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

$6.80

Daily $ Change

-$0.05

Daily % Change

-0.74%

as of 12/10/2018

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 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
XBRL-05/14/18

Performance

As of 11/30/2018

YTD

1.93%

1 Year

1.65%

3 Year

6.56%

5 Year

10.39%

10 Year

---

Inception
(11/10/2009)

12.12%

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 0.85%

Top Ten Investments

As of 11/30/2018

SIMON PROPERTY GROUP INC 5.57%
EQUINIX INC 5.11%
PROLOGIS 4.33%
AVALONBAY COMMUNITIES INC 4.32%
EQUITY RESIDENTIAL 3.43%
BOSTON PROPERTIES INC 3.25%
DIGITAL REALTY TRUST INC 3.23%
PUBLIC STORAGE INC 2.67%
INTERXION HOLDING NV 2.37%
PHYSICIANS REALTY TRUST 2.27%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 11/30/2018

Equity Real Estate Investment Trusts (REITs) 96.43%
IT Services 2.35%
Cash 0.96%
Real Estate Management & Development 0.26%

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 52,405 $1,502,451.35
008492100 AGREE REALTY CORP US ADC 32,365 $1,927,983.05
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,490,265.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 38,935 $1,706,521.05
02665T306 AMERICAN HOMES 4 RENT- A US AMH 291,170 $6,065,071.10
03064D108 AMERICOLD REALTY TRUST US COLD 53,720 $1,439,696.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 108,430 $5,105,968.70
03784Y200 APPLE HOSPITALITY REIT INC US APLE 90,530 $1,436,711.10
053484101 AVALONBAY COMMUNITIES INC US AVB 66,990 $12,766,284.30
101121101 BOSTON PROPERTIES INC US BXP 73,155 $9,597,936.00
105368203 BRANDYWINE REALTY TRUST US BDN 370,515 $5,287,249.05
165240102 CHESAPEAKE LODGING TRUST US CHSP 74,740 $2,210,061.80
19626G108 COLONY CAPITAL INC US CLNY 335,236 $2,065,053.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 136,998 $4,320,916.92
21871N101 CORECIVIC INC US CXW 181,325 $3,980,083.75
222795106 COUSINS PROPERTIES INC US CUZ 644,890 $5,449,320.50
22822V101 CROWN CASTLE INTL CORP US CCI 41,025 $4,713,772.50
229663109 CUBESMART US CUBE 41,405 $1,289,351.70
253868103 DIGITAL REALTY TRUST INC US DLR 83,025 $9,551,196.00
277276101 EASTGROUP PROPERTIES US EGP 14,185 $1,418,783.70
29444U700 EQUINIX INC US EQIX 39,175 $15,093,344.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 33,390 $3,323,306.70
29476L107 EQUITY RESIDENTIAL US EQR 142,375 $10,144,218.75
297178105 ESSEX PROPERTY TRUST INC US ESS 23,870 $6,266,113.70
30225T102 EXTRA SPACE STORAGE INC US EXR 34,180 $3,280,596.40
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 11,840 $1,563,945.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 78,185 $2,506,611.10
374297109 GETTY REALTY CORP US GTY 89,995 $2,752,947.05
40414L109 HCP INC US HCP 171,125 $5,007,117.50
421946104 HEALTHCARE REALTY TRUST INC US HR 137,840 $4,273,040.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 219,500 $6,172,340.00
44107P104 HOST MARRIOTT CORP US HST 282,055 $5,359,045.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 269,215 $2,719,071.50
46187W107 INVITATION HOMES INC US INVH 253,630 $5,442,899.80
464287739 ISHARES DJ US REAL ESTATE US 2,555 $208,947.90
476405105 JERNIGAN CAPITAL INC US JCAP 150,535 $3,218,438.30
49446R109 KIMCO REALTY CORP US KIM 138,745 $2,268,480.75
529043101 LEXINGTON REALTY TRUST US LXP 274,815 $2,412,875.70
531172104 LIBERTY PROPERTY TRUST US LPT 121,685 $5,511,113.65
554382101 THE MACERICH CO US MAC 20,785 $1,045,277.65
59522J103 MID-AMERICA APARTMENT COMM US MAA 48,790 $5,052,692.40
637417106 NATIONAL RETAIL PROPERTIES US NNN 54,865 $2,746,541.90
637870106 NATIONAL STORAGE AFFILIATES US NSA 45,090 $1,261,167.30
71943U104 PHYSICIANS REALTY TRUST US DOC 377,240 $6,718,644.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US 108,420 $1,367,176.20
74340W103 PROLOGIS US PLD 190,180 $12,806,721.20
74460D109 PUBLIC STORAGE INC US PSA 36,945 $7,878,890.70
756109104 REALTY INCOME CORP US O 24,880 $1,594,559.20
828806109 SIMON PROPERTY GROUP INC US SPG 88,645 $16,460,490.05
85254J102 STAG INDUSTRIAL INC US STAG 120,055 $3,216,273.45
862121100 STORE CAPITAL CORP US STOR 50,605 $1,516,125.80
866674104 SUN COMMUNITIES US SUI 62,820 $6,539,562.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 210,350 $3,209,941.00
88650V208 TIER REIT INC US TIER 232,460 $5,472,108.40
902653104 UDR INC US UDR 151,655 $6,463,536.10
903002103 UMH PROPERTIES INC US UMH 110,600 $1,441,118.00
91704F104 URBAN EDGE PROPERTIES US UE 252,260 $5,030,064.40
92276F100 VENTAS INC US VTR 51,400 $3,263,386.00
92339V100 VEREIT INC US VER 545,110 $4,170,091.50
929042109 VORNADO REALTY TRUST US VNO 81,695 $5,878,772.20
948741103 WEINGARTEN REALTY INVESTORS US WRI 130,355 $3,762,045.30
95040Q104 WELLTOWER INC. US WELL 60,800 $4,397,664.00
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 414,750 $789,762.16
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 17,790 $3,058,081.08
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,473,838.63
N47279109 INTERXION HOLDING NV NL INXN 112,380 $6,997,902.60
USD US DOLLAR US 2,851,210.03 $2,851,210.03

