S
tandardized performance as of September 30, 2024:

    Class A (MUTF:AGREX) shares inception: 04/29/05

    NAV 14.99% 9.66% 24.94% -0.58% 0.15% 3.02% 4.41%

    Max. Load 5.5% 8.63% 3.58% 18.13% -2.44% -0.98% 2.44% 4.10%

    Class R6 shares inception: 09/24/12

    NAV 15.10% 9.98% 25.56% -0.12% 0.60% 3.50% 4.27%

    Class Y shares inception: 10/03/08

    NAV 15.09% 9.87% 25.44% -0.32% 0.41% 3.27% 4.89

    Custom Global Real Estate Index 16.07% 11.77% 28.86% 0.39% 1.20% 3.94%

    Total return ranking vs. Morningstar Global Real Estate category (Class A shares at NAV) - - 84% (158 of 187) 73% (130 of 179) 85% (153 of 172) 78% (96 of 118)

    Calendar year total returns (%)

    2014 14.15%

    2015 -1.61%

    2016 1.57%

    2017 12.66%

    2018 -6.16%

    2019 22.47%

    2020 -12.44%

    2021 25.26%

    2022 -25.23%

    2023 8.60%

    Expense ratios per the current prospectus:

    Class A: Net: 1.42%, Total: 1.42%;

    Class R6: Net: 0.95%, Total: 0.95%;

    Class Y: Net: 1.17%, Total: 1.17%.

    Manager perspective and outlook:

    The third quarter saw economic stimulus measures and central banks easing monetary policy, boosting investors' risk appetites worldwide. Global listed real estate had a strong quarterly return, both absolutely and relative to general equities. The sector's prospects improved due to expectations of lower debt costs in a solid economic backdrop.

    Portfolio positioning:

    Top issuers (% of total net assets)

    Fund Index

    Equinix Inc (EQX) 9.30% 4.42%

    Realty Income Corp (O) 5.91% 2.90%

    Public Storage (PSA) 5.68% 3.02%

    The fund is positioned for stable growth with more favorable long-term fundamentals and stronger tenant health. The fund's positioning reflects a view that the interest rate environment has become a tailwind for real estate, with some relative value opportunities emerging among stable property types.

    Overall, the fund had a positive return but underperformed its benchmark due to stock selection. Contributors to performance included exposures in the Asia Pacific region and Hong Kong retail REITs and developers benefiting from China's economic stimulus announcement. Detractors from performance included stock selection among US REITs, particularly office-focused real estate and single-family rental operator Invitation Homes.

    Performance highlights:

    Top contributors (%) Return Contrib. to return

    Equinix, Inc. (EQX) 17.85% 1.52%

    Public Storage (PSA) 27.53% 1.38%

    Top detractors (%) Issuer Return Contrib. to return

    Host Hotels & Resorts, Inc. (HST) -0.89% -0.11%

    Invitation Homes, Inc. (INVH) -1.06% -0.05%