Purpose Diversified Real Asset Fund May Commentary & Fund Update

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Fund Commentary

The Fund was negative in May.

Agriculture equities were the best performers for the month along with Gold and Silver commodities, while REITS, base metal equities and energy equities were the worst.
Cocoa futures were the best performing non-metals commodity as El Nino concerns weighed on African supply. Soybean futures were the worst performing commodity as ample supply outstripped demand.

Real estate equities suffered losses in May as worries over rising interest rates continued to hang over the REIT space.

The energy sector sank along with oil prices in May and base metal equities were the biggest drag on the portfolio.

The Fund rebalanced its commodity positioning, replacing wheat with soybeans. The Fund also rebalanced equity positions, deleting 8 positions and adding 10.

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