Investment Objectives

The Fund's investment objective is to provide unitholders with quarterly distributions and the opportunity for capital appreciation through investment primarily in real estate investment trusts ("REITs"), equity securities of corporations carrying on business in the real estate sector and debt or convertible debt issued by REITs and real estate corporations.

Investment Strategies

The Fund has been created to invest in a portfolio comprised primarily of equity securities of REITs and common equities of corporations carrying on business in the real estate sector, but may also invest in the convertible debentures of such issuers. The Fund has the ability to invest up to 30% of the net asset value in equity securities and convertible debentures of non-Canadian REITs and corporations carrying on business in the real estate sector, so long as such securities are listed or quoted on a major North American exchange. At the Manager's discretion, the Fund may be invested entirely in cash or cash equivalents.

In order to mitigate currency risks for Canadian investors, the Fund will employ a currency hedging strategy utilizing currency forward arrangements for any U.S. dollar exposure. The Fund intends to hedge 80-100% of the U.S. dollar currency exposure within the portfolio.

Sector Breakdown

As at 31 July 2018

The indicated rates of return are the historical annual compounded total returns, including changes in unit value and do not take into account sales, redemption or optional charges or income taxes payable by a security holder that would have reduced returns.

S&P/TSX Capped REIT Index is a capitalization-weighted index designed to measure market activity of the real estate sector issuers listed on the Toronto Stock Exchange. The Index is used as a benchmark to help you understand the Fund`s performance relative to the general performance of the Canadian real estate sector.