The investment seeks to provide total return through long-term capital appreciation and current income.  The fund is a non-diversified fund that invests, under normal circumstances, at least 80% of its net assets in securities of companies in the real estate or real estate-related industries. It may make substantial investments in non-U.S. dollar denominated securities and may invest up to 100% of its total assets in foreign securities. The fund invests at least 40% (or, if the portfolio managers deem it warranted by market conditions, at least 30%) of its total assets in securities of non-U.S. issuers. It is non-diversified.

Nasdaq

IRESX

The fund invests at least 80% of its total assets in a portfolio of non-U.S. real estate equity securities. Real estate equity securities include common stocks, preferred stocks and other equity securities issued by real estate companies, including real estate investment trusts (REITs) and similar REIT-like entities. It may invest up to 20% of its total assets in U.S. real estate equity securities, including U.S. REITs. The fund may invest up to 15% of its total assets in emerging market companies.

IRFIX

The Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. The sub-adviser considers a company to be principally engaged in the real estate industry if the company: (i) derives at least 50% of its total revenue or earnings from owning, operating, developing, constructing, financing, managing, and/or selling commercial, industrial, or residential real estate; or (ii) has at least 50% of its assets invested in real estate.

IRGIX

The fund seeks to achieve its objective to provide total return through capital appreciation and current income by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of companies in the real estate or real estate-related industries. “Real estate” securities include securities offered by issuers that receive at least 50% of their gross revenue from the construction, ownership, leasing, management, financing or sale of residential, commercial or industrial real estate.

IRSAX

Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in common and preferred stocks of U.S. real estate investment trusts and real estate companies.

IVRSX

The investment seeks total return through a combination of current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in real estate and real estate-related issuers or investments that provide exposure to real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, it invests at least 40% of its net assets in the securities of issuers located in at least three foreign countries.

JAREX

The fund pursues its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, preferred stocks, and other equity securities, including, but not limited to, real estate investment trusts ("REITs") and similar REIT-like entities, such as foreign entities that have REIT characteristics.

JERIX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of REITs and real estate companies. Equity securities include common stock, preferred stock and securities convertible into common stock. It may invest up to 10% of its total assets in securities of foreign real estate companies.

JIREX

The investment seeks total return through a combination of current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in real estate securities. For purposes of the fund's 80% investment policy, real estate securities include common stocks, preferred stocks and other equity securities issued by real estate companies, including real estate investment trusts (REITs) and real estate operating companies (REOCs), as well as derivatives and other instruments that have economic characteristics similar to such securities.

KCRIX

Under normal conditions, the fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in common stocks and other equity securities issued by U.S. and non-U.S. real estate companies, including real estate investment trusts ("REITs") and similar REIT-like entities in at least three different countries. It may invest in equity securities, debt securities, limited partnership interests, ETFs, American Depositary Receipts and European Depositary Receipts, and its investments may include other securities, such as synthetic instruments.

KIRYX

The fund normally invests at least 80% of the fund's net assets in U.S. and foreign real estate-related investments. It normally invests the fund's assets primarily in equity securities. The fund may invest the fund's assets in real estate-related investments of any size. MFS normally invests the fund's assets across different countries and regions, but MFS may invest a significant percentage of the fund's assets in issuers in a single country or region.

MGLIX

The fund will invest, under normal circumstances, at least 80% of its assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. The fund's investment in debt securities is subject to a limit of 20% of the series' assets (measured at the time of purchase).

MNREX

The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in stocks of companies principally engaged in the real estate industry. The Subadvisor considers a company to be principally engaged in the real estate industry if it derives at least 50% of its revenues or profits from the ownership, construction, management, financing or sale of residential, commercial or industrial real estate, or has at least 50% of its assets invested in residential, commercial or industrial real estate. It is non-diversified.

MRESX

The fund invests at least 80% of its assets (plus any borrowings for investment purposes) in equity securities of companies in the real estate industry, including real estate operating companies ("REOCs"), real estate investment trusts ("REITs") and similar entities established outside the United States ("foreign real estate companies"). It will invest primarily in companies located in the developed countries of North America, Europe and Asia, but may also invest in emerging markets.

MRLAX

The mutual fund primarily invests in real estate industry securities such as REITs and REOCs, as well as companies with real estate-related services. It is non-diversified.