Investments will change over time.

Distributions

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

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

$6.80

Daily $ Change

-$0.05

Daily % Change

-0.74%

as of 12/10/2018

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 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
XBRL-05/14/18

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 11/30/2018

YTD

1.93%

1 Year

1.65%

3 Year

6.56%

5 Year

10.39%

10 Year

---

Inception
(11/10/2009)

12.12%

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 0.85%

Top Ten Investments

As of 11/30/2018

SIMON PROPERTY GROUP INC 5.57%
EQUINIX INC 5.11%
PROLOGIS 4.33%
AVALONBAY COMMUNITIES INC 4.32%
EQUITY RESIDENTIAL 3.43%
BOSTON PROPERTIES INC 3.25%
DIGITAL REALTY TRUST INC 3.23%
PUBLIC STORAGE INC 2.67%
INTERXION HOLDING NV 2.37%
PHYSICIANS REALTY TRUST 2.27%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 11/30/2018

Equity Real Estate Investment Trusts (REITs)
96.43%
IT Services
2.35%
Cash
0.96%
Real Estate Management & Development
0.26%

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 52,405 $1,502,451.35
008492100 AGREE REALTY CORP US ADC 32,365 $1,927,983.05
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,490,265.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 38,935 $1,706,521.05
02665T306 AMERICAN HOMES 4 RENT- A US AMH 291,170 $6,065,071.10
03064D108 AMERICOLD REALTY TRUST US COLD 53,720 $1,439,696.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 108,430 $5,105,968.70
03784Y200 APPLE HOSPITALITY REIT INC US APLE 90,530 $1,436,711.10
053484101 AVALONBAY COMMUNITIES INC US AVB 66,990 $12,766,284.30
101121101 BOSTON PROPERTIES INC US BXP 73,155 $9,597,936.00
105368203 BRANDYWINE REALTY TRUST US BDN 370,515 $5,287,249.05
165240102 CHESAPEAKE LODGING TRUST US CHSP 74,740 $2,210,061.80
19626G108 COLONY CAPITAL INC US CLNY 335,236 $2,065,053.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 136,998 $4,320,916.92
21871N101 CORECIVIC INC US CXW 181,325 $3,980,083.75
222795106 COUSINS PROPERTIES INC US CUZ 644,890 $5,449,320.50
22822V101 CROWN CASTLE INTL CORP US CCI 41,025 $4,713,772.50
229663109 CUBESMART US CUBE 41,405 $1,289,351.70
253868103 DIGITAL REALTY TRUST INC US DLR 83,025 $9,551,196.00
277276101 EASTGROUP PROPERTIES US EGP 14,185 $1,418,783.70
29444U700 EQUINIX INC US EQIX 39,175 $15,093,344.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 33,390 $3,323,306.70
29476L107 EQUITY RESIDENTIAL US EQR 142,375 $10,144,218.75
297178105 ESSEX PROPERTY TRUST INC US ESS 23,870 $6,266,113.70
30225T102 EXTRA SPACE STORAGE INC US EXR 34,180 $3,280,596.40
