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

$13.86

Daily $ Change

$0.04

Daily % Change

0.29%

as of 09/24/2020

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 08/31/2020

YTD

-9.10%

1 Year

-6.31%

3 Year

4.08%

5 Year

7.31%

10 Year

9.55%

Inception
(11/10/2009)

10.74%

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 08/31/2020

EQUINIX INC 11.36%
PROLOGIS 8.95%
DIGITAL REALTY TRUST INC 4.44%
SUN COMMUNITIES 3.73%
INVITATION HOMES INC 3.71%
CROWN CASTLE INTL CORP 2.91%
AMERICAN HOMES 4 RENT- A 2.87%
HEALTHPEAK PROPERTIES INC 2.64%
PUBLIC STORAGE INC 2.58%
MID-AMERICA APARTMENT COMM 2.53%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 08/31/2020

Equity Real Estate Investment Trusts (REITs) 93.95%
Hotels, Restaurants & Leisure 3.72%
IT Services 1.67%
Cash 0.66%

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
008492100 AGREE REALTY CORP US ADC 57,728 $3,863,157.76
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 13,710 $2,308,489.80
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 119,129 $4,038,473.10
02665T306 AMERICAN HOMES 4 RENT- A US AMH 244,430 $7,000,475.20
03064D108 AMERICOLD REALTY TRUST US COLD 158,820 $6,090,747.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 100,406 $3,617,628.18
03784Y200 APPLE HOSPITALITY REIT INC US APLE 339,480 $3,452,511.60
053484101 AVALONBAY COMMUNITIES INC US AVB 30,565 $4,831,103.90
105368203 BRANDYWINE REALTY TRUST US BDN 227,995 $2,537,584.35
133131102 CAMDEN PROPERTY TRUST US CPT 58,330 $5,304,530.20
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 78,570 $3,669,219.00
222795502 COUSINS PROPERTIES INC US CUZ 192,282 $5,739,617.70
22822V101 CROWN CASTLE INTL CORP US CCI 43,440 $7,091,580.00
229663109 CUBESMART US CUBE 77,645 $2,455,134.90
253868103 DIGITAL REALTY TRUST INC US DLR 69,449 $10,809,736.85
25960P109 DOUGLAS EMMETT INC US DEI 122,770 $3,427,738.40
262006208 DREYFUS GVT CSH MANAGEMENT US 1,608,620.08 $1,608,620.08
264411505 DUKE RLTY INVTS INC US DRE 131,401 $5,065,508.55
277276101 EASTGROUP PROPERTIES US EGP 11,192 $1,490,326.72
29444U700 EQUINIX INC US EQIX 35,031 $27,666,783.18
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 83,375 $5,526,928.75
29476L107 EQUITY RESIDENTIAL US EQR 55,280 $3,120,556.00
297178105 ESSEX PROPERTY TRUST INC US ESS 6,612 $1,431,564.12
30225T102 EXTRA SPACE STORAGE INC US EXR 16,775 $1,787,376.25
32054K103 FIRST INDUSTRIAL REALTY TR US FR 105,265 $4,489,552.25
374297109 GETTY REALTY CORP US GTY 103,715 $3,037,812.35
421946104 HEALTHCARE REALTY TRUST INC US HR 55,830 $1,610,695.50
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 98,660 $2,603,637.40
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 232,715 $6,432,242.60
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 57,805 $5,223,259.80
46187W107 INVITATION HOMES INC US INVH 315,605 $9,035,771.15
49427F108 KILROY REALTY CORP US KRC 85,959 $5,030,320.68
512816109 LAMAR ADVERTISING CO-A US LAMR 34,950 $2,419,588.50
53223X107 LIFE STORAGE INC US LSI 39,405 $4,154,469.15
59522J103 MID-AMERICA APARTMENT COMM US MAA 52,635 $6,164,611.20
71943U104 PHYSICIANS REALTY TRUST US DOC 104,420 $1,895,223.00
74340W103 PROLOGIS US PLD 214,079 $21,806,086.94
74460D109 PUBLIC STORAGE INC US PSA 29,625 $6,292,350.00
756109104 REALTY INCOME CORP US O 36,165 $2,243,314.95
758849103 REGENCY CENTERS CORP US REG 25,815 $1,025,113.65
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 98,770 $4,738,984.60
85254J102 STAG INDUSTRIAL INC US STAG 76,420 $2,468,366.00
866674104 SUN COMMUNITIES US SUI 61,010 $9,095,370.80
87105L104 SWITCH INC - A US SWCH 238,358 $4,099,757.60
88146M101 TERRENO REALTY CORP US TRNO 55,755 $3,325,228.20
902653104 UDR INC US UDR 51,901 $1,806,673.81
91704F104 URBAN EDGE PROPERTIES US UE 156,650 $1,654,224.00
95040Q104 WELLTOWER INC. US WELL 77,516 $4,458,720.32
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 74,273 $3,888,934.28
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,283,807.25

Investments will change over time.

