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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
$6.24
Daily $ Change
$0.02
Daily % Change
0.32%
as of 04/24/2018
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 03/31/2018
YTD
-7.34%
1 Year
-1.80%
3 Year
2.81%
5 Year
7.08%
10 Year
---
Inception
(11/10/2009)
11.87%
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 03/31/2018
| EQUINIX INC | 5.24% |
| SIMON PROPERTY GROUP INC | 5.06% |
| PROLOGIS | 4.49% |
| AVALONBAY COMMUNITIES INC | 3.74% |
| DIGITAL REALTY TRUST INC | 3.01% |
| INTERXION HOLDING NX | 2.61% |
| COUSINS PROPERTIES INC | 2.55% |
| PUBLIC STORAGE INC | 2.55% |
| BOSTON PROPERTIES INC | 2.50% |
| MID-AMERICA APARTMENT COMM | 2.03% |
Top Ten Investments list is unaudited and excludes cash
Industry Allocation
As of 03/31/2018
| Equity Real Estate Investment Trusts (REITs) | 97.39% |
| IT Services | 2.61% |
March Fund Holdings
As of 03/31/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 004239109 | ACADIA REALTY TRUST | US | AKR | 71,230 | $1,752,258.00 |
| 008492100 | AGREE REALTY CORP | US | ADC | 32,365 | $1,554,814.60 |
| 015271109 | ALEXANDRIA REAL EST EQUITIES | US | ARE | 28,815 | $3,598,705.35 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 91,130 | $3,519,440.60 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 265,995 | $5,341,179.60 |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 80,540 | $1,536,703.20 |
| 03748R101 | APARTMENT INVT & MGMT CO -A | US | AIV | 108,430 | $4,418,522.50 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 66,170 | $10,882,318.20 |
| 09627J102 | BLUEROCK RESIDENTIAL GROWTH | US | 140,490 | $1,194,165.00 | |
| 101121101 | BOSTON PROPERTIES INC | US | BXP | 59,035 | $7,274,292.70 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 179,290 | $2,847,125.20 |
| 14912Y202 | CATCHMARK TIMBER TRUST INC | US | CTT | 407,425 | $5,080,589.75 |
| 165240102 | CHESAPEAKE LODGING TRUST | US | CHSP | 125,800 | $3,498,498.00 |
| 19625W104 | COLONY NORTHSTAR INC-CLASS A | US | CLNS | 335,236 | $1,884,026.32 |
| 198287203 | COLUMBIA PROPERTY TRUST INC | US | CXP | 88,835 | $1,817,564.10 |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 196,640 | $5,061,513.60 |
| 21871N101 | CORECIVIC INC | US | CXW | 251,485 | $4,908,987.20 |
| 222795106 | COUSINS PROPERTIES INC | US | CUZ | 853,425 | $7,407,729.00 |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 38,855 | $4,258,896.55 |
| 229663109 | CUBESMART | US | CUBE | 115,430 | $3,255,126.00 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 83,025 | $8,749,174.50 |
| 277276101 | EASTGROUP PROPERTIES | US | EGP | 14,185 | $1,172,532.10 |
| 28140H203 | EDUCATION REALTY TRUST INC | US | EDR | 34,560 | $1,131,840.00 |
| 29444U700 | EQUINIX INC | US | EQIX | 36,445 | $15,239,112.30 |
| 294628102 | EQUITY COMMONWEALTH | US | EQC | 78,750 | $2,415,262.50 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 43,115 | $3,784,203.55 |
| 29476L107 | EQUITY RESIDENTIAL | US | EQR | 88,835 | $5,474,012.70 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 15,135 | $3,642,691.80 |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 61,230 | $5,349,052.80 |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 174,270 | $5,093,912.10 |
