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

$6.35

Daily $ Change

$0.06

Daily % Change

0.94%

as of 04/18/2019

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 03/31/2019

YTD

17.27%

1 Year

18.45%

3 Year

7.18%

5 Year

9.93%

10 Year

---

Inception
(11/10/2009)

12.55%

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 03/31/2019

EQUINIX INC 5.83%
SIMON PROPERTY GROUP INC 5.44%
PROLOGIS 4.66%
AVALONBAY COMMUNITIES INC 4.10%
BOSTON PROPERTIES INC 3.38%
EQUITY RESIDENTIAL 3.34%
PUBLIC STORAGE INC 2.68%
INTERXION HOLDING NV 2.52%
AMERICAN HOMES 4 RENT- A 2.48%
PHYSICIANS REALTY TRUST 2.39%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 03/31/2019

Equity Real Estate Investment Trusts (REITs) 95.97%
IT Services 2.51%
Hotels, Restaurants & Leisure 1.04%
Cash 0.48%

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 52,405 $1,429,084.35
008492100 AGREE REALTY CORP US ADC 32,365 $2,244,189.10
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,706,443.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 51,820 $2,465,595.60
02665T306 AMERICAN HOMES 4 RENT- A US AMH 324,615 $7,375,252.80
03064D108 AMERICOLD REALTY TRUST US COLD 48,465 $1,478,667.15
03748R754 APARTMENT INVT & MGMT CO -A US AIV 94,346.51 $4,744,685.98
03784Y200 APPLE HOSPITALITY REIT INC US APLE 90,530 $1,475,639.00
053484101 AVALONBAY COMMUNITIES INC US AVB 60,765 $12,197,358.45
101121101 BOSTON PROPERTIES INC US BXP 74,945 $10,033,636.60
105368203 BRANDYWINE REALTY TRUST US BDN 415,105 $6,583,565.30
133131102 CAMDEN PROPERTY TRUST US CPT 15,295 $1,552,442.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 74,740 $2,078,519.40
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 151,940 $5,453,126.60
222795106 COUSINS PROPERTIES INC US CUZ 655,485 $6,331,985.10
22822V101 CROWN CASTLE INTL CORP US CCI 35,615 $4,558,720.00
229663109 CUBESMART US CUBE 41,405 $1,326,616.20
253868103 DIGITAL REALTY TRUST INC US DLR 54,665 $6,505,135.00
29444U700 EQUINIX INC US EQIX 38,240 $17,328,838.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 33,390 $3,816,477.00
29476L107 EQUITY RESIDENTIAL US EQR 131,905 $9,935,084.60
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 157,413 $3,072,701.76
297178105 ESSEX PROPERTY TRUST INC US ESS 23,870 $6,904,158.80
30225T102 EXTRA SPACE STORAGE INC US EXR 34,180 $3,483,283.80
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 11,840 $1,632,144.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 78,185 $2,764,621.60
374297109 GETTY REALTY CORP US GTY 89,995 $2,882,539.85
40414L109 HCP INC US HCP 162,240 $5,078,112.00
421946104 HEALTHCARE REALTY TRUST INC US HR 137,840 $4,426,042.40
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 219,500 $6,275,505.00
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 37,240 $3,095,016.40
44107P104 HOST MARRIOTT CORP US HST 164,990 $3,118,311.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 269,215 $2,904,829.85
46187W107 INVITATION HOMES INC US INVH 217,515 $5,292,139.95
464287739 ISHARES DJ US REAL ESTATE US 15,780 $1,373,491.20
476405105 JERNIGAN CAPITAL INC US JCAP 189,400 $3,984,976.00
49446R109 KIMCO REALTY CORP US KIM 138,745 $2,566,782.50
529043101 LEXINGTON REALTY TRUST US LXP 274,815 $2,489,823.90
531172104 LIBERTY PROPERTY TRUST US LPT 121,685 $5,891,987.70
59522J103 MID-AMERICA APARTMENT COMM US MAA 42,015 $4,593,499.95
637417106 NATIONAL RETAIL PROPERTIES US NNN 54,865 $3,038,972.35
637870106 NATIONAL STORAGE AFFILIATES US NSA 45,090 $1,285,515.90
71943U104 PHYSICIANS REALTY TRUST US DOC 377,240 $7,095,884.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US 61,859 $1,040,468.38
74340W103 PROLOGIS US PLD 192,650 $13,861,167.50
74460D109 PUBLIC STORAGE INC US PSA 36,535 $7,956,592.30
756109104 REALTY INCOME CORP US O 24,880 $1,830,172.80
828806109 SIMON PROPERTY GROUP INC US SPG 88,690 $16,160,204.90
85254J102 STAG INDUSTRIAL INC US STAG 120,055 $3,559,630.75
862121100 STORE CAPITAL CORP US STOR 50,605 $1,695,267.50
866674104 SUN COMMUNITIES US SUI 54,455 $6,454,006.60
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 140,685 $2,025,864.00
876664103 TAUBMAN CTRS INC US TCO 21,170 $1,119,469.60
88650V208 TIER REIT INC US TIER 205,110 $5,878,452.60
902653104 UDR INC US UDR 118,520 $5,387,919.20
903002103 UMH PROPERTIES INC US UMH 110,600 $1,557,248.00
91704F104 URBAN EDGE PROPERTIES US UE 202,910 $3,855,290.00
92276F100 VENTAS INC US VTR 51,215 $3,268,029.15
92339V100 VEREIT INC US VER 545,110 $4,562,570.70
929042109 VORNADO REALTY TRUST US VNO 69,185 $4,665,836.40
948741103 WEINGARTEN REALTY INVESTORS US WRI 130,355 $3,828,526.35
95040Q104 WELLTOWER INC. US WELL 61,440 $4,767,744.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,407,965.18
N47279109 INTERXION HOLDING NV NL INXN 112,380 $7,499,117.40
USD US DOLLAR US 1,442,413.83 $1,442,413.83