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 11,840 $1,563,945.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 78,185 $2,506,611.10
374297109 GETTY REALTY CORP US GTY 89,995 $2,752,947.05
40414L109 HCP INC US HCP 171,125 $5,007,117.50
421946104 HEALTHCARE REALTY TRUST INC US HR 137,840 $4,273,040.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 219,500 $6,172,340.00
44107P104 HOST MARRIOTT CORP US HST 282,055 $5,359,045.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 269,215 $2,719,071.50
46187W107 INVITATION HOMES INC US INVH 253,630 $5,442,899.80
464287739 ISHARES DJ US REAL ESTATE US 2,555 $208,947.90
476405105 JERNIGAN CAPITAL INC US JCAP 150,535 $3,218,438.30
49446R109 KIMCO REALTY CORP US KIM 138,745 $2,268,480.75
529043101 LEXINGTON REALTY TRUST US LXP 274,815 $2,412,875.70
531172104 LIBERTY PROPERTY TRUST US LPT 121,685 $5,511,113.65
554382101 THE MACERICH CO US MAC 20,785 $1,045,277.65
59522J103 MID-AMERICA APARTMENT COMM US MAA 48,790 $5,052,692.40
637417106 NATIONAL RETAIL PROPERTIES US NNN 54,865 $2,746,541.90
637870106 NATIONAL STORAGE AFFILIATES US NSA 45,090 $1,261,167.30
71943U104 PHYSICIANS REALTY TRUST US DOC 377,240 $6,718,644.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US 108,420 $1,367,176.20
74340W103 PROLOGIS US PLD 190,180 $12,806,721.20
74460D109 PUBLIC STORAGE INC US PSA 36,945 $7,878,890.70
756109104 REALTY INCOME CORP US O 24,880 $1,594,559.20
828806109 SIMON PROPERTY GROUP INC US SPG 88,645 $16,460,490.05
85254J102 STAG INDUSTRIAL INC US STAG 120,055 $3,216,273.45
862121100 STORE CAPITAL CORP US STOR 50,605 $1,516,125.80
866674104 SUN COMMUNITIES US SUI 62,820 $6,539,562.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 210,350 $3,209,941.00
88650V208 TIER REIT INC US TIER 232,460 $5,472,108.40
902653104 UDR INC US UDR 151,655 $6,463,536.10
903002103 UMH PROPERTIES INC US UMH 110,600 $1,441,118.00
91704F104 URBAN EDGE PROPERTIES US UE 252,260 $5,030,064.40
92276F100 VENTAS INC US VTR 51,400 $3,263,386.00
92339V100 VEREIT INC US VER 545,110 $4,170,091.50
929042109 VORNADO REALTY TRUST US VNO 81,695 $5,878,772.20
948741103 WEINGARTEN REALTY INVESTORS US WRI 130,355 $3,762,045.30
95040Q104 WELLTOWER INC. US WELL 60,800 $4,397,664.00
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 414,750 $789,762.16
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 17,790 $3,058,081.08
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,473,838.63
N47279109 INTERXION HOLDING NV NL INXN 112,380 $6,997,902.60
USD US DOLLAR US 2,851,210.03 $2,851,210.03

Investments will change over time.

Distributions

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

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...