| 345605109 | FOREST CITY REALTY TRUST - A | US | FCE/A | 133,125 | $2,697,112.50 |
| 36174X101 | GGP INC | US | GGP | 178,320 | $3,648,427.20 |
| 374297109 | GETTY REALTY CORP | US | GTY | 118,725 | $2,994,244.50 |
| 37954A204 | GLOBAL MEDICAL REIT INC | US | GMRE | 198,025 | $1,376,273.75 |
| 40414L109 | HCP INC | US | HCP | 241,590 | $5,612,135.70 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 123,150 | $3,257,317.50 |
| 44107P104 | HOST MARRIOTT CORP | US | HST | 155,790 | $2,903,925.60 |
| 45378A106 | INDEPENDENCE REALTY TRUST IN | US | IRT | 227,745 | $2,090,699.10 |
| 46187W107 | INVITATION HOMES INC | US | INVH | 194,385 | $4,437,809.55 |
| 512816109 | LAMAR ADVERTISING CO | US | LAMR | 40,430 | $2,573,773.80 |
| 517942108 | LASALLE HOTEL PROPERTIES | US | LHO | 73,940 | $2,144,999.40 |
| 53223X107 | LIFE STORAGE INC | US | LSI | 18,246 | $1,523,905.92 |
| 554382101 | THE MACERICH CO | US | MAC | 35,100 | $1,966,302.00 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 64,535 | $5,888,173.40 |
| 637417106 | NATIONAL RETAIL PROPERTIES | US | NNN | 54,865 | $2,153,999.90 |
| 69007J106 | OUTFRONT MEDIA INC | US | OUT | 114,870 | $2,152,663.80 |
| 71943U104 | PHYSICIANS REALTY TRUST | US | DOC | 328,345 | $5,112,331.65 |
| 729640102 | PLYMOUTH INDUSTRIAL REIT INC | US | 44,320 | $761,417.60 | |
| 74340W103 | PROLOGIS | US | PLD | 207,255 | $13,054,992.45 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 36,945 | $7,403,408.55 |
| 758849103 | REGENCY CENTERS CORP | US | REG | 54,682 | $3,225,144.36 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 52,635 | $1,515,361.65 |
| 828806109 | SIMON PROPERTY GROUP INC | US | SPG | 95,265 | $14,704,152.75 |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 174,915 | $4,183,966.80 |
| 862121100 | STORE CAPITAL CORP | US | STOR | 105,220 | $2,611,560.40 |
| 866674104 | SUN COMMUNITIES | US | SUI | 57,525 | $5,256,059.25 |
| 867892101 | SUNSTONE HOTEL INVESTORS INC | US | SHO | 193,935 | $2,951,690.70 |
| 876664103 | TAUBMAN CTRS INC | US | TCO | 17,990 | $1,023,810.90 |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 43,220 | $1,491,522.20 |
| 902653104 | UDR INC | US | UDR | 163,665 | $5,829,747.30 |
| 903002103 | UMH PROPERTIES INC | US | UMH | 156,190 | $2,094,507.90 |
| 91704F104 | URBAN EDGE PROPERTIES | US | UE | 252,260 | $5,385,751.00 |
| 92276F100 | VENTAS INC | US | VTR | 51,400 | $2,545,842.00 |
| 92339V100 | VEREIT INC | US | VER | 337,030 | $2,345,728.80 |
| 929042109 | VORNADO REALTY TRUST | US | VNO | 81,695 | $5,498,073.50 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 60,800 | $3,309,344.00 |
| 962166104 | WEYERHAEUSER CO | US | WY | 109,785 | $3,842,475.00 |
| B1YY4B3 | UNIBAIL-RODAMCO SE | FR | UL NA | 17,790 | $4,063,659.98 |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 1,606,740 | $2,854,809.91 |
| BP269Z8 | AXIA REAL ESTATE SOCIMI SA | ES | AXIA SM | 68,385 | $1,391,514.97 |
| N47279109 | INTERXION HOLDING NX | NL | INXN | 121,905 | $7,571,519.55 |
Investments will change over time.
