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
$13.08
Daily $ Change
-$0.07
Daily % Change
-0.54%
as of 09/22/2023
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 | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
4.93%
1 Year
-5.56%
3 Year
4.76%
5 Year
3.94%
10 Year
7.67%
Inception
(08/01/2012)
9.46%
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 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.
Expense Ratio
| Gross | 0.86% |
| Net | 0.85% |
| EQUINIX INC | 12.71% |
| PROLOGIS | 11.99% |
| SBA COMMUNICATIONS CORP | 4.69% |
| PUBLIC STORAGE INC | 4.39% |
| SUN COMMUNITIES | 4.25% |
| AMERICOLD REALTY TRUST | 3.92% |
| INVITATION HOMES INC | 3.55% |
| AGREE REALTY CORP | 3.36% |
| CELLNEX TELECOM SA | 3.36% |
| EXTRA SPACE STORAGE INC | 3.32% |
Top Ten Investments list is unaudited and excludes cash
| Specialized REITs | 27.09% | |
| Industrial REITs | 22.42% | |
| Residential REITs | 21.98% | |
| Health Care REITs | 9.68% | |
| Retail REITs | 7.13% | |
| Diversified Telecommunication Services | 4.25% | |
| Cash | 2.74% | |
| Office REITs | 2.40% | |
| Hotels, Restaurants & Leisure | 2.31% |
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AGREE REALTY CORP | US | ADC | 139,883 | $8,647,567.06 |
| AMERICAN HOMES 4 RENT- A | US | AMH | 87,865 | $3,166,654.60 |
| AMERICAN TOWER REIT INC | US | AMT | 38,849 | $7,044,100.68 |
| AMERICOLD REALTY TRUST | US | COLD | 299,590 | $10,081,203.50 |
| APARTMENT INCOME REIT CO | US | AIRC | 74,508 | $2,537,742.48 |
| AVALONBAY COMMUNITIES INC | US | AVB | 45,746 | $8,409,029.72 |
| CARETRUST REIT INC | US | CTRE | 233,289 | $4,700,773.35 |
| CELLNEX TELECOM SA | ES | CLNX SM | 225,925 | $8,640,604.42 |
| COMMUNITY HEALTHCARE TRUST I | US | CHCT | 138,251 | $4,588,550.69 |
| COUSINS PROPERTIES INC | US | CUZ | 75,221 | $1,767,693.50 |
| DREYFUS GVT CSH MANAGEMENT | US | 7,244,902.05 | $7,244,902.05 | |
| EQUINIX INC | US | EQIX | 41,828 | $32,683,562.64 |
| EQUITY COMMONWEALTH | US | EQC | 240,980 | $4,585,849.40 |
| EQUITY LIFESTYLE PROPERTIES | US | ELS | 123,554 | $8,273,175.84 |
| EXTRA SPACE STORAGE INC | US | EXR | 66,355 | $8,538,561.40 |
| FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 241,812 | $3,868,992.00 |
| GETTY REALTY CORP | US | GTY | 121,637 | $3,651,542.74 |
| HEALTHCARE REALTY TRUST INC | US | HR | 143,729 | $2,518,132.08 |
| HELIOS TOWERS PLC | GB | HTWS LN | 2,253,833 | $2,602,474.37 |
| INVITATION HOMES INC | US | INVH | 268,050 | $9,137,824.50 |
| LEXINGTON REALTY TRUST | US | LXP | 482,649 | $4,739,613.18 |
| MARRIOTT VACATIONS WORLD | US | VAC | 20,939 | $2,275,859.91 |
| MID-AMERICA APARTMENT COMM | US | MAA | 32,224 | $4,679,891.52 |
| MONARCH CASINO & RESORT INC | US | MCRI | 56,835 | $3,830,679.00 |
| PHYSICIANS REALTY TRUST | US | DOC | 190,240 | $2,646,238.40 |
| PROLOGIS | US | PLD | 248,220 | $30,828,924.00 |
| PUBLIC STORAGE INC | US | PSA | 40,874 | $11,296,756.12 |
| REALTY INCOME CORP | US | O | 116,818 | $6,546,480.72 |
| REXFORD INDUSTRIAL REALITY IN | US | REXR | 104,484 | $5,586,759.48 |
| SBA COMMUNICATIONS CORP | US | SBAC | 53,709 | $12,059,281.77 |
| STAG INDUSTRIAL INC | US | STAG | 78,395 | $2,863,769.35 |
| SUN COMMUNITIES | US | SUI | 89,231 | $10,923,659.02 |
| TERRENO REALTY CORP | US | TRNO | 85,301 | $5,193,977.89 |
| UDR INC | US | UDR | 178,831 | $7,135,356.90 |
| VENTAS INC | US | VTR | 89,571 | $3,912,461.28 |
| WELLTOWER INC. | US | WELL | 87,423 | $7,245,618.24 |
Investments will change over time.
