Fund Facts  

Inception Date: Nov 22, 2016
CUSIP: 74256W568
Ticker Symbol: PFRSX
Morningstar Category:Real Estate
As of Jun 30, 2022
Fund Net Assets ($millions) $6,185

Documents for Fund or Underlying Fund(s)  



The investment seeks to generate a total return.

Principal Investment Strategies  

Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry at the time of purchase. It invests in equity securities regardless of market capitalization (small, medium or large). The fund concentrates its investments (invest more than 25% of its net assets) in securities in the real estate industry. It is non-diversified.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.


Performance & Expenses

Standard Performance As of Jun 30, 2022
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Principal Real Estate Sec R6a-15.67%-20.04%-6.91%5.46%7.39%N/A8.21%
MSCI US REIT Index (Gross)a,b-16.95%-20.32%-6.41%4.03%5.30%7.32%N/A
Morningstar Real Estatea,c-15.81%-20.08%-8.01%4.05%5.04%6.93%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, participants or plan sponsors in a MissionSquare Retirement administered account can log in at, or institutions can go to

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa
Gross Expenses0.80%
Net Expenses0.80%


a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The MSCI US REIT Index reflects the aggregate common stock performance of REIT's (Real Estate Investment Trusts) that own, develop, and manage properties.

c. The Morningstar category average return represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.


Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Jun 17, 2022Jun 17, 2022$0.100200000
Mar 17, 2022Mar 17, 2022$0.100700000
Dec 29, 2021Dec 29, 2021$0.237600000
Dec 20, 2021Dec 20, 2021$0.831700000
Sep 20, 2021Sep 20, 2021$0.211500000
Jun 17, 2021Jun 17, 2021$0.104500000
Mar 17, 2021Mar 17, 2021$0.099100000
Dec 29, 2020Dec 29, 2020$0.235100000
Dec 18, 2020Dec 18, 2020$0.089100000
Sep 18, 2020Sep 18, 2020$0.159900000
Jun 17, 2020Jun 17, 2020$0.108900000
Mar 18, 2020Mar 18, 2020$0.129100000
Dec 27, 2019Dec 27, 2019$0.142000000
Dec 19, 2019Dec 19, 2019$0.245700000
Sep 18, 2019Sep 18, 2019$0.212000000
Jun 19, 2019Jun 19, 2019$0.146200000
Mar 19, 2019Mar 19, 2019$0.117400000
Dec 27, 2018Dec 27, 2018$0.110300000

Morningstar Information

Morningstar RatingTM   As of Jun 30, 2022
Period Stars Category Size
Overall 4 Stars229
3-Year 4 Stars229
5-Year 4 Stars203
10-Year N/A N/A

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating/40% three–year rating for 60–119 months of total returns, and 50% 10–year rating/30% five–year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Allocation of Assets As of May 31, 2022
Type of Asset Percent
Fixed Income0%

Due to rounding, percentages shown may not add up to 100%.



Allocation of Assets As of May 31, 2022
Asset ClassPercent
Domestic Stock98.2%
Foreign Stock0.0%
Domestic Bond0.0%
Foreign Bond0.0%

Due to rounding, percentages shown may not add up to 100%.


Top Ten Holdings As of May 31, 2022
Holding NamePercent
Prologis Inc6.5%
Equinix Inc5.4%
AvalonBay Communities Inc5.3%
Ventas Inc5.0%
VICI Properties Inc Ordinary Shares4.4%
Extra Space Storage Inc4.4%
Essex Property Trust Inc4.3%
Sun Communities Inc4.1%
Invitation Homes Inc4.0%
American Homes 4 Rent Class A3.5%


Portfolio Statistics As of Jun 30, 2022
Standard Deviation19.4517.05



Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at

The source for this information is Morningstar, Inc. Copyright © 2022 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates. MissionSquare Retirement does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.