A
verage Annual Total Returns As of 6.30.2024

    1 Fund Inception Date Institutional (MUTF:GURIX) -1.10% -1.87% 6.40% -0.51% 5.22% 8.33% 1.34%/1.29% 3.28.2014

    A Class (No Load) -1.16% -2.03% 6.05% -0.83% 4.90% 8.02% 1.72%/1.66% 3.28.2014

    A Class (Load) -5.84% -6.69% 1.01% -2.43% 3.89% 7.50% 1.72%/1.66% 3.28.2014

    C Class (MUTF:GURCX) (No Load) -1.35% -2.39% 5.29% -1.54% 4.11% 7.20% 2.36%/2.32% 3.28.2014

    C Class (Load) -2.33% -3.35% 4.29% -1.54% 4.11% 7.20% 2.36%/2.32% 3.28.2014

    P Class (MUTF:GURPX) -1.19% -2.03% 6.00% -0.87% 4.85% 6.38% 1.73%/1.66% 5.1.2015

    Performance displayed represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost.

    Market Review

    The second quarter of 2024 saw a continued strong rally in the equity markets now up 24.54% (S&P 500 Index) in the trailing 1 year. Hope spread with recession risk fading, as the consumer seemed steady and labor markets straddling a fine line between being strong enough for growth but not so strong as to incite Fed fears about wage pressures.

    Performance Review

    For the second quarter, the Fund returned -1.10% compared to a return of +0.06% for the FNRE Index. The long sleeve underperformed the FNRE Index by -63 bps, while the long/short sleeve detracted -20 bps to the fund's return.

    Portfolio Allocation

    The Fund maintained an average long-only sleeve allocation of 90.0% and a long/short sleeve allocation of 40.0%. Sector allocation was slightly positive overall for the Fund driven principally by our defensive positioning.

    Risk Considerations

    Investments in securities in general are subject to market risks that may cause their prices to fluctuate over time. Investing involves risk, including the possible loss of principal. There is no assurance that any fund will achieve its objective and/or strategy.

    Portfolio Holdings

    Top 10 Long Holdings (% of Net Assets)

    Holding Prologis REIT Inc. (PLD) 9.61%

    Equinix REIT Inc. (EQIX) 6.29%

    Digital Realty Trust Inc. (DLR) 5.10%

    Simon Property Group REIT Inc. (SPG) 4.44%

    Source: FactSet. Data is subject to change on a daily basis.

    Index Definition

    The FTSE NAREIT Equity REITs Index is a broad-based unmanaged index consisting of real estate investment trusts (REITs). This excludes any equity REITs that are designated as Timber REITS.