Purpose Monthly Income Fund May Commentary

Market Commentary

The Fund was up for the month of May from all three of its allocations as the Fund’s exposure to real assets, bonds and dividend paying equities all generated positive returns during the month.

The best performing sectors for income equities were financials, consumer discretionary and telecommunications services, while the worst performing sectors were utilities, energy and materials. Among real assets, the best sectors were real estate and agriculture while the worst sectors were base metals and energy. The bond allocation was up in May with the largest exposure to high yield corporate credit which was also its best performing allocation.

The Fund also instituted a monthly rebalance in its dividend equity portfolio, real asset portfolio and bond portfolio. The Fund continued to hedge its U.S. dollar currency exposure, maintaining a net U.S. dollar exposure of approximately 10% of the Fund’s NAV.

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