Daily Price
$6.24
Daily $ Change
$0.02
Daily % Change
0.32%
as of 04/24/2018
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 03/31/2018
YTD
-7.34%
1 Year
-1.80%
3 Year
2.81%
5 Year
7.08%
10 Year
---
Inception
(11/10/2009)
11.87%
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 03/31/2018
| EQUINIX INC | 5.24% |
| SIMON PROPERTY GROUP INC | 5.06% |
| PROLOGIS | 4.49% |
| AVALONBAY COMMUNITIES INC | 3.74% |
| DIGITAL REALTY TRUST INC | 3.01% |
| INTERXION HOLDING NX | 2.61% |
| COUSINS PROPERTIES INC | 2.55% |
| PUBLIC STORAGE INC | 2.55% |
| BOSTON PROPERTIES INC | 2.50% |
| MID-AMERICA APARTMENT COMM | 2.03% |
Top Ten Investments list is unaudited and excludes cash
Industry Allocation
As of 03/31/2018
| Equity Real Estate Investment Trusts (REITs) | 97.39% | |
| IT Services | 2.61% |
March Fund Holdings
As of 03/31/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 004239109 | ACADIA REALTY TRUST | US | AKR | 71,230 | $1,752,258.00 |
| 008492100 | AGREE REALTY CORP | US | ADC | 32,365 | $1,554,814.60 |
| 015271109 | ALEXANDRIA REAL EST EQUITIES | US | ARE | 28,815 | $3,598,705.35 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 91,130 | $3,519,440.60 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 265,995 | $5,341,179.60 |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 80,540 | $1,536,703.20 |
| 03748R101 | APARTMENT INVT & MGMT CO -A | US | AIV | 108,430 | $4,418,522.50 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 66,170 | $10,882,318.20 |
| 09627J102 | BLUEROCK RESIDENTIAL GROWTH | US | 140,490 | $1,194,165.00 | |
| 101121101 | BOSTON PROPERTIES INC | US | BXP | 59,035 | $7,274,292.70 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 179,290 | $2,847,125.20 |
| 14912Y202 | CATCHMARK TIMBER TRUST INC | US | CTT | 407,425 | $5,080,589.75 |
| 165240102 | CHESAPEAKE LODGING TRUST | US | CHSP | 125,800 | $3,498,498.00 |
| 19625W104 | COLONY NORTHSTAR INC-CLASS A | US | CLNS | 335,236 | $1,884,026.32 |
| 198287203 | COLUMBIA PROPERTY TRUST INC | US | CXP | 88,835 | $1,817,564.10 |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 196,640 | $5,061,513.60 |
| 21871N101 | CORECIVIC INC | US | CXW | 251,485 | $4,908,987.20 |
| 222795106 | COUSINS PROPERTIES INC | US | CUZ | 853,425 | $7,407,729.00 |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 38,855 | $4,258,896.55 |
| 229663109 | CUBESMART | US | CUBE | 115,430 | $3,255,126.00 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 83,025 | $8,749,174.50 |
| 277276101 | EASTGROUP PROPERTIES | US | EGP | 14,185 | $1,172,532.10 |
| 28140H203 | EDUCATION REALTY TRUST INC | US | EDR | 34,560 | $1,131,840.00 |
| 29444U700 | EQUINIX INC | US | EQIX | 36,445 | $15,239,112.30 |
| 294628102 | EQUITY COMMONWEALTH | US | EQC | 78,750 | $2,415,262.50 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 43,115 | $3,784,203.55 |
| 29476L107 | EQUITY RESIDENTIAL | US | EQR | 88,835 | $5,474,012.70 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 15,135 | $3,642,691.80 |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 61,230 | $5,349,052.80 |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 174,270 | $5,093,912.10 |
