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

$13.87

Daily $ Change

$0.72

Daily % Change

5.19%

as of 04/09/2020

Ticker

MNRWX

CUSIP

56382R423

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet ---
Applications & Forms

Performance

As of 03/31/2020

YTD

-22.93%

1 Year

-14.40%

3 Year

-0.34%

5 Year

1.74%

10 Year

8.22%

Inception
(11/10/2009)

9.44%

Market Cycle

---

Inception performance is based on the Real Estate Series Class S inception of 11/10/2009. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 0.72%
Net 0.10%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 03/31/2020

EQUINIX INC 10.73%
PROLOGIS 8.01%
DIGITAL REALTY TRUST INC 4.84%
SUN COMMUNITIES 3.80%
AVALONBAY COMMUNITIES INC 3.51%
INVITATION HOMES INC 3.44%
PUBLIC STORAGE INC 3.43%
KILROY REALTY CORP 3.25%
CAMDEN PROPERTY TRUST 2.84%
AMERICOLD REALTY TRUST 2.71%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 03/31/2020

Equity Real Estate Investment Trusts (REITs) 97.69%
Hotels, Restaurants & Leisure 2.06%
Cash 0.25%

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 118,415 $1,467,161.85
008492100 AGREE REALTY CORP US ADC 32,365 $2,003,393.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,640,608.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 118,655 $3,292,676.25
02665T306 AMERICAN HOMES 4 RENT- A US AMH 243,365 $5,646,068.00
03064D108 AMERICOLD REALTY TRUST US COLD 176,310 $6,001,592.40
03748R754 APARTMENT INVT & MGMT CO -A US AIV 129,116 $4,538,427.40
053484101 AVALONBAY COMMUNITIES INC US AVB 52,880 $7,782,349.60
101121101 BOSTON PROPERTIES INC US BXP 53,804 $4,962,342.92
105368203 BRANDYWINE REALTY TRUST US BDN 273,415 $2,876,325.80
133131102 CAMDEN PROPERTY TRUST US CPT 79,460 $6,296,410.40
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 95,360 $3,650,380.80
222795502 COUSINS PROPERTIES INC US CUZ 185,267 $5,422,765.09
22822V101 CROWN CASTLE INTL CORP US CCI 35,340 $5,103,096.00
253868103 DIGITAL REALTY TRUST INC US DLR 77,244 $10,729,964.04
25960P109 DOUGLAS EMMETT INC US DEI 122,770 $3,745,712.70
262006208 DREYFUS GVT CSH MANAGEMENT US 564,476.94 $564,476.94
29444U700 EQUINIX INC US EQIX 38,056 $23,768,635.92
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 90,005 $5,173,487.40
29476L107 EQUITY RESIDENTIAL US EQR 81,775 $5,046,335.25
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 160,893 $2,101,262.58
297178105 ESSEX PROPERTY TRUST INC US ESS 14,077 $3,100,318.48
30225T102 EXTRA SPACE STORAGE INC US EXR 16,775 $1,606,374.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 59,685 $1,983,332.55
374297109 GETTY REALTY CORP US GTY 68,110 $1,616,931.40
421946104 HEALTHCARE REALTY TRUST INC US HR 90,285 $2,521,660.05
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 59,250 $1,438,590.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 224,730 $5,359,810.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 40,830 $2,786,239.20
44107P104 HOST MARRIOTT CORP US HST 162,395 $1,792,840.80
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 37,124 $2,818,825.32
46187W107 INVITATION HOMES INC US INVH 356,680 $7,622,251.60
476405105 JERNIGAN CAPITAL INC US JCAP 161,080 $1,765,436.80
49427F108 KILROY REALTY CORP US KRC 112,929 $7,193,577.30
53223X107 LIFE STORAGE INC US LSI 15,050 $1,422,977.50
59522J103 MID-AMERICA APARTMENT COMM US MAA 24,060 $2,478,901.80
637417106 NATIONAL RETAIL PROPERTIES US NNN 54,160 $1,743,410.40
71943U104 PHYSICIANS REALTY TRUST US DOC 178,390 $2,486,756.60
74340W103 PROLOGIS US PLD 220,779 $17,744,008.23
74460D109 PUBLIC STORAGE INC US PSA 38,205 $7,587,895.05
756109104 REALTY INCOME CORP US O 36,165 $1,803,186.90
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 19,720 $808,717.20
828806109 SIMON PROPERTY GROUP INC US SPG 54,460 $2,987,675.60
85254J102 STAG INDUSTRIAL INC US STAG 76,420 $1,720,978.40
862121100 STORE CAPITAL CORP US STOR 129,855 $2,352,972.60
866674104 SUN COMMUNITIES US SUI 67,410 $8,416,138.50
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 135,130 $1,176,982.30
88146M101 TERRENO REALTY CORP US TRNO 15,170 $785,047.50
902653104 UDR INC US UDR 67,191 $2,455,159.14
91704F104 URBAN EDGE PROPERTIES US UE 156,650 $1,380,086.50
92276F100 VENTAS INC US VTR 39,775 $1,065,970.00
92339V100 VEREIT INC US VER 302,250 $1,478,002.50
95040Q104 WELLTOWER INC. US WELL 86,702 $3,969,217.56
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 56,985 $1,795,597.35
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 129,230 $1,130,762.50
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $1,853,570.49

Investments will change over time.

Distributions

  • Real Estate Series Class W Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2020 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.