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 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

$6.35

Daily $ Change

$0.06

Daily % Change

0.94%

as of 04/18/2019

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 03/31/2019

YTD

17.27%

1 Year

18.45%

3 Year

7.18%

5 Year

9.93%

10 Year

---

Inception
(11/10/2009)

12.55%

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 03/31/2019

EQUINIX INC 5.83%
SIMON PROPERTY GROUP INC 5.44%
PROLOGIS 4.66%
AVALONBAY COMMUNITIES INC 4.10%
BOSTON PROPERTIES INC 3.38%
EQUITY RESIDENTIAL 3.34%
PUBLIC STORAGE INC 2.68%
INTERXION HOLDING NV 2.52%
AMERICAN HOMES 4 RENT- A 2.48%
PHYSICIANS REALTY TRUST 2.39%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 03/31/2019

Equity Real Estate Investment Trusts (REITs)
95.97%
IT Services
2.51%
Hotels, Restaurants & Leisure
1.04%
Cash
0.48%

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 52,405 $1,429,084.35
008492100 AGREE REALTY CORP US ADC 32,365 $2,244,189.10
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,706,443.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 51,820 $2,465,595.60
02665T306 AMERICAN HOMES 4 RENT- A US AMH 324,615 $7,375,252.80
03064D108 AMERICOLD REALTY TRUST US COLD 48,465 $1,478,667.15
03748R754 APARTMENT INVT & MGMT CO -A US AIV 94,346.51 $4,744,685.98
03784Y200 APPLE HOSPITALITY REIT INC US APLE 90,530 $1,475,639.00
053484101 AVALONBAY COMMUNITIES INC US AVB 60,765 $12,197,358.45
101121101 BOSTON PROPERTIES INC US BXP 74,945 $10,033,636.60
105368203 BRANDYWINE REALTY TRUST US BDN 415,105 $6,583,565.30
133131102 CAMDEN PROPERTY TRUST US CPT 15,295 $1,552,442.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 74,740 $2,078,519.40
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 151,940 $5,453,126.60
222795106 COUSINS PROPERTIES INC US CUZ 655,485 $6,331,985.10
22822V101 CROWN CASTLE INTL CORP US CCI 35,615 $4,558,720.00
229663109 CUBESMART US CUBE 41,405 $1,326,616.20
253868103 DIGITAL REALTY TRUST INC US DLR 54,665 $6,505,135.00
29444U700 EQUINIX INC US EQIX 38,240 $17,328,838.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 33,390 $3,816,477.00
29476L107 EQUITY RESIDENTIAL US EQR 131,905 $9,935,084.60
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 157,413 $3,072,701.76
297178105 ESSEX PROPERTY TRUST INC US ESS 23,870 $6,904,158.80
30225T102 EXTRA SPACE STORAGE INC US EXR 34,180 $3,483,283.80
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 11,840 $1,632,144.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 78,185 $2,764,621.60
