Purpose Duration Hedged Real Estate Fund May Commentary

Market Commentary

The Fund was up for the month of May as real estate equities rallied along with dividend paying equities. The top performing sectors were retail REITs, residential REITs and office REITs. The bottom performing sectors were hotel & resort REITs, industrial REITs and diversified REITs.

The best performing stocks in the portfolio were Rayonier Inc, Canadian Apartment REIT and Mack-Cali Realty Corp. The worst performing stocks were Hospitality Properties Trust, Granite REIT and Select Income REIT.

The Fund continues to have no interest rate hedge in the U.S and Canadian 10 year treasury notes and has currency hedges in place to bring net U.S. dollar exposure down to approximately 10% of the Fund’s NAV.

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