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

$13.87

Daily $ Change

$0.72

Daily % Change

5.19%

as of 04/09/2020

Ticker

MNRWX

CUSIP

56382R423

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by 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 03/31/2020

YTD

-22.93%

1 Year

-14.40%

3 Year

-0.34%

5 Year

1.74%

10 Year

8.22%

Inception
(11/10/2009)

9.44%

Market Cycle

---

Inception performance is based on the Real Estate Series Class S inception of 11/10/2009. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 0.72%
Net 0.10%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 03/31/2020

EQUINIX INC 10.73%
PROLOGIS 8.01%
DIGITAL REALTY TRUST INC 4.84%
SUN COMMUNITIES 3.80%
AVALONBAY COMMUNITIES INC 3.51%
INVITATION HOMES INC 3.44%
PUBLIC STORAGE INC 3.43%
KILROY REALTY CORP 3.25%
CAMDEN PROPERTY TRUST 2.84%
AMERICOLD REALTY TRUST 2.71%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 03/31/2020

Equity Real Estate Investment Trusts (REITs)
97.69%
Hotels, Restaurants & Leisure
2.06%
Cash
0.25%

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
004239109 ACADIA REALTY TRUST US AKR 118,415 $1,467,161.85
008492100 AGREE REALTY CORP US ADC 32,365 $2,003,393.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11,970 $1,640,608.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 118,655 $3,292,676.25
02665T306 AMERICAN HOMES 4 RENT- A US AMH 243,365 $5,646,068.00
03064D108 AMERICOLD REALTY TRUST US COLD 176,310 $6,001,592.40
03748R754 APARTMENT INVT & MGMT CO -A US AIV 129,116 $4,538,427.40
053484101 AVALONBAY COMMUNITIES INC US AVB 52,880 $7,782,349.60
101121101 BOSTON PROPERTIES INC US BXP 53,804 $4,962,342.92
105368203 BRANDYWINE REALTY TRUST US BDN 273,415 $2,876,325.80
133131102 CAMDEN PROPERTY TRUST US CPT 79,460 $6,296,410.40
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 95,360 $3,650,380.80
222795502 COUSINS PROPERTIES INC US CUZ 185,267 $5,422,765.09
22822V101 CROWN CASTLE INTL CORP US CCI 35,340 $5,103,096.00
253868103 DIGITAL REALTY TRUST INC US DLR 77,244 $10,729,964.04
25960P109 DOUGLAS EMMETT INC US DEI 122,770 $3,745,712.70
262006208 DREYFUS GVT CSH MANAGEMENT US 564,476.94 $564,476.94
29444U700 EQUINIX INC US EQIX 38,056 $23,768,635.92
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 90,005 $5,173,487.40
29476L107 EQUITY RESIDENTIAL US EQR 81,775 $5,046,335.25
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 160,893 $2,101,262.58
297178105 ESSEX PROPERTY TRUST INC US ESS 14,077 $3,100,318.48
30225T102 EXTRA SPACE STORAGE INC US EXR 16,775 $1,606,374.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 59,685 $1,983,332.55
374297109 GETTY REALTY CORP US GTY 68,110 $1,616,931.40
421946104 HEALTHCARE REALTY TRUST INC US HR 90,285 $2,521,660.05
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 59,250 $1,438,590.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 224,730 $5,359,810.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 40,830 $2,786,239.20
44107P104 HOST MARRIOTT CORP US HST 162,395 $1,792,840.80
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 37,124 $2,818,825.32
46187W107 INVITATION HOMES INC US INVH 356,680 $7,622,251.60
476405105 JERNIGAN CAPITAL INC US JCAP 161,080 $1,765,436.80
49427F108 KILROY REALTY CORP US KRC 112,929 $7,193,577.30
53223X107 LIFE STORAGE INC US LSI 15,050 $1,422,977.50
59522J103 MID-AMERICA APARTMENT COMM US MAA 24,060 $2,478,901.80
637417106 NATIONAL RETAIL PROPERTIES US NNN 54,160 $1,743,410.40
71943U104 PHYSICIANS REALTY TRUST US DOC 178,390 $2,486,756.60
74340W103 PROLOGIS US PLD 220,779 $17,744,008.23
74460D109 PUBLIC STORAGE INC US PSA 38,205 $7,587,895.05
756109104 REALTY INCOME CORP US O 36,165 $1,803,186.90
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 19,720 $808,717.20
828806109 SIMON PROPERTY GROUP INC US SPG 54,460 $2,987,675.60
85254J102 STAG INDUSTRIAL INC US STAG 76,420 $1,720,978.40
862121100 STORE CAPITAL CORP US STOR 129,855 $2,352,972.60
866674104 SUN COMMUNITIES US SUI 67,410 $8,416,138.50
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 135,130 $1,176,982.30
88146M101 TERRENO REALTY CORP US TRNO 15,170 $785,047.50
902653104 UDR INC US UDR 67,191 $2,455,159.14
91704F104 URBAN EDGE PROPERTIES US UE 156,650 $1,380,086.50
92276F100 VENTAS INC US VTR 39,775 $1,065,970.00
92339V100 VEREIT INC US VER 302,250 $1,478,002.50
95040Q104 WELLTOWER INC. US WELL 86,702 $3,969,217.56
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 56,985 $1,795,597.35
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 129,230 $1,130,762.50
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $1,853,570.49

Investments will change over time.

Distributions

  • Real Estate Series Class W Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2020 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.


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