374297109 GETTY REALTY CORP US GTY 89,995 $2,882,539.85
40414L109 HCP INC US HCP 162,240 $5,078,112.00
421946104 HEALTHCARE REALTY TRUST INC US HR 137,840 $4,426,042.40
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 219,500 $6,275,505.00
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 37,240 $3,095,016.40
44107P104 HOST MARRIOTT CORP US HST 164,990 $3,118,311.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 269,215 $2,904,829.85
46187W107 INVITATION HOMES INC US INVH 217,515 $5,292,139.95
464287739 ISHARES DJ US REAL ESTATE US 15,780 $1,373,491.20
476405105 JERNIGAN CAPITAL INC US JCAP 189,400 $3,984,976.00
49446R109 KIMCO REALTY CORP US KIM 138,745 $2,566,782.50
529043101 LEXINGTON REALTY TRUST US LXP 274,815 $2,489,823.90
531172104 LIBERTY PROPERTY TRUST US LPT 121,685 $5,891,987.70
59522J103 MID-AMERICA APARTMENT COMM US MAA 42,015 $4,593,499.95
637417106 NATIONAL RETAIL PROPERTIES US NNN 54,865 $3,038,972.35
637870106 NATIONAL STORAGE AFFILIATES US NSA 45,090 $1,285,515.90
71943U104 PHYSICIANS REALTY TRUST US DOC 377,240 $7,095,884.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US 61,859 $1,040,468.38
74340W103 PROLOGIS US PLD 192,650 $13,861,167.50
74460D109 PUBLIC STORAGE INC US PSA 36,535 $7,956,592.30
756109104 REALTY INCOME CORP US O 24,880 $1,830,172.80
828806109 SIMON PROPERTY GROUP INC US SPG 88,690 $16,160,204.90
85254J102 STAG INDUSTRIAL INC US STAG 120,055 $3,559,630.75
862121100 STORE CAPITAL CORP US STOR 50,605 $1,695,267.50
866674104 SUN COMMUNITIES US SUI 54,455 $6,454,006.60
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 140,685 $2,025,864.00
876664103 TAUBMAN CTRS INC US TCO 21,170 $1,119,469.60
88650V208 TIER REIT INC US TIER 205,110 $5,878,452.60
902653104 UDR INC US UDR 118,520 $5,387,919.20
903002103 UMH PROPERTIES INC US UMH 110,600 $1,557,248.00
91704F104 URBAN EDGE PROPERTIES US UE 202,910 $3,855,290.00
92276F100 VENTAS INC US VTR 51,215 $3,268,029.15
92339V100 VEREIT INC US VER 545,110 $4,562,570.70
929042109 VORNADO REALTY TRUST US VNO 69,185 $4,665,836.40
948741103 WEINGARTEN REALTY INVESTORS US WRI 130,355 $3,828,526.35
95040Q104 WELLTOWER INC. US WELL 61,440 $4,767,744.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,407,965.18
N47279109 INTERXION HOLDING NV NL INXN 112,380 $7,499,117.40
USD US DOLLAR US 1,442,413.83 $1,442,413.83

Investments will change over time.

Distributions

  • Real Estate Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 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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