| 345605109 | FOREST CITY REALTY TRUST - A | US | FCE/A | 133,125 | $2,697,112.50 |
| 36174X101 | GGP INC | US | GGP | 178,320 | $3,648,427.20 |
| 374297109 | GETTY REALTY CORP | US | GTY | 118,725 | $2,994,244.50 |
| 37954A204 | GLOBAL MEDICAL REIT INC | US | GMRE | 198,025 | $1,376,273.75 |
| 40414L109 | HCP INC | US | HCP | 241,590 | $5,612,135.70 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 123,150 | $3,257,317.50 |
| 44107P104 | HOST MARRIOTT CORP | US | HST | 155,790 | $2,903,925.60 |
| 45378A106 | INDEPENDENCE REALTY TRUST IN | US | IRT | 227,745 | $2,090,699.10 |
| 46187W107 | INVITATION HOMES INC | US | INVH | 194,385 | $4,437,809.55 |
| 512816109 | LAMAR ADVERTISING CO | US | LAMR | 40,430 | $2,573,773.80 |
| 517942108 | LASALLE HOTEL PROPERTIES | US | LHO | 73,940 | $2,144,999.40 |
| 53223X107 | LIFE STORAGE INC | US | LSI | 18,246 | $1,523,905.92 |
| 554382101 | THE MACERICH CO | US | MAC | 35,100 | $1,966,302.00 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 64,535 | $5,888,173.40 |
| 637417106 | NATIONAL RETAIL PROPERTIES | US | NNN | 54,865 | $2,153,999.90 |
| 69007J106 | OUTFRONT MEDIA INC | US | OUT | 114,870 | $2,152,663.80 |
| 71943U104 | PHYSICIANS REALTY TRUST | US | DOC | 328,345 | $5,112,331.65 |
| 729640102 | PLYMOUTH INDUSTRIAL REIT INC | US | 44,320 | $761,417.60 | |
| 74340W103 | PROLOGIS | US | PLD | 207,255 | $13,054,992.45 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 36,945 | $7,403,408.55 |
| 758849103 | REGENCY CENTERS CORP | US | REG | 54,682 | $3,225,144.36 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 52,635 | $1,515,361.65 |
| 828806109 | SIMON PROPERTY GROUP INC | US | SPG | 95,265 | $14,704,152.75 |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 174,915 | $4,183,966.80 |
| 862121100 | STORE CAPITAL CORP | US | STOR | 105,220 | $2,611,560.40 |
| 866674104 | SUN COMMUNITIES | US | SUI | 57,525 | $5,256,059.25 |
| 867892101 | SUNSTONE HOTEL INVESTORS INC | US | SHO | 193,935 | $2,951,690.70 |
| 876664103 | TAUBMAN CTRS INC | US | TCO | 17,990 | $1,023,810.90 |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 43,220 | $1,491,522.20 |
| 902653104 | UDR INC | US | UDR | 163,665 | $5,829,747.30 |
| 903002103 | UMH PROPERTIES INC | US | UMH | 156,190 | $2,094,507.90 |
| 91704F104 | URBAN EDGE PROPERTIES | US | UE | 252,260 | $5,385,751.00 |
| 92276F100 | VENTAS INC | US | VTR | 51,400 | $2,545,842.00 |
| 92339V100 | VEREIT INC | US | VER | 337,030 | $2,345,728.80 |
| 929042109 | VORNADO REALTY TRUST | US | VNO | 81,695 | $5,498,073.50 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 60,800 | $3,309,344.00 |
| 962166104 | WEYERHAEUSER CO | US | WY | 109,785 | $3,842,475.00 |
| B1YY4B3 | UNIBAIL-RODAMCO SE | FR | UL NA | 17,790 | $4,063,659.98 |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 1,606,740 | $2,854,809.91 |
| BP269Z8 | AXIA REAL ESTATE SOCIMI SA | ES | AXIA SM | 68,385 | $1,391,514.97 |
| N47279109 | INTERXION HOLDING NX | NL | INXN | 121,905 | $7,571,519.55 |
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.
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