Distributions

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

$13.86

Daily $ Change

$0.04

Daily % Change

0.29%

as of 09/24/2020

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 08/31/2020

YTD

-9.10%

1 Year

-6.31%

3 Year

4.08%

5 Year

7.31%

10 Year

9.55%

Inception
(11/10/2009)

10.74%

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 08/31/2020

EQUINIX INC 11.36%
PROLOGIS 8.95%
DIGITAL REALTY TRUST INC 4.44%
SUN COMMUNITIES 3.73%
INVITATION HOMES INC 3.71%
CROWN CASTLE INTL CORP 2.91%
AMERICAN HOMES 4 RENT- A 2.87%
HEALTHPEAK PROPERTIES INC 2.64%
PUBLIC STORAGE INC 2.58%
MID-AMERICA APARTMENT COMM 2.53%

Top Ten Investments list is unaudited and excludes cash

Industry Allocation

As of 08/31/2020

Equity Real Estate Investment Trusts (REITs)
93.95%
Hotels, Restaurants & Leisure
3.72%
IT Services
1.67%
Cash
0.66%

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
008492100 AGREE REALTY CORP US ADC 57,728 $3,863,157.76
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 13,710 $2,308,489.80
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 119,129 $4,038,473.10
02665T306 AMERICAN HOMES 4 RENT- A US AMH 244,430 $7,000,475.20
03064D108 AMERICOLD REALTY TRUST US COLD 158,820 $6,090,747.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 100,406 $3,617,628.18
03784Y200 APPLE HOSPITALITY REIT INC US APLE 339,480 $3,452,511.60
053484101 AVALONBAY COMMUNITIES INC US AVB 30,565 $4,831,103.90
105368203 BRANDYWINE REALTY TRUST US BDN 227,995 $2,537,584.35
133131102 CAMDEN PROPERTY TRUST US CPT 58,330 $5,304,530.20
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 78,570 $3,669,219.00
222795502 COUSINS PROPERTIES INC US CUZ 192,282 $5,739,617.70
22822V101 CROWN CASTLE INTL CORP US CCI 43,440 $7,091,580.00
229663109 CUBESMART US CUBE 77,645 $2,455,134.90
253868103 DIGITAL REALTY TRUST INC US DLR 69,449 $10,809,736.85
25960P109 DOUGLAS EMMETT INC US DEI 122,770 $3,427,738.40
262006208 DREYFUS GVT CSH MANAGEMENT US 1,608,620.08 $1,608,620.08
264411505 DUKE RLTY INVTS INC US DRE 131,401 $5,065,508.55
277276101 EASTGROUP PROPERTIES US EGP 11,192 $1,490,326.72
29444U700 EQUINIX INC US EQIX 35,031 $27,666,783.18
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 83,375 $5,526,928.75
29476L107 EQUITY RESIDENTIAL US EQR 55,280 $3,120,556.00
297178105 ESSEX PROPERTY TRUST INC US ESS 6,612 $1,431,564.12
30225T102 EXTRA SPACE STORAGE INC US EXR 16,775 $1,787,376.25
32054K103 FIRST INDUSTRIAL REALTY TR US FR 105,265 $4,489,552.25
374297109 GETTY REALTY CORP US GTY 103,715 $3,037,812.35
421946104 HEALTHCARE REALTY TRUST INC US HR 55,830 $1,610,695.50
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 98,660 $2,603,637.40
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 232,715 $6,432,242.60
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 57,805 $5,223,259.80
46187W107 INVITATION HOMES INC US INVH 315,605 $9,035,771.15
49427F108 KILROY REALTY CORP US KRC 85,959 $5,030,320.68
512816109 LAMAR ADVERTISING CO-A US LAMR 34,950 $2,419,588.50
53223X107 LIFE STORAGE INC US LSI 39,405 $4,154,469.15
59522J103 MID-AMERICA APARTMENT COMM US MAA 52,635 $6,164,611.20
71943U104 PHYSICIANS REALTY TRUST US DOC 104,420 $1,895,223.00
74340W103 PROLOGIS US PLD 214,079 $21,806,086.94
74460D109 PUBLIC STORAGE INC US PSA 29,625 $6,292,350.00
756109104 REALTY INCOME CORP US O 36,165 $2,243,314.95
758849103 REGENCY CENTERS CORP US REG 25,815 $1,025,113.65
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 98,770 $4,738,984.60
85254J102 STAG INDUSTRIAL INC US STAG 76,420 $2,468,366.00
866674104 SUN COMMUNITIES US SUI 61,010 $9,095,370.80
87105L104 SWITCH INC - A US SWCH 238,358 $4,099,757.60
88146M101 TERRENO REALTY CORP US TRNO 55,755 $3,325,228.20
902653104 UDR INC US UDR 51,901 $1,806,673.81
91704F104 URBAN EDGE PROPERTIES US UE 156,650 $1,654,224.00
95040Q104 WELLTOWER INC. US WELL 77,516 $4,458,720.32
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 74,273 $3,888,934.28
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,606,740 $2,283,807.25

Investments will change over time.

Distributions

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