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
$13.08
Daily $ Change
-$0.07
Daily % Change
-0.54%
as of 09/22/2023
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 | |
| Applications & Forms | |
| Fact Sheet | |
| 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
YTD
4.93%
1 Year
-5.56%
3 Year
4.76%
5 Year
3.94%
10 Year
7.67%
Inception
(08/01/2012)
9.46%
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 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.
Expense Ratio
| Gross | 0.86% |
| Net | 0.85% |
| EQUINIX INC | 12.71% |
| PROLOGIS | 11.99% |
| SBA COMMUNICATIONS CORP | 4.69% |
| PUBLIC STORAGE INC | 4.39% |
| SUN COMMUNITIES | 4.25% |
| AMERICOLD REALTY TRUST | 3.92% |
| INVITATION HOMES INC | 3.55% |
| AGREE REALTY CORP | 3.36% |
| CELLNEX TELECOM SA | 3.36% |
| EXTRA SPACE STORAGE INC | 3.32% |
Top Ten Investments list is unaudited and excludes cash
| Specialized REITs | 27.09% | |
| Industrial REITs | 22.42% | |
| Residential REITs | 21.98% | |
| Health Care REITs | 9.68% | |
| Retail REITs | 7.13% | |
| Diversified Telecommunication Services | 4.25% | |
| Cash | 2.74% | |
| Office REITs | 2.40% | |
| Hotels, Restaurants & Leisure | 2.31% |
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AGREE REALTY CORP | US | ADC | 139,883 | $8,647,567.06 |
| AMERICAN HOMES 4 RENT- A | US | AMH | 87,865 | $3,166,654.60 |
| AMERICAN TOWER REIT INC | US | AMT | 38,849 | $7,044,100.68 |
| AMERICOLD REALTY TRUST | US | COLD | 299,590 | $10,081,203.50 |
| APARTMENT INCOME REIT CO | US | AIRC | 74,508 | $2,537,742.48 |
| AVALONBAY COMMUNITIES INC | US | AVB | 45,746 | $8,409,029.72 |
| CARETRUST REIT INC | US | CTRE | 233,289 | $4,700,773.35 |
| CELLNEX TELECOM SA | ES | CLNX SM | 225,925 | $8,640,604.42 |
| COMMUNITY HEALTHCARE TRUST I | US | CHCT | 138,251 | $4,588,550.69 |
| COUSINS PROPERTIES INC | US | CUZ | 75,221 | $1,767,693.50 |
| DREYFUS GVT CSH MANAGEMENT | US | 7,244,902.05 | $7,244,902.05 | |
| EQUINIX INC | US | EQIX | 41,828 | $32,683,562.64 |
| EQUITY COMMONWEALTH | US | EQC | 240,980 | $4,585,849.40 |
| EQUITY LIFESTYLE PROPERTIES | US | ELS | 123,554 | $8,273,175.84 |
| EXTRA SPACE STORAGE INC | US | EXR | 66,355 | $8,538,561.40 |
| FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 241,812 | $3,868,992.00 |
| GETTY REALTY CORP | US | GTY | 121,637 | $3,651,542.74 |
| HEALTHCARE REALTY TRUST INC | US | HR | 143,729 | $2,518,132.08 |
| HELIOS TOWERS PLC | GB | HTWS LN | 2,253,833 | $2,602,474.37 |
| INVITATION HOMES INC | US | INVH | 268,050 | $9,137,824.50 |
| LEXINGTON REALTY TRUST | US | LXP | 482,649 | $4,739,613.18 |
| MARRIOTT VACATIONS WORLD | US | VAC | 20,939 | $2,275,859.91 |
| MID-AMERICA APARTMENT COMM | US | MAA | 32,224 | $4,679,891.52 |
| MONARCH CASINO & RESORT INC | US | MCRI | 56,835 | $3,830,679.00 |
| PHYSICIANS REALTY TRUST | US | DOC | 190,240 | $2,646,238.40 |
| PROLOGIS | US | PLD | 248,220 | $30,828,924.00 |
| PUBLIC STORAGE INC | US | PSA | 40,874 | $11,296,756.12 |
| REALTY INCOME CORP | US | O | 116,818 | $6,546,480.72 |
| REXFORD INDUSTRIAL REALITY IN | US | REXR | 104,484 | $5,586,759.48 |
| SBA COMMUNICATIONS CORP | US | SBAC | 53,709 | $12,059,281.77 |
| STAG INDUSTRIAL INC | US | STAG | 78,395 | $2,863,769.35 |
| SUN COMMUNITIES | US | SUI | 89,231 | $10,923,659.02 |
| TERRENO REALTY CORP | US | TRNO | 85,301 | $5,193,977.89 |
| UDR INC | US | UDR | 178,831 | $7,135,356.90 |
| VENTAS INC | US | VTR | 89,571 | $3,912,461.28 |
| WELLTOWER INC. | US | WELL | 87,423 | $7,245,618.24 |
Investments will change over time.
Distributions
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.