495 $3,144,382.39
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,938,030.04
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 68,385 $1,511,388.58
N47279109 INTERXION HOLDING NX NL INXN 97,675 $5,755,987.75

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2017 Distributions
  • Tax Letter

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.


Loading...