MSBDX

The fund normally invests at least 80% of its assets in equity securities of companies in the U.S. real estate industry. The Adviser seeks a combination of above-average current income and long-term capital appreciation by investing primarily in equity securities of companies in the U.S. real estate industry, including REITs. The fund focuses on REITs as well as real estate operating companies ("REOCs") that invest in a variety of property types and regions.

MSUSX

MUSRX

Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of the companies included in the benchmark index. The fund uses the replication method of indexing, meaning the fund seeks to own the securities contained in the benchmark index in as close as possible a proportion of the fund as each stock’s weight in the benchmark index. It is non-diversified.

MXREX

The investment seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income. The fund normally invests at least 80% of its net assets in equity securities issued by real estate investment trusts ("REITs") and common stocks and other securities issued by other real estate companies. The manager defines a real estate company as one that derives at least 50% of its revenue from, or has at least 50% of its assets in, real estate. The fund may invest up to 20% of its net assets in debt securities of real estate companies. It is non-diversified.

NBRFX

The investment seeks long-term capital appreciation; to provide current income is the secondary consideration. Under normal circumstances, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks, preferred securities and other equity securities issued by U.S. and non-U.S. companies in the real estate industry, including real estate investment trusts ("REITs") and similar REIT-like entities. It may utilize derivatives, including options, futures contracts, options on futures contracts, and forward foreign currency exchange contracts.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
IRESX	Delaware Ivy LaSalle Global Real Estate Fund	REIT	Mar 31, 2013	1.05%	-3.73%	2.61%	103.88%
IRFIX	Cohen & Steers International Realty Fund	REIT	Mar 30, 2005	1.00%	0.11%	1.97%	2.62%
IRGIX	VY CBRE Global Real Estate Portfolio	REIT	Jan 2, 2006	0.87%	-1.17%	3.49%	2.93%
IRSAX	Delaware Ivy Securian Real Estate Securities Fund	REIT	Feb 25, 1999	1.20%	-2.51%	5.24%	11.25%
IVRSX	VY CBRE Real Estate Portfolio	REIT	Jan 24, 1989	0.93%	-1.96%	5.64%	8.94%
JAREX	Easterly Global Real Estate Fund	REIT	Oct 25, 2009	1.36%	-0.61%	4.14%	1.99%
JERIX	Janus Henderson Global Real Estate Fund	REIT	Nov 27, 2007	1.03%	-1.38%	4.68%	2.74%
JIREX	JHancock Real Estate Securities Fund	REIT	Oct 14, 2005	0.85%	-0.53%	6.24%	2.38%
KCRIX	Knights of Columbus Real Estate Fund	REIT	Sep 30, 2019	1.16%	-3.75%	—	2.71%
KIRYX	Salient Global Real Estate Fund	REIT	Apr 27, 2006	1.14%	-2.44%	2.32%	2.56%
MGLIX	MFS Global Real Estate Fund	REIT	Mar 10, 2009	0.92%	-2.72%	5.56%	1.91%
MNREX	Manning & Napier Real Estate Series	REIT	Nov 10, 2009	1.10%	-5.28%	4.27%	2.28%
MRESX	Cromwell CenterSquare Real Estate Fund	REIT	Dec 31, 1997	1.02%	-2.82%	5.66%	2.16%
MRLAX	Morgan Stanley Institutional Fund, Inc. Global Rea...	REIT	Aug 29, 2006	1.00%	0.91%	1.34%	5.35%
MSBDX	Morgan Stanley Global Focus Real Estate Portfolio	REIT	Aug 8, 2021	0.95%	0.62%	—	2.63%
MSUSX	Morgan Stanley Institutional Fund, Inc. U.S. Real ...	REIT	Feb 24, 1995	0.90%	-1.06%	2.78%	2.22%
MUSRX	Morgan Stanley U.S. Real Estate Portfolio	REIT	Apr 30, 2017	0.04%	-1.17%	2.88%	2.12%
MXREX	Great-West Real Estate Index Fund	REIT	Nov 27, 2012	0.70%	-2.00%	2.93%	1.87%
NBRFX	Neuberger Berman Real Estate Fund	REIT	May 1, 2002	1.39%	-4.28%	6.00%	2.16%
NGJFX	Nuveen Global Real Estate Securities Fund	REIT	Mar 19, 2018	0.95%	-1.72%	—	3.18%

Real Estate Mutual Funds List

Risk vs. Return Scatterplot