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Grubb & Ellis AGA US Realty Fund

Price/NAV | Performance | Top Ten Holdings | Sector Distribution | Asset Allocation

OBJECTIVE

Total return through long-term capital appreciation and current income as a secondary objective.

STRATEGY

The fund invests in a diversified portfolio of common, convertible and preferred stock of US realty companies, offering investors the potential for long-term growth, portfolio diversification, income and access to an experienced, professional management team.

	Jay P. Leupp, senior portfolio manager, discusses Grubb & Ellis AGA US Realty Fund (8/09)

PORTFOLIO AS OF 12/31/09

TOP TEN HOLDINGS* AS OF 12/31/09

Simon Property Group Inc.	REIT	10.1%
Ashford Hospitality Trust Inc., Series D	Preferred	4.9%
Public Storage	REIT	4.8%
ProLogis	REIT	4.5%
Vornado Realty Trust	REIT	4.0%
Cogdell Spencer Inc.	REIT	4.0%
Ventas Inc.	REIT	3.8%
DuPont Fabros Tech.	REIT	3.4%
Brandywine Realty Trust	REIT	3.4%
Alexandria Real Estate Equities Inc.	REIT	3.3%

*This does not include cash. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

SECTOR DISTRIBUTION AS OF 12/31/09

ASSET ALLOCATION AS OF 12/31/09

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Mutual fund investing involves risk, including the potential loss of principal.

Investors should be aware of the risks involved with investing in a fund concentrating in REITs and real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. Investments in asset backed and mortgage backed securities include additional risks that investors should be aware of, such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investing in small and medium-sized companies involves greater risks than those associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Diversification does not assure a profit or protect against a loss in a declining market.

Grubb & Ellis AGA Mutual Funds are distributed by Quasar Distributors, LLC.